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FG Unveils N50m Diaspora Mortgage Loan
Yinka Olajoyetan, Lagos
Nigerians residing abroad can now take advantage of the National Housing Fund (NHF) Scheme and borrow up to N50 million to purchase homes in Nigeria thanks to the Diaspora Mortgage Loan unveiled on Wednesday by the Federal Government.
Disclosing this in Abuja on Wednesday during the unveiling of the initiative, the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa said that the loan is available to participants via the Individual Construction loan window, Rent-to-Own, or National Housing Fund (NHF) loan.
“With a repayment period of up to ten years and an interest rate in the single digits of 9%, the terms are reasonable and offer the best market rates,” Arc. Dangiwa stated during the unveiling.
Participants can access the loan through the National Housing Fund (NHF) loan, Rent-to-Own, or the Individual Construction loan window.
The terms offered are affordable, providing the best market rates, including a single-digit interest rate of 9% and a payback period of up to 10 years.
Regarding the housing needs of the diaspora, the FMBN is not the only organisation within the Ministry of Housing and Urban Development. Part of the Ministry’s sector-wide initiatives also involves the Federal Housing Authority (FHA).
Through a public-private partnership, the Federal Housing Administration (FHA), the Nigerians in Diaspora Commission (NIDCOM), the Federal Capital Territory (FCT), and the corporate sector are developing the Diaspora City Project. The project is located in Maitama 2 and covers an area of more than 675 hectares.
The FCT government has promised to build the required infrastructure and open roads.
To represent its inclusive nature, the Diaspora City project is planned to include detached, semi-detached, and single-family homes in addition to mansions.
The unveiling was witnessed by the Honorable Ministers of Interior and Sports Development, Hon Tunji Ojo and John Enoh as well as the Chairman and CEO of Nigerians in Diaspora Commission, Dr Abike Dabiri