Housing deficit: FMBN plans Diaspora mortgage

The Federal Mortgage Bank of Nigeria would soon commence a Diaspora mortgage model to enable Nigerians residing in foreign countries to own houses in the country without encumbrances.
Managing Director of the Bank, Mr. Gimba Ya’u Kumo disclosed this in a statement made available to our correspondent on Sunday, in Abuja.
Kumo noted that the Nigeria Diaspora Loan Scheme was developed in order to broaden the delivery channels for mass housing through the National Housing Fund Scheme.
The FMBN, he added, is currently concluding arrangements on how to secure an international payment gateway through which the funds will be channeled.
He said, “We want to carry everybody along once it become operational and that is why we are seeking to secure an international gateway payment means through Visa and MasterCard.
“Already, we have had two meetings with them and also liaising with the Central Bank of Nigeria for necessary assistance and approvals.”
On the rationale behind the introduction of the product, the FMBN boss said the product had become necessary given the large number of Nigerians in the diaspora who wish to own homes in the country.
He said, “We realized that about 17million Nigerians are living outside the country and most of them have plans to own houses and they have not been able to do so.
“What we are trying to do is that by the time we develop the Diaspora mortgage model, it will be a model whereby Nigerians living abroad who want to buy houses can resort to FMBN and at the end of the day if they do not take the mortgage, they can get refund of their money with interest.”
He said the move would also lead to the inflow of finance from the diaspora to Nigeria which would further assist in reducing the housing deficit in the country.
“The inflow of diaspora money to Nigeria is about $10bn. If the housing sector takes about 25 per cent of that inflow, we are expecting that about $2.5bn dollars is coming to us in the form of inflow from Diapora people that would need houses and investments in the housing sector.
“That would translate to about N400bn and with that we can fund mortgages and build about 30, 000 units and that would be an opportunity for those who would want to have houses in Nigeria.”

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