Commercial Bank to Offer Interest-Free Mortgages to Diaspora
The Commercial Bank of Ethiopia (CBE) has announced that it has started offering interest-free mortgage loans to non-resident Ethiopians, and foreign nationals of Ethiopian origin.
The programme was designed to cater to Ethiopian Diaspora Muslims and others from the diaspora who want interest free banking services.
The loan is meant to be used for the purchase or construction of residential homes and is expected to be repaid in 20 years.
Borrowers are expected to deposit at least 20% of the mortgage amount in advance in British Pounds, US Dollars or Euros.
Emebet Melese, Vice President of Quality Assurance, said that the interest-free mortgage loan for the diaspora would be implemented separately from the other diaspora-related banking services.
Once a person deposits the initial payment at CBE branches in Ethiopia or at Ethiopian Embassies abroad, the bank will entertain the request, she said.
Quarterly mortgage payments are also expected to be in foreign currencies.
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