Nigeria’s Federal Mortgage Bank (FMBN) has introduced a new mortgage scheme in London aimed at helping Nigerians living abroad purchase homes in the country. The initiative, called the National Housing Fund (NHF) Diaspora Mortgage Loan, offers a maximum loan of N100 million (approximately $230,000) at an interest rate of 9% (vanguardngr.com).
The program is designed to support Nigerians in the diaspora who wish to invest in real estate back home. By providing access to financing in London, the FMBN aims to facilitate property ownership and stimulate the Nigerian housing market. The scheme is part of broader efforts to attract diaspora investment and address housing challenges in Nigeria.
The NHF Diaspora Mortgage Loan is available to eligible applicants who meet specific criteria, including proof of income and residency status. The bank has partnered with financial institutions in London to ensure smooth processing of applications. This move reflects growing recognition of the diaspora’s role in the country’s economic development.
The initiative is expected to ease the financial burden on overseas Nigerians seeking to invest in property. It also highlights the increasing integration of Nigerian financial services into global markets.
