Expert Wants Housing Loans For Low Income Earners

The President of Association of Professional Bodies of Nigeria (APBN), Mr Segun Ajanlekoko, has advised government at all levels to introduce long-term loans for low-income earners to build houses.

Ajanlekoko told newsmen in an interview on Thursday in Lagos that low-income earners should be integrated into housing finance programmes to make them effective.

He said that this would facilitate substantial increase in the housing stock for Nigerians at affordable costs.

“This can be done by giving long-term loans at sustainable interest rates and with no collateral attached.

“Besides, co-operative societies and communal efforts, among others, should be encouraged to reduce the country’s housing deficit,” he said.

Ajanlekoko said that Nigerians needed affordable homes, increased access to land, credit and environmentally sound and well-serviced settlements.

“Government should take appropriate measures to achieve adequate shelter for Nigerians, especially the vulnerable group.

“The establishment of Construction Bank, use of local building materials, evolution of simpler form of housing designs, review of Land Use Decree of 1976 are frameworks that should be considered to reverse the situation.

“These frameworks are indicative of bright prospects for financing housing construction which will rapidly expand the quantum of finance available and dampen the high cost of funding and construction,’’ he said.

Ajanlekoko said that the National Road and Building Research Institute must be empowered to do more researches into cheap and effective materials for building houses and road construction.