ABSTRACT
Housing in most countries of the world is an important economic sector and the manner in which resource are mobilized for has a major effect on the economy. Despite the knowledge of the importance of housing, ownership or accessibility to decent houses and mobilization of resources remain a problem in Nigeria. This project examines the effect of mortgage institution in the provision of affordable and sustainable houses in Nigeria. The survey covers mortgage institutions, federal and state ministries and parastatals, stakeholders in the building industries and educational sector. To be able to evaluate the effect, questionnaires were administered with personal interview. A total of fifty (50) questionnaires were distributed randomly to those staffs. The percentage method and chi-square test were used in analyzed the data gathered. The results revealed that the effect f mortgage institutions in Nigeria is inadequate. This ineffectiveness can be traced to high rate of interest charged on properties, insufficient fund, low level of participation in the Natural Housing Fund and down payment. It is recommended that the rate charged on properties should be reduced, worker should be encouraged to register in the National Housing fund and he Government in collaboration with lending houses should develop a formula to remove various bottle neck connected with loans, especially the issue of collateral.
TABLE OF CONTENTS
Title page
Certification - - - - - - - - - - - - - - - - - ..i
Dedication - - - - - - - - - - - - - - - - - ..ii
Acknowledgement - - - - - - - - - - - - - - - .iii
Table of contents - - - - - - - - - - - - - - - .iii
Abstract - - - - - - - - - - - - - - - - - - iv
CHAPTER ONE
1.0 Introduction - - - - - - - - - - - - - - - ..1
1.1 Background of the study - - - - - - - - - - - - 1
1.2 Statement of problem - - - - - - - - - - - - - 3
1.3 Aim and objectives - - - - - - - - - - - - - 3
1.4 Research Question - - - - - - - - - - - - 4
1.5 Significance of the study - - - - - - - - - - - 4
1.6 Scope of the study - - - - - - - - - - - - - .5
1.7 Limitation of the study - - - - - - - - - - - - .5
1.8 Definition of terms - - - - - - - - - - - - - 6
CHAPTER TWO
2.0 Review of Related Literature - - - - - - - - - - ..7
2.1 Concept of mortgage - - - - - - - - - - - - 7
2.2 The Structure of the Nigeria mortgage Institution - .8
2.3 The Central Bank of Nigeria (CBN) - - - .8
2.4 Historical background of mortgage Institutions in Nigeria - - - ..9
2.5 Concept of mortgage finance - - - - - - - - - - ..10
2.6 Mortgage Institution in Nigeria - - - - - - - - - - ..10
2.6.1 Insurance companies - - - - - - - - - - - - ..11
2.6.2 Specialist Institution - - - - - - - - - - - - - 12
2.6.3 State/Municipal Government Financing - - - - - - ..12
2.6.4 The Federal Mortgage Bank Of Nigeria (Fmbn) - - - - ..13
2.6.5 Primary Mortgage Institution (PMI) - - - - - - - - 13
2.5.5 The Federal Mortgage Finance Limited (FMFL) - - - - .14
2.6.7 National Housing Fund (NHF) - - - - - - - - ..15
2.7 Mobilization Of Funds - - - - - - - - - - - .16
2.7.2 Mandatory Scheme - - - .. - - - - - - - - - 17
2.7.3 Government Budgetary Allocation And Financial Transfer - .18
2.8 Housing Finance In The Non-Formal Sectors - - - - - ..19
2.9 The Impact Of Mortgage Institutions In Nigeria - - - .. - .20
2.9.1 Access to Long Term Loans For Housing Development - - 21
2.9.2 Accessibility to Decent Houses - - - .. - - - - - - ..21
2.9.3 fund mobilization to applicant - - - .. - - - - - - 22
2.9.4 Reduction in the rate of abandoned projects - - - - - ..22
2.9.5 Reduction in the Rate Of Unemployment - - - .. - - - ..23
2.10 Problems of Mortgage Institutions In Nigeria - - - - - 23
2.10 Interest Rate and Loan Value (LTV) Ration - - . - - - ..