Ex­perts want lo­cal so­lu­tions for mort­gage fi­nance

Daily Trust - - PROPERTY - By Mustapha Suleiman

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.

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