FMBN Launches Diaspora Mortgage Product for Nigerians Abroad
Emmanuel Addeh in Abuja The Federal Mortgage Bank of Nigeria (FMBN) has launched its National Housing Fund (NHF) Diaspora Mortgage Loan in London, opening a secure and institutional pathway for
The Federal Mortgage Bank of Nigeria (FMBN) has introduced a new mortgage product for Nigerian expatriates in London, allowing them to invest in the country's housing sector more securely and transparently. Minister of Housing and Urban Development, Dr. Muttaqha Darma, attended the launch event, expressing optimism about the initiative's potential to foster stronger ties between Nigeria and its citizens abroad.
The event featured several high-profile attendees, including the Nigerian High Commissioner to the UK, the Permanent Secretary of the Ministry of Housing, and the President of the Mortgage Banking Association of Nigeria. The new NHF Diaspora Mortgage Loan aims to provide Nigerians abroad with an accessible, credible channel for homeownership and investment in Nigeria's housing market.
By registering, contributing, and participating in the loan scheme, expats can access up to N100 million in mortgage financing with an interest rate of 9% per annum and a repayment period of up to 10 years. The initiative has garnered support from various stakeholders, including the Central Bank of Nigeria, the Nigerian High Commission in the United Kingdom, and the Nigerians in Diaspora Commission.
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