The Assesment of the Contribution of Primary Mortage Institutions to Housing Finance in Nigeria: A Case Study of Union Homes Savings and Loans PLC

Akinjare, Victoria Abosede and Adetiloye, K. A. and Isibor, Areghan Akhanolu and Okafor, Tochukwu Chibuzor (2016) The Assesment of the Contribution of Primary Mortage Institutions to Housing Finance in Nigeria: A Case Study of Union Homes Savings and Loans PLC. Asian Journal of Information Technology, 15 (13). pp. 2094-2100. ISSN 1682-3915

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Abstract

The problem of housing affordability and the provision of quality services by the mortgage industry which includes financing have always being a major concern to the public as a whole. This research is therefore aimed at discovering the activities, achievements and limitations of the mortgage industry especially in the primary mortgage institutions using mrion homes and loans as a case study. The study is focused on the operations of mrion homes savings and loans PLC because it is one of the most prominent PJ'v:li's in Nigeria. The study involves the distribution of questionnaires to the staff ofmrion homes. It was discovered that Union homes has contributed a great deal to housing finance sector in Nigeria as a result of frmding several housing estate and granting of both social and commercial loans to individuals for housing pwposes. The study also looks into the problems affecting PJ'v:li's and problems associated with mortgage sector in Nigeria. It was fwther discovered that most PJ'v:li frmded loans do not take > 3 week before they are approved and this is preferred by the mortgagors not minding the high interest rate and mortgages loans granted are given on short term basis. It was therefore recommended that low interest rates on the PJ'v:li frmded loans should be introduced by PJ'v:li's and PMI's should be encouraged to improve their capital base in order to empower them for greater effectiveness in financing housing. This will give them wider coverage and enable them access greater pools of funds.

Item Type:	Article
Uncontrolled Keywords:	Primary mortgage institution, housing finance, real estate, finance, granted
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory H Social Sciences > HG Finance
Divisions:	Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User:	Mrs Patricia Nwokealisi
Date Deposited:	14 Feb 2019 15:20
Last Modified:	14 Feb 2019 15:20
URI:	http://eprints.covenantuniversity.edu.ng/id/eprint/12389

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