AN APPRAISAL OF THE LEGAL AND INSTITUTIONAL FRAMEWORK FOR MORTGAGE FINANCING IN NIGERIA
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: FOOTNOTE / ENDNOTE
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
Housing is one of the priorities of man‟s needs. In African setting, owning a house mean that a person has graduated group of household, a status which characterized selfautonomy, manhood, some level of independence and capability to bring other relations who want to live there to do so. Owning a house is a dream for all. In the past, it was relatively easy to own a house because the cost was not much, coupled with some community assistance which has made building a house less tedious. But nowadays, owning a house especially in an urban or semi-urban area is a herculean task. There is no assistance from age-mate group or community. Everything is done with money. Even the land upon which to build the house is expensive. Building materials are costly. There are numerous building laws and regulations which must be complied with before one can build a house. In essence, building a house is capital intensive project which cannot be taken lightly. It is because of this that respite is often resorted into by going to financial institutions to borrow money. This thesis appraised the laws and institutions which have been established in the country in order to provide loan for persons wishing to own a house. The methodology adopted in this research is an amalgam of doctrinal, which is library oriented, and empirical, which involves interviewing various stake holders. It was found that despites the numerous laws and mortgage institutions, the system is not making meaningful progress as the country still has huge deficit of housing requirements. The study shows that Nigeria needs about 22 million housing units by year 2020s. The year 2020s are already here, but the country‟s housing units are far below that projection. This failure is attributed to factors such as stringent land laws which made acquisition of land almost impossible. Other reasons discovered include corruption which constrains the smooth operation of the mortgage laws and institutions. There are also challenges associated with high interest rate, lack of awareness of the existence of mortgage loan, and lack of cash flow to meet the demands of applicants. It is recommended that there should be reform of the land Use Act, National Housing Funds, and the Federal Mortgage Bank Act, among others, in order to see that the impediments crippling mortgage financing in Nigeria are removed. It is also recommended that the interest rate be reduced or subsidized and government should encourage non-interest financing.
Related Project Materials
THE EFFECT OF CORPORATE SOCIAL RESPONSIBILITY ON ORGANISATIONAL PERFORMANCE
Abstract
The aim of the study is to examine the effect of corporate social responsibility on organizati...
AN ANALYSIS OF E-READINESS OF A HIGHER INSTITUTION
Abstract
The increasing use of Internet has experienced an explosion over the years and is responsible for enormous chan...
A SYSTEM DYNAMICS STUDY OF MTN CUSTOMER SERVICE QUEUING SYSTEM
ABSTRACT
Customer service is the most important aspect of every business that builds its processes on the basis of customers going throug...
ROLE OF EARLY CHILDHOOD EDUCATION IN SUPPORTING MENTAL HEALTH
ABSTRACT: The role of early childhood education in supporting mental healt...
EXPLORING THE BENEFITS OF EARLY CHILDHOOD EDUCATION ON COMMUNITY RESILIENCE
ABSTRACT: This study explored the Benefits of Early Childhood Education on Community Resilience. The objecti...
INFLUENCE OF SOCIAL MEDIA ON ACADEMIC PERFORMANCE OF STUDENTS
ABSTRACT
The focus of this study delves into the influence social media network on academic...
CAUSES, COMPLICATIONS AND MANAGEMENT OF POLYCYTHEMIA
Background of the study
Polycythemia, a hematologic disorder characterized by an abnormal increase in t...
THE ROLE OF EARLY CHILDHOOD EDUCATION IN PROMOTING CULTURAL HERITAGE CONSERVATION
ABSTRACT: This study examined the Role of Early Childhood Education in Promoting Cultural Heritage Conservat...
PHARMACOLOGICAL EFFECTS OF METHANOLIC EXTRACT OF GARCINIA KOLA (HECKEL) SEED ON THE REPRODUCTIVE PROFILES OF SOME MALE EXPERIMENTAL ANIMALS
ABSTRACT
Garcinia kola is commonly consumed in Nigeria in social ceremonies and for leisure purposes. It is speculated to enhance sexual...
THE ASSESSMENT OF THE IMPACT OF SDGS ON THE DEVELOPMENT OF PRIMARY EDUCATION IN MINNA, NIGER STATE
ABSTRACT
This study aimed to evaluate the influence of sustainable development goals on the advancement...
