Abuja – November 2, 2023 – Viewpoint Housing News.
Our Stand (92)-
As the year comes to an end, It is critical to score mortgage loan management in Nigeria and it’s even more important to look at ways to improve efficient mortgage loan management.
Man being a social animal is faced with the quest of owning a good and affordable shelter for himself, which makes it a necessity not a luxury. However, due to the high cost of owning an Affordable, decent and standard home within the area councils in Abuja and been a heinous task on itself thus warrants the need for an effective mortgage management scheme in the country and in FCT in particular. It is imperative to allude therefore, that only an effective mortgage loan scheme can cushion the pressure to own a house in Nigeria and FCT in extension.
A mortgage is a loan scheme where property or real estate is used as collateral. The borrower enters into an agreement with the lender (usually a bank) wherein the borrower receives cash upfront then makes payments over a set period of time span until he pays back the lender in full with an agreed interest rate. A mortgage institution plays an important role in assisting individuals or groups of individuals who do not have the financial strength , buy their dream homes.
For this vision of making every Nigerian to be able to own a home by both successive and present government, the following needs to be done:
1. Government should as a matter of fact, create more awareness on what mortgage is all about so as to educate the general public on what a mortgage loan entails and how to go about it from start to finish.
2. More mortgage institutions should be established and made closer to the people for easy access.
3. Mortgage houses should adopt the use of modern software application which is designed to simplify and automate the management of loans and borrower data.
4. Mortgage institutions should not focus their attention primarily on civil servants alone, but should cut across every sector of the society, in as much they can fulfill their own part of the loan contract.
5. Efforts should be made by government to encourage both public and private developers to delve into diverse ranges of housing construction which range from low cost housing, to medium and luxury home construction in order to cover the housing needs of every member of the social strata. When this is done, people will be encouraged to key into the loan mortgage scheme knowing that they can get houses that fall within their reach.
6. Developers should be encouraged to patronize made in Nigeria materials which will In turn reduce the building cost thereby encouraging people to engage a mortgage institution to own a house. Mortgage homes can also be a vanguard of this call so as to encourage the public to come patronize them.
7.last but not the least is that the government should set up a body like an agency and if there is any already existing one, they should be allowed to yield the power to serve as watch dog over mortgage institution in order to sieve the fake from the authentic ones in order to protect the public from scammers.
It is our view, that if all these points highlighted above are looked into, there will be a significant improvement in the mortgage loan management in Nigeria and the FCT in particular.