Abstract
Housing provision, is a capital intensive, which requires huge financial obligations, the requirement that is tough to meet by many households, thereby leading to ever-increasing housing stock deficit in Nigeria. Over the years, government made some efforts trying to meet up with housing finance demands of the citizens through the creation of mortgage institutions to mobilise and facilitate housing finance, delivery and ownership, especially among the low and medium income groups. Despite all efforts, conditions attached to housing finance, accessibility remained a clog in the wheel of housing provision and ownership to especially low and medium income groups. The purpose of this research is to investigate accessibility of Primary Mortgage Institutions housing finance by potential consumers. The paper explored qualitative research methodology in data collection and analysis using Nvivo tool. It was found, conditions attached to housing finance accessibility remained the primary factor that deprived most of the prospective borrowers. Therefore, accessing housing finance from the Primary Mortgage Institutions remain a key challenge to most low and medium income groups which also hampered housing provision and ownership.
Highlights
Housing can be regarded as one of the basic needs, in life to man after food and clothing
Under the reform of housing sector of National Housing and Urban Development Policy of 2002, the Federal Mortgage Bank of Nigeria (FMBN) was restructured into a Federal Government Sponsored Enterprise (FGSE) with more focus on secondary (Apex) mortgage and capital market functions
Housing funds policies, sound like an effective vehicle for mobilization, encouragement and increasing long-term housing loan services that tailored to solve the problems of housing delivery and encourage house-ownership but other problems attached to the mortgage lending, make it difficult for the prospective borrowers to access
Summary
Housing can be regarded as one of the basic needs, in life to man after food and clothing. House ownership, is loaded with a symbolic value of economic status and an expression of style and manner in which society inspire their environment to be. Aluko (2011) sees housing as a reflection of the cultural, social and economic values of a society as it is the best physical and historical evidence of civilization in a country. It has value for its location (Ghani, 1992), for the access it provides to neighbourhood facilities and for the opportunity to live in a neighbourhood of one’s choice. Viewing house ownership in socioeconomic values, Jiboye (2010) sum up and concluded, the economic values of a house, should not be over emphasis “housing is a major economic asset in every nation”
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