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MORTGAGE BANKING AND CONTRIBUTIONS TO HOUSING DEVELOPMENT IN NIGERIA

A CASE STUDY OF HARVARD TRUST SAVINGS AND LOANS LTD

ABSTRACT

          This research work is believed is another contribution to Mortgage Banking literature which will be very useful particularly to future researchers on this topic and those already engaged in the banking industry.

          The idea behind this project research work entitled Mortgage banking and contribution to Housing Development in Nigeria is inherent from the crucial and very important nature of housing to every right thinking human being.

          Professor Abraham Maslow in his “hierarchy of needs”- a most widely accepted description of human needs of the general population classified food, shelter and clothing as the basic needs of every man.  Every human being is born landlord; therefore house ownership is a birthright that must be enjoyed bye very man.

          The contributions of mortgage banking to the development of housing in Nigeria cannot be overwhelmed.  The federal mortgage bank of Nigeria (FMBN) the primary mortgage Institution (PMLs) and other institutional bodies involved in housing delivery have performed numerous functions in the general effort to provide affordable residential houses for the Nigeria population.

          However, a remarkable bottleneck facing the Nigerian housing finance sub-sector is the delay by the apex mortgage institution to disburse the National housing fund loan through the primary Mortgage Institution for on-lending mortgagers.  To increase the available housing stock, the apex Bank (FMBN) should ensure the constant supply of loans to Nigerians for the purpose of buying building or improvement of residential houses.

          The research study therefore is going to show the actual contributions of mortgage banking to housing development in Nigeria.  It will equally show the problems faced by the (PMLS) in their housing finance and delivery effort.  In trying to state the problems and prospects the researcher utilized both primary and secondary data.  The work is structured in time five distinct chapters and written in simple language to enable readers secure a true picture of the information transmitted.

 

TABLE OF CONTENTS

CHAPTER ONE     

Introduction                                                                            1

1. Background of study                                                     2
2. Statement of the problem                                              10
3. Purpose/objective of the study                                       12
4. Research questions                                                        15
5. Research hypothesis                                                      16
6. Significance of the study                                                17
7. Definitions of terms                                                       18

 

CHAPTER TWO

Review of related literature                                                     22

1. Mortgage banking in the colonial period                       22
2. Mortgage banking during the post independence period24
3. Institutional frame work for housing delivery               29
4. Housing finance in Nigeria                                             34
5. The present institution of mortgage banking in Nigeria41
6. Structure of the Nigeria mortgage market.                     41
7. Building materials and construction costs                     44
8. Low income Housing                                                     47
9. Land use Act and mortgage banking Lending                48
10. Salient points in mortgage lending                                 53
11. Hindrance to the contributions of mortgage

banking in Housing Development in Nigeria                 55

1. Prospects mortgage Banking in the

Development of housing in Nigeria                               57

CHAPTER THREE

Research Design and methodology                                          59

1. Population                                                                     60
2. Population of study                                                       60
3. Sources of data                                                              60
4. Primary source of data                                                  61
5. Secondary source of data                                               61
6. Method of Data collection                                             62
7. Sample and sampling Techniques                                  63
8. Method of Data analysis                                                64

CHAPTER FOUR

Data presentation and analysis                                               65

CHAPTER FIVE

Findings recommendations and conclusion                             79

1. Discussion of findings                                                   79
2. Recommendations                                                         81
3. Conclusion                                                                     84
4. Suggestions for the further researcher                           86
5. Limitations of the study.                                                87

Reference                                                                       89

App INTRODUCTION

1.0     BACKGROUND OF THE STUDY

          The Nigerian Building Society (N.B.S) was established in 1956 as a federal savings schemes for members of the public.  Under the popular savings scheme, the saver was required to deposit in the account on initial sum of N5 (five naira) at opening.  The save may subsequently deposit in the account as much as he can from time to time.

          The popular saver received interest of four percent on the account and could draw, up to four hundred naira (N400.00) per a month.  Larger drawing would required a month notice to the society.

          Other special packages were equally handled by the Nigeria Bui