FG's Diaspora Mortgage Loan Signals New Era in Nigeria's Housing Market
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The Federal Mortgage Bank of Nigeria has launched its Diaspora Mortgage Loan in London, giving Nigerians abroad a formal channel to finance homes in Nigeria under the NHF scheme.
The Federal Mortgage Bank of Nigeria (FMBN) has formally launched its Diaspora Mortgage Loan in London, United Kingdom, introducing a housing finance product designed to enable eligible Nigerians living abroad to access mortgage financing for residential properties in Nigeria. The launch was undertaken in collaboration with the Nigerians in Diaspora Commission (NiDCOM), with technical and regulatory assistance from the Central Bank of Nigeria (CBN).
The product provides financing of up to N100 million at an interest rate of 9 per cent per annum, with a maximum repayment tenor of 10 years. Eligible Nigerians in the diaspora can register for the National Housing Fund (NHF) scheme by visiting diaspora.fmbn.gov.ng and make contributions remotely through the bank's digital platforms, reducing the need for physical presence in Nigeria. The product is structured around three contribution categories: Basic, Classic and Premium.
The launch comes as FMBN strengthens its existing housing finance products, advances digital service delivery, prepares the National Mortgage Registry for deployment and develops new products for underserved segments. The NHF Mortgage Loan, delivered through accredited Primary Mortgage Banks, offers eligible contributors in Nigeria up to N50 million to build or purchase homes, with a maximum tenor of 30 years. The bank also runs Rent-to-Own, Home Renovation Loan, Cooperative Housing Development Loan and Individual Construction Loan products.
Under the leadership of Managing Director and Chief Executive Shehu Osidi, FMBN said the diaspora mortgage market could stimulate demand for professionally developed housing, increase activity across the construction value chain and create opportunities for developers, Primary Mortgage Banks, financial institutions and other housing-sector professionals. The bank said the initiative expands the architecture of housing finance in Nigeria for Nigerians globally, rather than simply taking a product to Nigerians in the diaspora.