Spread the love

A SURVEY OF THE EFFECT OF MORTGAGE INSTITUTIONS IN THE PROVISION OF AFFORDABLE AND SUSTAINABLE HOUSING IN NIGERIA

| Format: Ms Word | 1-5 Chapters | Table of Content|

 INSTANT PROJECT MATERIAL DOWNLOAD

Study Level: BTech, BSc, BEng, BA, HND, ND or NCE

Amount: ₦3,000.00

ABSTRACT

Housing in most countries of the world is an important economic sector and the manner in which resource are mobilized for has a major effect on the economy. Despite the knowledge of the importance of housing, ownership or accessibility to decent houses and mobilization of resources remain a problem in Nigeria. This project examines the effect of mortgage institution in the provision of affordable and sustainable houses in Nigeria. The survey covers mortgage institutions, federal and state ministries and parastatals, stakeholders in the building industries and educational sector. To be able to evaluate the effect, questionnaires were administered with personal interview. A total of fifty (50) questionnaires were distributed randomly to those staffs. The percentage method and chi-square test were used in analyzed the data gathered. The results revealed that the effect f mortgage institutions in Nigeria is inadequate. This ineffectiveness can be traced to high rate of interest charged on properties, insufficient fund, low level of participation in the Natural Housing Fund and down payment. It is recommended that the rate charged on properties should be reduced, worker should be encouraged to register in the National Housing fund and he Government in collaboration with lending houses should develop a formular to remove various bottle neck connected with loans, especially the issue of collaterals.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

Title page

Certification ………………………………………………………………………………………..i

Dedication  ………………………………………………………………………………………..ii

Acknowledgement …………………………………………………………………………….iii

Table of contents ……………………………………………………………………………….iii

Abstract ……………………………………………………………………………………………iv

CHAPTER ONE

1.0     Introduction  ……………………………………………………………………………..1

  • Background of the study ……………………………………………………………1
  • Statement of problem …………………………………………………………………3
  • Aim and objectives ……………………………………………………………………3
  • Research Question ………………………………………………………………4
  • Significance of the study …………………………………………………………4
  • Scope of the study …………………………………………………………………….5
  • Limitation of the study …………………………………………………………….5
  • Definition of terms …………………………………………………………………6

CHAPTER TWO

  • Review of Related Literature…………………………………………………..7
  • Concept of mortgage ……………………………………………………………7
  • The Structure of the Nigeria mortgage Institution …….8
  • The Central Bank of Nigeria (CBN)……………….8
  • Historical background of mortgage Institutions in Nigeria……………..9
  • Concept of mortgage finance……………………………………………………..10
  • Mortgage Institution in Nigeria…………………………………………………..10
    • Insurance companies ………………………………………………………………..11
    • Specialist Institution …………………………………………………………………12

2.6.3  State/Municipal Government Financing ………………………………..12

2.6.4  The Federal Mortgage Bank Of Nigeria (Fmbn)……………………..13

2.6.5  Primary Mortgage Institution (PMI)………………………………………13

2.5.5  The Federal Mortgage Finance Limited (FMFL)…………………….14

2.6.7  National Housing Fund (NHF) …………………………………………..15

2.7     Mobilization Of Funds………………………………………………………….16

2.7.2  Mandatory Scheme …………….. ………………………………………………17

2.7.3  Government Budgetary Allocation And Financial Transfer ….18

2.8     Housing Finance In The Non-Formal Sectors ………………………..19

2.9     The Impact Of Mortgage Institutions In Nigeria…………….. …….20

2.9.1  Access to Long Term Loans For Housing Development ………21

2.9.2  Accessibility to Decent Houses…………….. ……………………………..21

2.9.3  fund mobilization to applicant …………….. ………………………………22

2.9.4  Reduction in the rate of abandoned projects ………………………..22

2.9.5  Reduction in the Rate Of Unemployment…………….. ……………..23

2.10   Problems of Mortgage Institutions In Nigeria ………………………23

2.10   Interest Rate and Loan Value (LTV) Ration …………. ……………..23

2.10.2         Level of Participation In The NIIF…………. ……………………………25

2.10.3         Macroeconomic Environment…………. …………………………………..25

CHAPTER THREE

  • Introduction …………. ………………………………………………………………..60
  • Research Area …………. …………………………………………………………….60
  • Population of the study…………. …………………………………………………60
  • Research design…………. ……………………………………………………………61
  • Sampling size and sampling procedures…………. ………………………….61
  • Method of data collection …………. …………………………………………….62
  • Sampling techniques…………. …………………………………………………….62
  • Instrumentation …………. …………………………………………………………..63
  • Method of data Analysis …………. ………………………………………………64

CHAPTER FOUR

  • Data presentation, Analysis and findings …………. ………………………..66

4.1     Presentation of data…………. ………………………………………………………66

4.2     data Analysis / Evaluation …………. …………………………………………….67

CHAPTER FIVE

5.0     Summary, conclusion and Recommendation

  • Summary of findings …………. ……………………………………………………74
  • Conclusion …………. …………………………………………………………………75
  • Recommendation …………. ………………………………………………………..76
  • Area of further study…………. …………………………………………………….77

References…………. …………………………………………………………………..79

Appendix …………. ……………………………………………………………………83

Questionnaires …………. …………………………………………………………….84

 

 

 

 

 

 

 

 

 

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY:

Housing provides more than shelter for man because it encompasses all social services and utilities that are needed for a livable environment in order for any community to be worth living in housing accepted in man’s hierarchy of need to be next to food.

