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Expert urges Nigerians in Diaspora on mortgage

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A Real Estate professional, ESV Patrick Aminu, has urged Nigerians in the Diaspora who want to own properties in Nigeria not to be afraid to do so.

According to him, contrary to what most people believe, getting a mortgage in Nigeria is not such a difficult task, provided one can meet the bank’s requirement, especially while living abroad.

“Often, difficulty arises from the bureaucratic bottleneck that is involved in securing these mortgages. However, if one follows these footsteps, securing a mortgage will be easy,” he said.

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Explaining how to go about it, he said: “To start the process, you need to go to the bank to secure the loan in person. You can get a friend or relative to pick up the forms and courier to scan them to fax or email to you so that you have the necessary documents.

“You must also have collateral, which you will use in securing the loans. Typical things used for collateral includes a house, landed properties and shares certificates. The value of collateral largely depends on the amount you are borrowing from the bank,” he added.

He noted that, “Some of the necessary documents you will need to apply for include; your international passport, your resident permit in the country where you are staying, proof that you are gainfully employed in your country of residence, and your tax clearance.”

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