Infinity Mortgage Pitches for Diaspora Funds for Nigeria’s Built Sector

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Infinity Trust Mortgage Bank Plc. (ITMB), a player in Nigeria’s mortgage and housing finance market, has moved to Nigerians in the diaspora long-term diaspora mortgages.

The bank rolled out its services to the diaspora market at the just concluded Africa trade expo/conference, which held at the Crowne Plaza Hotel, Houston, United States of America.

The company’s spokesperson, Ms. Remi Apatira said the conference sensitized Nigerians in the diaspora on the guidelines and payment mechanism for accessing diaspora mortgages, while creating the necessary awareness and required knowledge for such mortgages, adding that will also feature the unveiling of the Uniform underwriting standards for diaspora mortgages.

According to her, the standards which was recently approved by the Central Bank of Nigeria (CBN) as guidelines for long term diaspora mortgages, is being deployed through the Mortgage Banks Association of Nigeria (MBAN); Nigeria Mortgage Refinance Comp-any PLC (NMRC) and the Federal Mortgage Bank of Nigeria (FMBN).

The guidelines as well as the newly deployed mortgage Loans repayment/collection mechanism, would create access by Nigerians living in the diaspora to mortgages of up to 20 year tenor from mortgage lending banks in Nigeria to buy their homes.

She said ITMB’s booth attended to inquiries from participants and provide on the spot information on, credible steps to having access to finance home ownership in Nigeria as well as owning a property for investment; access to mortgage facilities, while showcasing housing stock developed in partnership with Real Estate Developers.

The representatives will also address all issues and concerns along the mortgage and housing value chain that potential buyers in the Diaspora often come across.

Infinity Trust Mortgage Bank Plc, has significantly increased its shareholders’ funds from less than N50 million in 2003, to over N5 billion and maintained an unbroken record in terms of consistency in dividend payment to shareholders for eleven years running.

It has wholly or partly financed no fewer than 14 modern estates in Abuja, thereby providing decent and affordable accommodation to over 3,000 Nigerian families.

The bank according to the statement was converted to a Public Limited Liability Company on 25th January, 2013, and had to change its name to Infinity Trust Mortgage Bank Plc, its shares were listed by introduction on the main floor of the Nigerian Stock Exchange on December 11, 2013. In 2014, it became a National Mortgage Bank. Currently, the bank has equity shareholding in the NMRC.