Welcome to Diaspora Mortgage, your premier destination for seamless homeownership solutions in Ethiopia. With expertise tailored to the unique needs of the Ethiopian diaspora, we specialize in simplifying the property acquisition process from abroad.
Our dedicated team provides comprehensive guidance, personalized support, and competitive financing options to help you realize your dream of owning a home in Ethiopia. Contact us today and let us guide you towards your piece of the homeland.
To begin your homeownership journey, follow these steps to open a Mortgage Savings Account: Visit a nearby branch or contact Ethiopian Embassies to inquire, complete paperwork, and deposit funds for equity contributions.
Save regularly in your Mortgage Savings Account until you reach 10% of your home's cost for your equity contribution.
While saving, gather required mortgage loan application documents, such as proof of identity, income, and employment.
After saving and preparing documents, submit your mortgage loan request: Visit the bank's Consumer and Housing Credit Processing Units or Outlying District Offices to submit your application along with required documents.
The bank will review your application and documents: They'll assess your financial situation and offer a mortgage loan with a maximum period of twenty years and an interest rate of 8.5% per annum. Review the loan offer terms and conditions carefully.
After mortgage approval, proceed with purchasing or constructing your house: The bank's loan will cover the remaining cost beyond your equity contribution. Adhere to the loan repayment schedule and meet obligations as outlined in the agreement.
At Diaspora Mortgage, we specialize in diaspora homeownership, leveraging our extensive experience to navigate Ethiopia's real estate and financial landscape. Whether you're a first-time buyer or a seasoned investor, our expertise ensures your advantage.
We understand the uniqueness of each diaspora's financial situation. That's why we provide personalized financing solutions for buying a new home, investing in property, or constructing your dream house. Our goal is to create a plan that aligns perfectly with your goals and budget.
At Diaspora Mortgage, we simplify foreign currency transactions for Ethiopian diasporas. We'll help you convert your funds to Ethiopian Birr, ensuring a smooth process for your property transactions.
Navigating Ethiopia's real estate market and mortgage application process can be daunting, especially from abroad. Our team provides comprehensive guidance, answering your questions and explaining the process intricacies to empower informed decisions.
We prioritize favorable loan terms through our financial partnerships, offering competitive rates and flexible repayment options. Our goal is to make homeownership affordable and accessible for diasporas.
At Diaspora Mortgage, we prioritize personalized relationships and act as your partners in achieving homeownership. Our dedicated team provides continuous support and assistance throughout your journey.
Who is Eligible to apply for DMF
Diaspora aged 18 and above must provide residency/work permits, renewed passports, yellow cards (for non-resident Ethiopians), and two passport-sized photos. Additional requirements include marriage certificates, power of attorney, employment letters, and bank statements. Businesspersons need financial statements, trade licenses, and tax payment certificates. A minimum of 20% of the residential house cost must be paid in foreign currency as a down payment.
How to open Wadia’h Diaspora Mortgage Savings Account (WDMS)
Applicants can open a Wadia’h based Diaspora Mortgage savings account at bank branches with IFB windows service or consult Ethiopian Embassies. Financing requests can be submitted to IFB Financing Business in Addis Ababa, District Offices, or the account opening branch.
Features of Interest Free Banking Diaspora Mortgage Financing
Purpose: Purchase of residential houses through Sharia'h-based Murabaha financing with a repayment schedule of up to twenty years. Requires a minimum 20% down payment, with the profit margin determined by financing amount, duration, and option. Diaspora Mortgage/Home Loan offers Ethiopian diaspora communities a secured long-term loan for real estate purchase or construction in Ethiopia, catering to eligible Diasporas with steady incomes.
The purpose of this loan is to help the diaspora with
Loan features include a 20-year duration, requiring a 20% equity contribution and offering an interest rate from 8.5% per annum. Eligible applicants include non-resident Ethiopian nationals, foreign nationals of Ethiopian origin, and their companies. Benefits include a flexible loan amount, competitive pricing, personalized support, and the option to include a spouse as a co-applicant for higher loan amounts. Required documents include authenticated documents for eligibility.
The application letter of the customer has to include the following documents
Required documents for the application include filled and signed forms, valid passports or identification cards for individuals, ownership certificates or Articles and Memorandum of Association for businesses, a copy of the sale agreement, and any other relevant documents.
To learn more about our services and start your journey towards homeownership in Ethiopia. Your dream home awaits!
To learn more about our services and start your journey towards homeownership in Ethiopia. Your dream home awaits!