Experts want local solutions for mortgage finance
Experts have said there is need to proffer local solutions to mortgage financing by considering generational mortgage financing where tenor could be extended beyond the original mortgagee for continuity.
This call was made by stakeholders who participated at the just concluded national housing summit held in Abuja. They also said that there is need to maintain the single digit interest rate in mortgage loan even if it requires subsidizing for the low income earners and putting in place the appropriate construction financing schemes including funding sources for multilateral schemes.
On concessions and incentives, they called for the introduction of tax exemption to developers who build and provide infrastructure at Affordable Housing sites; and for Nigerians to patronize made in Nigeria goods most especially fittings for houses.
“Also, made in Nigeria fittings should be given incentives to make them affordable. The need to reduce the rate of land registration, stamp duties, professional fees of Valuers and Surveyors and Lawyers thereby reducing the cost of housing (creating the enabling environment for investment).’’
On strategic focus on off - takers, they posited that the cooperative societies should be the target as group offtakers for affordable housing and the need to evolve an implementation strategy that involves all stakeholders, from builders, developers, mortgage bankers, construction financiers, end users and the Government.