FMBN Launches N100m Diaspora Mortgage Loan at 9%

The Federal Mortgage Bank of Nigeria (FMBN) launched the NHF Diaspora Mortgage Loan in London, aimed at enabling eligible Nigerians in the diaspora to participate in the National Housing Fund (NHF) scheme. This initiative allows them to complete Know-Your-Customer (KYC) requirements digitally, make contributions remotely, and secure mortgage financing without needing to travel to Nigeria.

Eligible contributors can access loans up to N100 million at an interest rate of 9% per annum, with a maximum repayment period of 10 years. The launch event was attended by senior government officials, mortgage finance operators, and representatives of Nigerians in the UK.

Dr. Muttaqha Rabe Darma, represented by Hon. Yusuf Ata, emphasized the initiative's role in restoring confidence in property ownership for Nigerians abroad, addressing issues like fraudulent transactions and inadequate financing. Shehu Usman Osidi, the managing director/chief executive of FMBN, described the launch as a significant development in Nigeria’s housing finance landscape, extending affordable homeownership opportunities globally.