Fmbn diaspora commission plan to providing easy mortgage for nigerians abroad
I think there may be some confusion here. The Federal Ministry of Budget and National Planning (FMBN) is not a Diaspora Commission. The National Diaspora Commission is a separate entity responsible for promoting the welfare and interests of Nigerians living abroad.
That being said, the National Diaspora Commission has indeed launched initiatives to support Nigerians living abroad, including a mortgage scheme. Here's an overview of the plan:
The National Diaspora Commission's Mortgage Scheme:
In 2020, the National Diaspora Commission launched a mortgage scheme aimed at providing affordable housing options for Nigerians living abroad. The scheme is designed to help diaspora Nigerians purchase or build homes in Nigeria, with the goal of promoting diaspora investment and contributing to the country's economic development.
Key Features of the Scheme:
- Eligibility: The scheme is open to Nigerians living abroad who have a valid passport, proof of income, and a minimum of 3 years of stay abroad.
- Loan Amount: The loan amount ranges from N5 million to N50 million, depending on the applicant's income and creditworthiness.
- Interest Rate: The interest rate is competitive, with a fixed rate of 10% per annum.
- Repayment Period: The repayment period is up to 20 years, with a moratorium of 2 years.
- Collateral: The loan is secured by a mortgage on the property purchased or built.
Benefits of the Scheme:
- Affordable Housing: The scheme provides an opportunity for diaspora Nigerians to own a home in Nigeria at an affordable price.
- Investment in Nigeria: The scheme encourages diaspora investment in Nigeria, contributing to the country's economic development.
- Job Creation: The scheme has the potential to create jobs in the construction and real estate sectors.
- Promoting Diaspora Engagement: The scheme promotes diaspora engagement and encourages Nigerians living abroad to contribute to the country's development.
How to Apply:
To apply for the mortgage scheme, interested individuals should visit the National Diaspora Commission's website and fill out the application form. They will need to provide required documents, including proof of income, passport, and proof of stay abroad.
Please note that the scheme is subject to change, and interested individuals should verify the details with the National Diaspora Commission or a licensed mortgage lender.