Effective Mortgage System, Panacea To Housing Deficit – Monarch

The traditional ruler of Umuleri in Anambra East Local Government Area,  Igwe Ben Emeka, says effective mortgage system is the panacea to housing deficit  in Nigeria.
Emeka told newsmen in Umueleri, Anambra State, last week that weak and ineffective mortgage system had hindered Nigerians from building and owning their homes in good time.
“Mortgage is the in-thing in all the developed countries; in those places people don’t build houses with their money, they give you mortgage and you build and later repay on agreed terms.
“Unlike here, it is not the case, dishonesty is also a problem because when you give such a loan they will think it is one of such government largess, and they will not want to pay back.
“But that notwithstanding, government should look at how to make the mortgage system here strong and be able to give loans so that people can build their homes in addition to the low cost houses they are building,’’ he said.
The monarch particularly called for mass housing for the low and middle income earners in the country.
Emeka decried the dearth of housing in the country, especially at the city centres, saying that the situation should be of great concern to government.
“Government should try as much as possible to build houses, especially for the middle class at affordable rates.
“Accommodation is the challenge a lot of people have across the country, especially at the city centres.
“You see a petty trader or civil servant who earns minimum wage and pays an annual rent of N100,000 and above. When the year is about to end, you see the blood pressure rising because he is not sure of how to pay his rent.
“If government is able to build these low cost houses and give them out directly to the middle class, it will go a long way to reducing their burden,” he said.
The monarch also expressed concern about the rising cost of building materials, especially cement and iron rods.