Ethiopia: CBE Launches Diaspora Mortgage Loan
The Commercial Bank of Ethiopia has set up a mortgage loan for Ethiopians living abroad and foreigners of Ethiopian origin.
The mortgage is designed for the diaspora community to be able to construct residential houses in Ethiopia.
Loan seekers will have to deposit a minimum amount of 20pc of the property value in foreign currency as an equity contribution.
The loan period will extend to a maximum of 20 years with a minimum rate of 8.5pc. The loan is to be repaid in dollars, pounds or euros. Applicants can submit their loan requests to any of the bank's consumer and credit processing units and outlying district offices.
Source: All Africa