• NiDCOM - PRIDE OF NIGERIA

Diaspora NHF Mortgage

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Introduction

The Diaspora NHF Mortgage will offer Nigerians in the Diaspora mortgage loans to buy houses in Nigeria.

The FMBN sponsored mortgage will afford Nigerians in Diaspora an opportunity to register with the National Housing Fund (NHF) scheme, make monthly contributions and ultimately access mortgage loans to own houses anywhere in Nigeria, without having to physically come to Nigeria before participating.

The FMBN will facilitate the production of affordable housing units in state capital cities like Lagos, Abuja, Port-Harcourt, Kano with mixed dwelling estates developed for Nigerians in Diaspora.

Foreign and indigenous developers will be engaged to build the houses, while mortgage loans will be granted to Nigerians in Diaspora. FMBN will also collaborate with local developers who have existing properties that can be bought through the scheme.

Before being eligible for the loan, beneficiaries will have to make monthly contributions for at least 12 months to the scheme. The monies contributed to the scheme can be recouped after the loan has been paid in full.

Why Diaspora NHF Mortgage

  1. This scheme will help nurture and grow the real estate industry in Nigeria; creating jobs, increasing competition and advancing technology.
  2. The scheme as a means of Foreign Direct Investment will help create jobs, stabilise the exchange rate, help boost and create a robust economy for Nigeria.
  3. Nigerians in Diaspora will be able to access affordable mortgages allowing them to own a home in Nigeria their home country reliably and credibly.

Product Features

  1. After contributing for the minimum period of 12 months, applicants will be eligible to apply for the mortgage loan through the Primary Mortgage Bank’s online platform. (The application for the loan can be started after 9 months of contributing).
  2. Applicants can use the Bank’s USSD Code *219# or online platform to monitor their monthly payments.
  3. The loan tenor will be a maximum of 15 years.
  4. If a contributor does not take possession of the facility by the age of 70, contributions shall be refunded with an interest of the Bank’s prevailing interest rate, which is currently at 2%.
  5. The property will be insured against the following;
    1. Mortgage Protection.
      1. Burglary {3% of 1%}
      2. Fire {3% of 1%}
      3. Special perils {3% of 1%}
    2. Life Insurance
      1. Death {0.70% of 1%}
  6. The maximum principal of the loan is ₦50,000,000.00 (One Million Naira, Only),
  7. Individual principal for the loan will be determined by the current and projected income of the beneficiary.
  8. Advance, monthly, and annual repayment of the loan is permissible. The earlier the debtor repays the loan the earlier the property rights will be transferred to the mortgagor.
  9. Applicants will show satisfactory evidence of a regular flow of income to guarantee loan repayment. Eligibility assessment will be undertaken by an accredited Credit Bureau.
  10. Applicants would provide evidence of temporary or permanent residence permits in their country of residence.
  11. Upon approval but before disbursement, the applicant will execute the Deed of Legal mortgage.
  12. Where there is a default on the payment of the loan for up to 3 months, the bank will have the right to dispose of the property without recourse to the borrower.

Payments

  1. Contributions and Loans will be managed by the Primary Mortgage Bank.
  2. Applicants will register with the NHF and contribute $150 monthly if you earn less than $3,000 and $200 if you earn more then $3,000 for 12 months.
  3. The applicant shall pay 30% of the value of the property while 70% will be provided as the NHF Diaspora Mortgage loan.
  4. Application fee of $50 non-refundable shall be payable to FMBN.
  5. The loan will attract a 9% interest rate per annum.
  6. Advance, monthly, and annual repayment of the loan is permissible. The earlier the debtor repays the loan the earlier the property rights will be transferred to the mortgagor.
  7. Where there is a default on the payment of the loan for up to 3 months, the bank will have the right to dispose of the property without recourse to the borrower.

