‘Good mortgage necessary to bridging housing deficit’

A real estate developer, Yomi Falegan, has said that good mortgage system and easy land titling process are important  to bridging the 17 million housing deficit in the country.  Yomi who said this in an interview with Daily Trust, said access to finance and cumbersome land titling process are the major challenges hindering the real […]

A real estate developer, Yomi Falegan, has said that good mortgage system and easy land titling process are important  to bridging the 17 million housing deficit in the country.
 Yomi who said this in an interview with Daily Trust, said access to finance and cumbersome land titling process are the major challenges hindering the real estate sector.
According to him, there is no good mortgage system in Nigeria where developers and individuals could easily secure loan to finance their housing projects.
Yomi  who is the chief executive officer, Brumy Estate Limited explained that though,  the Federal Mortgage Bank of Nigeria is there to help,  but much impact has not been felt.
 “If our mortgage system is working very well, it would be easier for developers to get money and develop houses for prospective buyers. Also, it would enable individual who wants to own a house pay for it without stress. In other climes,  it is mortgage that is helping developers to build and individuals to own houses,” he noted.
He said  that the cumbersome titling process in the country is making it difficult to bridge the housing deficit, lamenting that it takes over three years to get  title approval  and  over four years and above to get the Certificate of Occupancy (C of O).
He explained that easy titling process would enable both developers and individuals who want to build homes secure loan from financial institutions and in the process bridging the gap and  called on the federal government to make housing a priority by amending the Land Use Act to remove the bureaucratic and administrative bottle neck in the titling process.