MORTGAGE BANKING AND CONTRIBUTIONS TO HOUSING DEVELOPMENT IN NIGERIA

A CASE STUDY OF HARVARD TRUST SAVINGS AND LOANS LTD

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ABSTRACT

This research work is believed is another contribution to Mortgage Banking literature which will be very useful particularly to future researchers on this topic and those already engaged in the banking industry.

The idea behind this project research work entitled Mortgage banking and contribution to Housing Development in Nigeria is inherent from the crucial and very important nature of housing to every right thinking human being.

Professor Abraham Maslow in his “hierarchy of needs”- a most widely accepted description of human needs of the general population classified food, shelter and clothing as the basic needs of every man.  Every human being is born landlord; therefore house ownership is a birthright that must be enjoyed bye very man.

The contributions of mortgage banking to the development of housing in Nigeria cannot be overwhelmed.  The federal mortgage bank of Nigeria (FMBN) the primary mortgage Institution (PMLs) and other institutional bodies involved in housing delivery have performed numerous functions in the general effort to provide affordable residential houses for the Nigeria population.

However, a remarkable bottleneck facing the Nigerian housing finance sub-sector is the delay by the apex mortgage institution to disburse the National housing fund loan through the primary Mortgage Institution for on-lending mortgagers.  To increase the available housing stock, the apex Bank (FMBN) should ensure the constant supply of loans to Nigerians for the purpose of buying building or improvement of residential houses.

The research study therefore is going to show the actual contributions of mortgage banking to housing development in Nigeria.  It will equally show the problems faced by the (PMLS) in their housing finance and delivery effort.  In trying to state the problems and prospects the researcher utilized both primary and secondary data.  The work is structured in time five distinct chapters and written in simple language to enable readers secure a true picture of the information transmitted.

 

TABLE OF CONTENTS

CHAPTER ONE

Introduction                                                                       1

• Background of study 2
• Statement of the problem 10
• Purpose/objective of the study 12
• Research questions 15
• Research hypothesis 16
• Significance of the study 17
• Definitions of terms 18

 

CHAPTER TWO

Review of related literature                                                          22

• Mortgage banking in the colonial period 22
• Mortgage banking during the post independence period24
• Institutional frame work for housing delivery 29
• Housing finance in Nigeria 34
• The present institution of mortgage banking in Nigeria41
• Structure of the Nigeria mortgage market. 41
• Building materials and construction costs 44
• Low income Housing 47
• Land use Act and mortgage banking Lending 48
• Salient points in mortgage lending 53
• Hindrance to the contributions of mortgage

banking in Housing Development in Nigeria           55

• Prospects mortgage Banking in the

Development of housing in Nigeria                                   57

CHAPTER THREE

Research Design and methodology                                              59

• Population 60
• Population of study 60
• Sources of data                                                   60
• Primary source of data 61
• Secondary source of data 61
• Method of Data collection 62
• Sample and sampling Techniques 63
• Method of Data analysis 64

CHAPTER FOUR

Data presentation and analysis                                           65

CHAPTER FIVE

Findings recommendations and conclusion                       79

• Discussion of findings 79
• Recommendations 81
• Conclusion 84
• Suggestions for the further researcher 86
• Limitations of the study. 87

Reference                                                                           89

Appendix                                                                           91

CHAPTER ONE

 

INTRODUCTION

1.0     BACKGROUND OF THE STUDY

The Nigerian Building Society (N.B.S) was established in 1956 as a federal savings schemes for members of the public.  Under the popular savings scheme, the saver was required to deposit in the account on initial sum of N5 (five naira) at opening.  The save may subsequently deposit in the account as much as he can from time to time.

The popular saver received interest of four percent on the account and could draw, up to four hundred naira (N400.00) per a month.  Larger drawing would required a month notice to the society.

Other special packages were equally handled by the Nigeria Building Society.  One important service rendered by the NBS was home purchase mortgage loans.

Under the loan scheme the NBS enabled Nigerians to acquire houses with loans payable over many years up to maximum of twenty (20) years.  Applicants who benefited from the loan were expected to immediately bear  a small portion of he cost of buildings the house, while repayment at 61/2% interest was spread in such a way that the beneficiary completes the repayment in not later than the age of 55 years.  Repayment was usually in monthly installments.

In 1977, the Nigerian Building Society was reconstituted and renamed the Federal Mortgage bank of Nigeria (FMBN).  The duty of the federal Mortgage Bank as the sole institution at the federal level for encouraging the flow of funds from various sources to the housing industry through the primary mortgage institutions (PMIS).

 

• BACKGROUND INFORMATION OF HARVARD TRUST SAVINGS AND LOANS LIMITED

Harvard Trust savings and loans limited is the result of years of research into the best ways of channeling funds towards the provision of housing needs of every Nigerian.

The Company was incorporated in December 1992 with a mission to set a pace in Mortgage financing.  A lot of reasons necessitated for the use of Harvard trust as a case organization.  Buying or building a residential house can be one of life’s most stressful experiences.  Every right thinking person needs a place to call his own home, a roof over his head.

Harvard Trust is in business to help translate the people’s dreams of funding residential homes to reality.  They do this by creating professional innovative and efficient financial engineering environment in which trust and experience are delicately balanced.  In other words, they exploit all legitimate and professional means to make tenants become landlords.

STRATEGIC OUTLOOK

The company is emphasizing public trust and dependability as basis for building a sustainable mortgage finance business in Nigeria.

To achieve this, there is emphasis on:

• Solid capital base
• Customer oriented services
• Experienced staff
• Friendliness
• Effective use of modern technology
• And well-informed and versatile board.

It is always seen as the duty of any responsible government anywhere in the world to put in place facilities that will make delivery of decent housing for her citizens easy.  It is on the basis of this that the federal government came up with two public bodies crucial to housing matters in the country.

These bodies are: the national council on housing and the housing policy council.

Experience has shown that the greatest problem militating against the effective delivery of a coordinated and sustainable housing system in Nigeria is and has been lack of funds t affordable interest rates.  Therefore, the creation and re-organization of the federal mortgage Bank of Nigeria, the activities of the Primary Mortgage institutions (PMIS) the provision of the new National housing Policy an the inauguration of the National Housing Fund (NHF) loan scheme are welcome development geared towards reversing the lack of funds syndrome.  It is against this background that the birth of Harvard Trust saving s and loans limited with its headquarters at no 2 Red cross way, opposite main market, Enugu is a good step in the right direction.

Delivery style

The concept of Harvard Trust was born out to find solutions to the problem of channeling funds for individual and corporate housing needs, thereby contributing to the housing development of Nigeria.

To this end, the company addressed some vital issues which are fundamental to the sustenance of viable mortgage institutions.

The