Expert tasks FG on improved mortgage
The Managing Director of Infinity Trust Mortgage Bank (ITMB) Olabanjo Obaleye has said it was difficult for mortgage industry to make a meaningful impact without government`s firm commitment to relax the policies surrounding property rights, perfection, and transfer in terms of time and cost.
He stated this during the unveiling of new logo and brand direction of the bank in Abuja. He said that the new logo was designed to reflect the bank`s core mandate which is easing access to shelter with the tagline “creating shelter and wealth.”
He noted that for the housing deficit to be reduced, financial inclusiveness through home ownership affordability programme followed by well thought out plans and actions must be implemented.
According to him, for the price of houses to reduce; interest rate must be affordable, cost of perfection must be next to nothing, land acquisition must be seamless and affordable and process of foreclosing on defaulting mortgagors must be timely.
He said, “Despite our challenging environment, we have unshaken belief in mortgage instrument to promoting home ownership, eradicating poverty, reducing corruption, creating employment and giving meaning to lives of Nigerians. We shall continue to take advantages of the positive opportunities that are embedded in our challenging environment by providing unsurpassed mortgage services to our customers and stakeholders in line with best practices within our regulatory framework.”