Expert Applauds Equity Payment Removal In Home Ownership

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The newly elected First
Vice Chairman, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Emma Wike has commended the Federal Mortgage Bank of Nigeria (FMBN) for the initiative to remove equity payments in home ownership.
Wike gave the commendation in an interview with The Tide in Port Harcourt while speaking on his election as the First vice chairman of the institute, Monday.
He noted that the move would enable the average worker own a home with ease and not have to face the challenge of too much pressure on their salaries through loan repayments.
Wike, also the Chief Executive Officer (CEO) of Emma Wike and Partners, Estate Surveyors and Valuers, further said the home owners would not be the only beneficiaries in the scheme as the FMBN would also not have to run after debtors, explaining that the scheme provides for monthly payment of rents which forms part payments for the property.
According to him, “the initiative would provide affordable and easy mortgages that would enhance home ownership for Nigerian workers, especially the low and medium income earner who represent the larger part of the working population.
Wike noted that the bane of affordable home ownership in the country was lack of funding and inability to access bank facility, reasoning that, this was because the interest rate is out of reach of low-income earners.

 

Tonye Nria-Dappa