Nigerians in diaspora can now access state-backed mortgage loans through various initiatives. The Ministry of Finance Incorporated (MOFI) Real Estate Fund (MREIF) offers a home loan facility designed to tackle challenges in the housing sector by addressing both supply and demand constraints faced by developers and home buyers.
The loan facility has a maximum amount of N100 million at a 12% interest rate over 20 years, with a 20% equity contribution. Some banks offering this facility include:
- Stanbic IBTC Bank: Offers mortgage loans with a minimum salary requirement of N500,000 per month and equivalent for diasporans. The bank is offering a lower rate of 9.75% per annum and a reduced equity contribution of 10%
- Homebase Mortgage Bank: One of the most active banks in the new drive, with a focus on serving Nigerians abroad.
- Imperial Homes Mortgage Bank: Provides mortgage loans with flexible repayment options.
- Infinity Trust Mortgage Bank: Offers mortgage loans to Nigerians in diaspora.
- Access Bank: Offers a diaspora mortgage product with higher interest rate on savings towards equity build-up and easy access to long-ternured mortgage facilities.
To apply, interested individuals should:
- Register with the National Housing Fund (NHF) scheme
- Make monthly contributions for at least 12 months
- Meet the eligibility criteria, including having a verifiable income and being a Nigerian citizen
- Submit required documents, including a valid international passport, proof of income, and employment verification
The benefits of this initiative include:
- Affordable Interest Rates: Interest rates are competitive, making homeownership more accessible
- Long Tenor : Repayment periods are extended, making monthly payments more manageable
- Government Backing: The scheme is backed by the government, providing a level of security.
- Convenience: Applications can be made online, and contribution can be tracked through user-friendly platforms.
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