Commercial Bank of Ethiopia launches interest free mortgage loan for Ethiopians in diaspora
The Commercial Bank of Ethiopia (CBE) has announced the commencement of Interest Free Mortgage Loan to non-resident Ethiopians and foreign nationals of Ethiopian origin.
The service is designed to cater to Ethiopian Diaspora Muslims and others who want interest free banking service.
CBE Quality Assurance VP, Woizero Emebet Melese said during the launching that the interest free mortgage loan for diasporas would be implemented separately from the other diaspora related banking services.
Members of the Ethiopian Diaspora interested in the scheme are expected to deposit at least 20% of the money for the mortgage in British Pound, USD and Euro using the Wadiah account.
Once a person deposits the initial payment at CBE branches in Ethiopia or at Ethiopian Embassies abroad, the bank would entertain the request, she added.
The loan is expected to be paid in full within 20 years.
The newly launched Interest Free Mortgage Loan is aimed at facilitating banking service for those who desire to purchase finished or under construction residential houses in Ethiopia.