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Government can not only favour social housing per se, it can also promote use of innovative building technologies and indigenous materials through procurement policies, rules, and regulations. Government is the largest single investor in fixed assets in Nigeria, and the public sector has direct influence over the source and composition of materials procured for use in its construction projects (as well as the composition of the labour force). Public projects can demonstrate the effectiveness of innovative solutions and take some of the risk out of private sector introduction of localized solutions. Innovative building technologies can contribute to alleviating the housing deficit in Nigeria – as an integral, essential part of a comprehensive solution package that addresses both demand and supply constraints.

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This exciting course module defines the road-maps for different lending Institutions to showcase their areas of strength through creation of loan programs that matches the need and desire of their customers

No one Bank or Lending institutions can totally satisfy the need of the entire Industry, hence the need to differentiate by carving a niche for their various Institution.

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Amortgage loan is a form of personal financing in which a piece of real property is used as collateral to secure the repayment of a loan. The financial obligation is evidenced by a mortgage note, which is the contract between the Mortgagee and Mortgagor, and the mortgage itself, which is the encumbrance upon the property that is recorded in the public records.

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With typically lower interest rates than other unsecured loans or overdrafts and lower monthly costs, individuals will most likely embrace Mortgages especially Commercial mortgages as they are not subject to rental fluctuations of residential properties, providing Customers with more stable business planning environment. It makes sense then to have a Residential and Commercial Mortgage in place in any financial Institution. Customers when informed that they can make substantial capital gain and realize capital growth over a long period as Commercial mortgage payment plans normally extend for a number of years letting a business focus on profit and loss as well as cash flow matters will definitely embrace Mortgages. Rent income becomes a strong consideration to both Lenders and Borrower in Commercial Lending.

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In the past, many financial planners recommended reverse mortgages for their clients only as a last resort because fees were relatively high. Even though this has changed a few years ago, when a new product was developed by the industry which typically has lower upfront borrowing costs than earlier types of reverse mortgages but with lower borrowing costs, some planners are finding new ways to use reverse mortgages to avoid selling depressed investments or to lower tax bills. “Retirement is really about cash flow,” says Martin James, a certified Public Accountant in Mooresville, Ind. “Even for a person who’s got their mortgage paid off; it’s nice to have a line of credit sitting there.

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Microfinance as the name implies focus on the critical fabrics in major development efforts and tasks. Microfinance organizations are the grass root players in Housing Development in Nigeria, catering for the non-attractive but essential aspects of housing finance. Microfinance is an effective way for poor people to increase their economic security and thus reduce poverty. Microfinance is no longer an experiment or a wish, it is a proven success. It has worked successfully in many parts of the World – Africa, Asia, Latin-America, Europe and North America. It is safe and profitable; indeed it is the oldest and most resilient financial system in history. The role it can play in Housing Project Development cannot be overestimated.

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The Bank operates as an effective vehicle for increasing the mobilization of long-term funds, lending volume and expansion of mortgage lending services to all segments of the Nigerian population.

Course Rationale

Every business has its dos and don’ts, the performance of any industry in any economy can be attributed to the extent of the role and responsibility of the agency that establishes, and oversees that industry. The Mortgage Industry in Nigeria has witnessed some milestone in terms of performance in recent time for which the apex regulatory authority in the country can be credited for.

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Both the Lending Banks, Property Developers, and Real Estate Practioners in our 21st Century Nigeria are required to have in-depth knowledge in the execution of Real Estate funding instruments. Commercial lawyers ,or Real Estate Lawyers play a very crucial role not only in developing the funding instruments but in the interpretation and enhancing value added for the professionals in the industry.

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Quacks and professionalism are vice and virtue respectively to any profession in and outside the Nigerian society. A quack is some person who dishonestly claims to have special skills in some field while a professional is a well-grounded individual in the knowledge of some field. The activities of quacks should be well managed in the real estate industry so as to be able to curb further damaging effects in the industry. Certain laws have been put in place to deter every unprofessional practice in the real estate industry with the appropriate punitive measures attached to the flouting of each law. Professionalism should be adequately encouraged so as to enhance the desired growth and development of the industry. In the same vein, stubborn violators of these laws would be handed over to the enforcement agents for proper administration of the punitive measures if found guilty as charged. The enforcement of these laws and the promotion of professionalism in the industry will invariably help restore sanity and instill confidence in the real estate industry.