A Survey Of The Effect Of Mortgage Institutions In The Provision Of Affordable And Sustainable Housing In Nigeria

A Survey Of The Effect Of Mortgage Institutions In The Provision Of Affordable And Sustainable Housing In Nigeria

Chapter One

Preface

Background Of The Study

casing provides further than sanctum for man because it encompasses all social services and serviceability that are demanded for a inhabitable terrain in order for any community to be worth living in casing accepted in man’s scale of need to be coming to food.

Odetundun ( 1995) affirmed that casing in utmost countries of he world was an important profitable sector and the manner in which coffers were mustered for casing had a major effect on the frugality. Abecedarian to the provision of acceptable casing in qualitative terms is the vacuity of casing finance. According to Olutuah( 2001) casing quality in Nigeria is indeed poor; this can be glanced form he high rate of urbanization in the country which he described as social economically hindered urbanization. The high rate of urbanization performing form pastoral civic migration and high rate of population increase is without corresponding commensuration in the rate of profitable development, social change and technological advancement. Civic poverty is therefore attendant of similar development which finds ready expression in a high prevalence of casing poverty.

As Muoghalu( 1987) observed, casing poverty is determined by the mobility to go standard casing therefore, the provision of acceptable casing is depended on the availability of casing finance. In Nigeria, the problems of casing are enormous and complex but the private sector had contributed immensely to its provision in the country. Onibokun( 1990) editorialized that the private sector provides a preponderate proportion of domestic structure in the country. The rapid-fire rate of urbanization, high rate of affectation and instable frugality have given to increase in cost of casing which is frequently beyond the capacity of the medium/ low income groups.

As corridor of the sweats in addressing casing problems in Nigeria, government has institute mortgage institutions to give low cost casing loans that are accessible indeed to low income earners.

Statement Of The Problem

The introductory problem of mortgage institutions could be viewed from the following

· Increase in capital demand

· High interest rate

· operation acceptability.

Aim And Objects Of He Study

The end of the study is to pierce the effect of mortgage institutions in the provision of affordable and sustainable houses in Nigeria.

The objects of this study are

1) To identify the colorful functional/ functional mortgage institution in Nigeria.

2) To identify and estimate the effect of mortgage institutions in the provision of affordable and sustainable casing in Nigeria.

3) To identify the hindrances facing mortgage institutions in Nigeria

Exploration Questions

i) Does mortgage institutions helps in provision of affordable and sustainable houses in Nigeria?

ii) Does mortgage institutions contribute in backing construction assiduity?

iii) Does mortgage institutions helps in carrying out casing estate in Nigeria.?

Significance Of The Study

This study was carried out with party in the casing sector especially inventors in mind that they will find this work useful to reduce difficulties involves in carrying finance for casing development. Experimenters would also find this work applicable as a reference literature in carrying out their exploration work.

Eventually, that Nigerians will also be of immersed benefit in the sense that they will be suitable to know how finance can be sourced for casing development.

Compass Of The Study

This study covers the major effect of mortgage institutions in the provision of affordable and sustainable houses in Nigeria. And also it plays the part to give low cost casing loans that are accessible indeed to the low income earners.

still, during the progress of this work, some other applicable mortgage institutions were mentioned.

Limitation Of The Study

During this study, a great limitation were endured in carrying suitable accoutrements on this study, because of the disinclination of possessors of these accoutrements and some cases their staff to produce time to search for them and give out. In some cases, they were too busy to give the necessary help due to their harmonious engagement.

Some repliers need constant remainders by the experimenter before they could complete the questionnaires and this consumer redundant cost of transportation and time while some were returned unfilled and this caused the experimenter starting each over again to look for other repliers to fill and answer them.

Description Of Terms

According todictionary.com

1) Effect Is a change that’s a result or consequence of an action or other cause.

2) Mortgage This a legal agreement by which analogous association lends plutocrat to secure a house etc, and also pay the plutocrat back over a particular number of times.

3) Affordability Sufficient plutocrat or time to be suitable to buy or do commodity.

4) Sustainability This is grounded on a simple principle Every thing that we need for survival and well- being depends either directly or laterally or our material terrain.

5) casing; These are houses, apartments apartment, etc that people lives in, especially when pertaining to their type, price or condition.

Chapter Two