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Group seek single digit interest rate for mortgage loans

In other to overcome the incessant challenges of accessing long-term fund for housing some housing experts under the aegis of the Whatsapp group “Abuja Intl. Housing show” have urged the Federal and State governments to adopt single digit interest rate in mortgage loan even if it requires subsidizing to bring it within the reach of  the low income earners.

They stressed the need to proffer local solutions to mortgage financing by considering generational mortgage financing where tenure could be extended beyond the original mortgagee to ensure continuity.

Report on stakeholders’ discussion on the Whatsapp group agreed that the Federal Mortgage Bank of Nigeria should be recapitalized and enforcement of the National Housing Fund (NHF) contribution as enshrined in the enabling Act.

The group also expressed the need for PENCOM to invest a sizeable part of the pension funds, dormant assets in banks and unclaimed dividends in Primary Mortgage Products as well as put in place the appropriate construction financing schemes including funding sources for multilateral schemes.

They further urged governments to reduce bottleneck associated with land acquisition and land titling with a view in easing housing construction. According to the statement, the group agreed that the journey of repositioning the Housing Sector as one of the key drivers of national development has greatly improved and they are confident that with the cooperation and support of all stakeholders, the sector will be re-energized to fulfill the aspirations of  Nigerians.

It stressed the need to develop a building sector policies on affordable housing inconsonance with the provisions of the various Acts and bills on land utilization for housing.

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To this end, the group directed that the various bills on Land for housing construction before the  National Assembly should be reviewed and finalized as soon as possible.

The platform which is made up of experts from the various subsector of the  industry also urged Stakeholders to work with the National Assembly to help fast track the amendment of  relevant laws before the National Assemby such as foreclosure, Mortgage and Insurance laws among others.

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