Requirements

Eligibility

  1. Applicant must have registered with the National Housing Fund for a period not less than 12 months and have paid in full.
  2. Applicant must be a first-time beneficiary of the NHF loan.
  3. Applicant must have verifiable means of income.
  4. Applicant must be a Nigerian in Diaspora by definition of the ‘National Diaspora Policy’

COLLATERAL

  1. The property for which the loan is sought will serve as security for the loan.
  2. Perfection of mortgage will be handled by FMBN Internal Records Office.
  3. The property will possess sufficient value to recover the loan.
  4. FMBN will in most cases, assist in providing eligible property that could be purchased and mortgaged under this Scheme.

DOCUMENTATION

  1. The online application form.
  2. Copy of data page of the applicant’s international passport.
  3. Uploading of recent payslips for 3 months and bank statements for 6 months.
  4. Letter from the employer stating the status of the employment.
  5. For the self-employed; a certificate of business registration will be required from the country of residence of the Diaspora.
[mvc_timeline_father title=”National Housing Fund (NHF) Registration Process” size=”50″ linebg=”#cc00ad”][mvc_timeline_son maintitle=”Application” date=”Step 01″ clr=”#bc003e” size=”25″ bgclr=”#00ff04″ css=”.vc_custom_1668435582499{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;border-left-color: #383838 !important;border-left-style: initial !important;border-right-color: #383838 !important;border-right-style: initial !important;border-top-color: #383838 !important;border-top-style: initial !important;border-bottom-color: #383838 !important;border-bottom-style: initial !important;border-radius: 5px !important;}” icon_size=”25″ icon=”fa fa-handshake-o” titlesize=”30″ titlebg=”#bc003e” caption_url=””]

You need to fill out the Registration Form Your application will need to be processed, this could take 5 working days.

[/mvc_timeline_son][mvc_timeline_son maintitle=”Verification” date=”Step 02″ clr=”#bc0f48″ size=”25″ bgclr=”#00ff04″ css=”.vc_custom_1644599391428{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;border-left-color: #383838 !important;border-left-style: initial !important;border-right-color: #383838 !important;border-right-style: initial !important;border-top-color: #383838 !important;border-top-style: initial !important;border-bottom-color: #383838 !important;border-bottom-style: initial !important;border-radius: 5px !important;}” icon_size=”25″ icon=”fa fa-id-card” titlesize=”30″ titlebg=”#bc0f48″]

All the information you have provided will be verified by FMBN and NiDCOM. You will be contacted if there are any errors.

[/mvc_timeline_son][mvc_timeline_son maintitle=”Confirmation” date=”Step 03″ clr=”#bc1e53″ size=”25″ bgclr=”#00ff04″ css=”.vc_custom_1644599507550{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;border-left-color: #383838 !important;border-left-style: initial !important;border-right-color: #383838 !important;border-right-style: initial !important;border-top-color: #383838 !important;border-top-style: initial !important;border-bottom-color: #383838 !important;border-bottom-style: initial !important;border-radius: 5px !important;}” icon_size=”25″ icon=”fa fa-check” titlesize=”30″ titlebg=”#bc1e53″]

If you have been accepted, you will receive an Identification Number.

[/mvc_timeline_son][mvc_timeline_son maintitle=”Payment” date=”Step 04″ clr=”#bc2b5b” size=”25″ bgclr=”#00ff04″ css=”.vc_custom_1644599074535{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;border-left-color: #383838 !important;border-left-style: initial !important;border-right-color: #383838 !important;border-right-style: initial !important;border-top-color: #383838 !important;border-top-style: initial !important;border-bottom-color: #383838 !important;border-bottom-style: initial !important;border-radius: 5px !important;}” icon_size=”25″ icon=”fa fa-credit-card” titlesize=”30″ titlebg=”#bc2b5b”]

You will begin contributing in the following month. You need to have contributed for 12 monthe to be eligible for the mortgage (you may wish to begin the application process after 9 months).

[/mvc_timeline_son][mvc_timeline_son maintitle=”Retirement” date=”Step 05″ clr=”#bc3663″ size=”25″ bgclr=”#00ff04″ css=”.vc_custom_1644599484422{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;border-left-color: #383838 !important;border-left-style: initial !important;border-right-color: #383838 !important;border-right-style: initial !important;border-top-color: #383838 !important;border-top-style: initial !important;border-bottom-color: #383838 !important;border-bottom-style: initial !important;border-radius: 5px !important;}” icon_size=”25″ icon=”fa fa-user-circle-o” titlesize=”30″ titlebg=”#bc3663″]

You may wish to retire your contributions after you have retired.

