The Chairman, Mortgage Banks Association of Nigeria, Femi Johnson, has said that the Nigerian Mortgage Refinance Company (NMRC) is a public-private partnership which will help to deepen the Nigerian Mortgage Market and make Housing more affordable.
He explained that with the development, the face of housing in Nigeria will change, with the statistics increasing exponentially.
“It will create over 500,000 jobs, which is a welcomed development not just for Nigerians but for Mortgage banks and lenders as well. Above all, the government will sponsor it,” he said.
Lending At Low Interest Rate
Also speaking on Channels Television Business Programme, Business Morning, CEO, UAC Property Development Company, Hakeem Ogunniran, said that low-income earners, who have been waiting to access mortgages at low-interest rate can now heave a sigh of relief as operators would start lending to borrowers almost immediately at low-interest rates.
According to them, the success of the NMRC will have a multiplier effect on the nation’s economy as it would help increase liquidity in the housing sector, provide secondary market for mortgages and thereby increase the number of people able to purchase or build homes at an affordable price.
