Valuers excited by launch of 10,000 mortgages
According to him, housing is very important to the development of the society and so it deserves good attention from government. Speaking at the launch, Alao said, “Finance is both crucial and critical in housing delivery. The high cost of obtaining loan, high interest rate and short moratorium are all impediments to housing finance.“Most of the […]
According to him, housing is very important to the development of the society and so it deserves good attention from government.
Speaking at the launch, Alao said, “Finance is both crucial and critical in housing delivery. The high cost of obtaining loan, high interest rate and short moratorium are all impediments to housing finance.
“Most of the commercial banks hardly give out loans for housing development and those that do give charge high interest rates with strict conditions.
“But this scheme will reduce the deficit in the housing stocks, and more Nigerians will have access to mortgage through a recognized Primary Mortgage Institution.
“Also the Nigerian Institution of Estate Surveyors and Valuers has thrown its support for the programme because the processing time of pre-qualifications for the mortgage has now been reduced from three months to a maximum of six weeks, and the mortgage loan can be access at 6 percent interest rate, spanning 10-15 years payback period.
“This laudable scheme of President Goodluck Ebele Jonathan will also assist to reduce the unemployment rate as jobs will be created in the construction industry. Hence the masses will benefit through affordable and accessible home ownership.”
State governors who have agreed to support the scheme will provide unencumbered land for development.
To be part of this the novel scheme, prospective homeowners are to apply via a web portal: www.housingfinance.gov.ng.
They are referred to a PMI of their choice having select the preferred house type.
Eligibility criteria are displayed on the portal. The applicant must be able to make 20 percent as equity contribution.