The Assesment of the Contribution of Primary Mortage Institutions to Housing Finance in Nigeria: A Case Study of Union Homes Savings and Loans PLC
No Thumbnail Available
Date
Journal Title
Journal ISSN
Volume Title
Publisher
Medwell Journals
Abstract
Description
The problem of housing affordability and the provision of quality services by the mortgage industry
which includes financing have always being a major concern to the public as a whole. This research is therefore
aimed at discovering the activities, achievements and limitations of the mortgage industry especially in the
primary mortgage institutions using mrion homes and loans as a case study. The study is focused on the
operations of mrion homes savings and loans PLC because it is one of the most prominent PJ'v:li's in Nigeria.
The study involves the distribution of questionnaires to the staff ofmrion homes. It was discovered that Union
homes has contributed a great deal to housing finance sector in Nigeria as a result of frmding several housing
estate and granting of both social and commercial loans to individuals for housing pwposes. The study also
looks into the problems affecting PJ'v:li's and problems associated with mortgage sector in Nigeria. It was fwther
discovered that most PJ'v:li frmded loans do not take > 3 week before they are approved and this is preferred by
the mortgagors not minding the high interest rate and mortgages loans granted are given on short term basis.
It was therefore recommended that low interest rates on the PJ'v:li frmded loans should be introduced by PJ'v:li's
and PMI's should be encouraged to improve their capital base in order to empower them for greater
effectiveness in financing housing. This will give them wider coverage and enable them access greater pools
of funds.
Keywords
H Social Sciences (General), HB Economic Theory, HG Finance