Odetundun (1995) affirmed that housing in most countries of he world was an important economic sector and the manner in which resources were mobilized for housing had a major effect on the economy. Fundamental to the provision of adequate housing in qualitative terms is the availability of housing finance. According to Olutuah (2001) housing quality in Nigeria is indeed poor; this can be glanced form he high rate of urbanization in the country which he described as social economically handicapped urbanization. The high rate of urbanization resulting form rural urban migration and high rate of population increase is without corresponding commensuration in the rate of economic development, social change and technological advancement. Urban poverty is thus concomitant of such development which finds ready expression in a high incidence of housing poverty.

As Muoghalu (1987) observed, housing poverty is determined by the mobility to afford standard housing thus, the provision of adequate housing is hinged on the accessibility of housing finance. In Nigeria, the problems of housing are enormous and complex but the private sector had contributed immensely to its provision in the country. Onibokun (1990) opined that the private sector provides a preponderate proportion of residential building in the country. The rapid rate of urbanization, high rate of inflation and instable economy have given to increase in cost of housing which is often beyond the capacity of the medium / low income groups.

As parts of the efforts in addressing housing problems in Nigeria, government has institute mortgage institutions to provide low cost housing loans that are accessible even to low income earners.

1.2     STATEMNT OF THE PROBLEM

The basic problem of mortgage institutions could be viewed from the following

  • Increase in capital requirement
  • High interest rate
  • Management adequacies.

1.3     AIM AND OBJECTIVES OF HE STUDY

The aim of the study is to access the effect of mortgage institutions in the provision of affordable and sustainable houses in Nigeria.

The objectives of this study are:

  • To identify the various functional / operational mortgage institution in Nigeria.
  • To identify and evaluate the effect of mortgage institutions in the provision of affordable and sustainable housing in Nigeria.
  • To identify the hindrances facing mortgage institutions in Nigeria

1.4     RESEARCH QUESTIONS

  1. i) Does mortgage institutions helps in provision of affordable and sustainable houses in Nigeria?
  2. ii) Does mortgage institutions contribute in financing construction industry?

iii)     Does mortgage institutions helps in carrying out housing estate in Nigeria. ?

1.5     SIGNIFICANCE OF THE STUDY

This study was carried out with participant in the housing sector especially developers in mind that they will find this work useful to reduce difficulties involves in obtaining finance for housing development. Researchers would also find this work relevant as a reference literature in carrying out their research work.

Finally, that Nigerians will also be of immersed benefit in the sense that they will be able to know how finance can be sourced for housing development.

1.6     SCOPE OF THE STUDY

This study covers the major effect of mortgage institutions in the provision of affordable and sustainable houses in Nigeria. And also it plays the role to provide low cost housing loans that are accessible even to the low income earners.

However, during the progress of this work, some other relevant mortgage institutions were mentioned.

1.7     LIMITATION OF THE STUDY

During this study, a great limitation were experienced in obtaining suitable materials on this study, because of the reluctance of owners of these materials and some cases their staff to create time to search for them and give out. In some cases, they were too busy to give the necessary help due to their harmonious engagement.

Some respondents need constant remainders by the researcher before they could complete the questionnaires and this consumer extra cost of transportation and time while some were returned unfilled and this caused the researcher starting all over again to look for other respondents to fill and answer them.

1.5     DEFINITION OF TERMS

According to dictionary.com

  • Effect: Is a change that is a result or consequence of an action or other cause.
  • Mortgage: This a legal agreement by which similar organization lends money to secure a house etc, and also pay the money back over a particular number of years.
  • Affordability: Sufficient money or time to be able to buy or do something.
  • Sustainability: This is based on a simple principle: Every thing that we need for survival and well-being depends either directly or indirectly or our material environment.

Housing; These are houses, flats/apartment, etc that people lives in, especially when referring to their type, price or condition.

USE THIS MATERIALS AS A GUIDE FOR YOUR PERSONAL RESEARCH WORK (IF PROPERLY CITED)

PAY ₦3,000 HERE TO DOWNLOAD MATERIALS 

Account Number: 0709546102

Access Bank: Savings
Account Name: Emmanuel Idorenyin Samuel.

GET THIS MATERIAL HERE FOR 3,000 ONLY