Developers Call For Single Digit Mortgage Interest

Property developers have
called on the Federal and State Governments to seek ways of making mortgage loans a single digit to make it accessible to the majority of the people.
They also said there was a need for the nation to look inwards for solutions to mortgage financing with a view of considering tenure extension beyond the  original mortgage as well as consider subsidizing mortgage loans for low income earners.
This was contained in a communiqué issued at the end of the 2016 National Summit on Affordable Housing held in Abuja recently.
The communiqué demanded that the Federal Mortgage Bank of Nigeria (FMBN), be recapitalized while enforcement of the National Housing Fund (NHF) contributions be-enshrined in the enabling Act.
Furthermore, the communiqué asked for a reduction in the heavyset processes of land acquisition and titling to ease housing construction for investors.
It also noted the developmental progress achieved by the initiative to reposition the housing sector as a key drivers of the nation’s economy, while expressing the confidence that the sector would be re-energised to fulfill the  aspiration’ of the people, adding that sectoral policies on affordable housing in line with the provisions of the Acts and Bills on land utilization for housing be developed.
The communiqué also stipulated that there should be a review of the bills on lands for housing purposes by the National Assembly, stressing that tax exemption should be introduced for the benefit of developers.
The communiqué called for the reduction of land registration rates, stamp duties, professional fees for estate surveyors and valuers and legal fees, adding that this would bring about a reduction in housing cost.
It called for a liaison between the National Assembly and the Ministry of Housing to facilitate the amendment of relevant laws already submitted to the National Assembly such as foreclosure, mortgage and insurance laws, among others.