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National Housing Fund (NHF) Registration

[mvc_timeline_father title=”Mortgage Application Process” size=”50″ linebg=”#dd3333″][mvc_timeline_son maintitle=”Application” date=”Step 01″ clr=”#0066bf” size=”25″ bgclr=”#00ff04″ css=”.vc_custom_1643020793260{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;border-left-color: #383838 !important;border-left-style: initial !important;border-right-color: #383838 !important;border-right-style: initial !important;border-top-color: #383838 !important;border-top-style: initial !important;border-bottom-color: #383838 !important;border-bottom-style: initial !important;border-radius: 5px !important;}” icon_size=”25″ icon=”fa fa-handshake-o” titlesize=”30″ titlebg=”#0066bf”]

You get to hand-pick the from the wide selection of available house online on the FMBN store. You have to also fill the form and other paper work.

[/mvc_timeline_son][mvc_timeline_son maintitle=”Verification” date=”Step 02″ clr=”#0d6cbf” size=”25″ bgclr=”#00ff04″ css=”.vc_custom_1643026715044{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;border-left-color: #383838 !important;border-left-style: initial !important;border-right-color: #383838 !important;border-right-style: initial !important;border-top-color: #383838 !important;border-top-style: initial !important;border-bottom-color: #383838 !important;border-bottom-style: initial !important;border-radius: 5px !important;}” icon_size=”25″ icon=”fa fa-check” titlesize=”30″ titlebg=”#0f6dbf”]

The Primary Mortgage Bank verifies your information and performs a credibility check.

[/mvc_timeline_son][mvc_timeline_son maintitle=”Acceptance” date=”Step 03″ clr=”#1a72bf” size=”25″ bgclr=”#00ff04″ css=”.vc_custom_1643021958388{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;border-left-color: #383838 !important;border-left-style: initial !important;border-right-color: #383838 !important;border-right-style: initial !important;border-top-color: #383838 !important;border-top-style: initial !important;border-bottom-color: #383838 !important;border-bottom-style: initial !important;border-radius: 5px !important;}” icon_size=”25″ icon=”fa fa-handshake-o” titlesize=”30″ titlebg=”#1a72bf”]

You will receive an offer letter, you may choose to accept.(Your response will be expected within 14 days).

[/mvc_timeline_son][mvc_timeline_son maintitle=”Loan Disbursement” date=”Step 04″ clr=”#2276bf” size=”25″ bgclr=”#00ff04″ css=”.vc_custom_1643022242374{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;border-left-color: #383838 !important;border-left-style: initial !important;border-right-color: #383838 !important;border-right-style: initial !important;border-top-color: #383838 !important;border-top-style: initial !important;border-bottom-color: #383838 !important;border-bottom-style: initial !important;border-radius: 5px !important;}” icon_size=”25″ icon=”fa fa-handshake-o” titlesize=”30″ titlebg=”#2276bf”]

You will pay 30% of the value of the property and PMB will provide 70%. The house would then be purchased by FMBN.

[/mvc_timeline_son][mvc_timeline_son maintitle=”Own It!” date=”Step 05″ clr=”#2a79bf” size=”25″ bgclr=”#00ff04″ css=”.vc_custom_1643027621457{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;border-left-color: #383838 !important;border-left-style: initial !important;border-right-color: #383838 !important;border-right-style: initial !important;border-top-color: #383838 !important;border-top-style: initial !important;border-bottom-color: #383838 !important;border-bottom-style: initial !important;border-radius: 5px !important;}” icon_size=”25″ icon=”fa fa-handshake-o” titlesize=”30″ titlebg=”#2a79bf”]

The deeds of the house will be transfered to you after you have fully repaid the loan. maximum duration for repayment is 10 years.

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Frequently Asked Questions

Question

Question 1

Complaints