Refinancing Initiative Excites Mortgage Seekers

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A cross section of Nigerians living in Port Harcourt have given kudos to the new refinancing initiative of the Nigeria Mortgage Refinance Company (NMRC).
According to Mrs Tammy Tamuno, a former time General Manager, Royal Microfinance Bank, Port Harcourt, the initiative is a welcome development, and it is a milestone in the history of the bid to provide affordable housing for Nigerians at low interest rates for mortgages.
Tamuno explained that the move would help banks provide homes for the growing population of Nigeria, which she said currently suffers acute housing shortage.
Another respondent,  a lecturer at the Rivers State Polytechnic, Bori, Mr. Hope Ibisa,also lauded the initiative, saying that the interest on borrowing is so high that the average Nigerian would not be able to own a home if he was to borrow from the commercial banks to put up a building.
He noted that the shortage of houses was the reason for high rentage adding that with the refinancing, there will be more houses, which he hopes would force down the cost of renting a house.
In his response, an estate agent, Mr. Godpower Iyalla, thanked the NMRC for the gesture, saying that it would provide houses within the reach of the civil servants and improve their economy as well as a living conditions.
According to Iyalla, “some landlords take advantage of the shortage of houses to hike their rents for houses that don’t even qualify for human habitation.