Abstract
The problem of housing provision by the mortgage industry which includes financing has always being a major concern to the public as a whole. This study investigated the performance of mortgage institutions in housing finance for low-income earners in Lafia metropolis, Nigeria. The objective is to assess the performance of mortgage institutions from low-income earners’ perception. Data was collected through a questionnaire survey from 314 low-income earners randomly selected from the targeted population in Lafia metropolis. The data collected were subjected to descriptive statistics with mean ranking to examine the degree of agreement and the significance of the various variables. The study revealed that performance factors such as collateral, loan maturity period and loan requirement, etc. were highly ranked as the most performed area by mortgage institutions. It is recommended that government and stakeholders should reduce the high rate of interest, make mortgage loans accessible and affordable to low-income earners and also increase the funding of mortgage institutions. This study reinforces other research works on the performance of mortgage institutions in housing finance.
Highlights
The importance of housing finance in any economy cannot be overemphasized
An active and buoyant housing sector is an indication of a strong program of national development
A few of these efforts include the recent recapitalization of Primary Mortgage Institutions (PMIs) in Nigeria, the Pension and Financial Sector Reforms and the recently promoted Mortgage Backed Securities on the future of investment return in the mortgage industry
Summary
The importance of housing finance in any economy cannot be overemphasized. An active and buoyant housing sector is an indication of a strong program of national development. It serves as a foundation for and the first step to future economic growth and social development. Mortgage financing represents the important means of housing in the world’s developed economies and is more of a challenge in developing countries. A few of these efforts include the recent recapitalization of Primary Mortgage Institutions (PMIs) in Nigeria, the Pension and Financial Sector Reforms and the recently promoted Mortgage Backed Securities on the future of investment return in the mortgage industry. This study is set to conduct thorough research into the performance of Mortgage Institutions in Lafia, Nasarawa State, Nigeria
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