{"id":4434,"date":"2017-05-08T03:35:53","date_gmt":"2017-05-08T03:35:53","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/how-fmbn-can-boost-housing-stock-by-professionals\/"},"modified":"2017-05-08T03:35:53","modified_gmt":"2017-05-08T03:35:53","slug":"how-fmbn-can-boost-housing-stock-by-professionals","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/how-fmbn-can-boost-housing-stock-by-professionals\/","title":{"rendered":"How FMBN can boost housing stock, by professionals"},"content":{"rendered":"<p>\n<\/p>\n<div id=\"\">\n<div id=\"attachment_245067\" class=\"wp-caption alignnone\" readability=\"36\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank-.jpg?resize=1280%2C719&#038;ssl=1\" data-lazy-src=\"https:\/\/i0.wp.com\/guardian.ng\/wp-content\/plugins\/ventra-lazy-load\/images\/1x1.trans.gif?ssl=1\" data-lazy-srcset=\"https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank-.jpg 1280w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--640x360.jpg 640w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--1062x598.jpg 1062w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--320x180.jpg 320w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--281x158.jpg 281w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--562x316.jpg 562w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--531x299.jpg 531w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--487x274.jpg 487w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--974x547.jpg 974w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--600x337.jpg 600w\" class=\"wp-image-245067 size-full\" alt=\"\" width=\"1280\" height=\"719\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><noscript><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-245067 size-full\" src=\"https:\/\/i0.wp.com\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank-.jpg?resize=1280%2C719&#038;ssl=1\" alt=\"\" width=\"1280\" height=\"719\" srcset=\"https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank-.jpg 1280w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--640x360.jpg 640w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--1062x598.jpg 1062w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--320x180.jpg 320w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--281x158.jpg 281w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--562x316.jpg 562w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--531x299.jpg 531w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--487x274.jpg 487w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--974x547.jpg 974w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/02\/Federal-Mortgage-Bank--600x337.jpg 600w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><\/p>\n<p class=\"wp-caption-text\">Vice President, Nigerian Institute of Building (NIOB), Mr. Kunle Awobodu, more efforts should be concentrated in tackling the bottlenecks associated with access to mortgages.<\/p>\n<\/div>\n<p>With Nigerian <a href=\"https:\/\/amazingproperty.com.ng\/blog\/mortgage-preapproval-guide-for-home-buyers\/\">mortgage<\/a> industry entering a new era in which efficiency, speed and the customer experience will be more crucial than ever, <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">housing<\/a> professionals have urged the new helmsman of the Federal Mortgage Bank of Nigeria, (FMBN) Ahmed Dangiwa to focus on cheap and long term <a href=\"https:\/\/amazingproperty.com.ng\/blog\/get-quick-loan-for-real-estate-investment\/\">funds<\/a>, with low digit interest\u00a0rates and longer debentures.<\/p>\n<p>They believe that housing could be the game changer for the beleaguered economy, if the government supports the sub sector. In a healthy market, housing makes up roughly 20 per cent of Gross Domestic Product (GDP) through home buying and consumption spending on housing services.<\/p>\n<p>Speaking to The Guardian, the President, Association of Consulting Architects of Nigeria, Mr. Kitoyi Ibare- Akinsan,\u00a0advised the new\u00a0FMBN to concentrate on its lending limit, which should be at least N30 million for residential mortgage, while the interest\u00a0rate for residential mortgage <a href=\"https:\/\/amazingproperty.com.ng\/blog\/fast-flexible-real-estate-loans-usa\/\">loans<\/a> should be subsidized\u00a0by the Federal government so that it is not more than five per cent.<\/p>\n<p>Akinsan\u2019s view is that the present situation is not doing a lot of good for envisaged reduction of the nation\u2019s housing deficits. Similarly, the President, Association of Town Planning Consultants of Nigeria (ATOPCON), Olaide Afolabi\u00a0said FMBN must strive to go for loans that are between 25-20 years duration with a low-interest rate.<\/p>\n<p>For the Vice President, Nigerian Institute of Building (NIOB), Mr. Kunle Awobodu,\u00a0more efforts should be concentrated in tackling the bottlenecks associated with access to mortgages.<\/p>\n<p>The present situation, he said, is cumbersome and inimical to the intention of establishing the bank in the first instance. While calling for fairness on the part of administrators, Awobodu also want the FMBN boss to work with other professional bodies in the built environment if the vision of\u00a0reducing the nation\u2019s housing deficits is to be actualised.<\/p>\n<p>Also development expert and Project Director, Arctic Infrastructure, Lookman Oshodi, was more concerned with the ability of the new banks\u2019 helmsman to deliver considering his background as an architect.<\/p>\n<p>According to him, since the FMBN is currently having a liquidity issue, the priority should be\u00a0mortgage originations, settlements\u00a0and refinancing.<\/p>\n<p>He explained that as an architect, Dangiwa might be challenged because the job requires more of a man with the knowledge of banking.<br \/>Oshodi expressed fears that with his background,\u00a0the focus may be reduced to construction issue\u00a0and how to\u00a0deliver housing, which however could only happened when there is money.<\/p>\n<p>For\u00a0the Managing Director and Chief Executive Officer of Realty Point Limited,\u00a0Debo Adejana, the new helmsman\u00a0must\u00a0clean up the FMBN books, especially as it concerns the\u00a0Estate Development<br \/>Loans (EDLs).<\/p>\n<p>The developers noted that there\u00a0are a lot of\u00a0unhealthy\u00a0issues on the EDLs, which has remained\u00a0a virus in the system. Adejana also stressed the need for\u00a0the bank to re strategise\u00a0in its operations in its dealing with\u00a0 \u00a0 various geopolitical zones\u00a0by giving each zones\u00a0attentions,\u00a0depending on the level of their contributions<\/p>\n<p>According to him,\u00a0the system is not fair\u00a0because some people are benefiting more than those\u00a0that are\u00a0contributing\u00a0more. \u201cThere are\u00a0complaints and\u00a0they need to be equitable in their operation.<\/p>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"http:\/\/guardian.ng\/property\/how-fmbn-can-boost-housing-stock-by-professionals\/\"> link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vice President, Nigerian Institute of Building (NIOB), Mr. Kunle Awobodu, more efforts should be concentrated in &hellip; <a title=\"How FMBN can boost housing stock, by professionals\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/how-fmbn-can-boost-housing-stock-by-professionals\/\"><span class=\"screen-reader-text\">How FMBN can boost housing stock, by professionals<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":4435,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4],"tags":[1403,2890,1398,1399,12908,543,344,1329,604,408,1032,120,312,522,41,818,15282,10234,15307],"class_list":["post-4434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-construction","tag-developers","tag-development","tag-home","tag-home-buying-guide","tag-housing","tag-loan","tag-loans","tag-mortgage","tag-mortgage-bank","tag-mortgage-loan","tag-mortgages","tag-nigeria","tag-property","tag-real","tag-ross","tag-settlement","tag-ulta"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/05\/Federal-Mortgage-Bank-.jpg?fit=1280%2C719&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/4434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=4434"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/4434\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/4435"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=4434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=4434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=4434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}