allAfrica.com: Nigeria: FG Challenged on Affordable House for Low, Middle Income Earners (Page 1 of 1)

allAfrica.com: Nigeria: FG Challenged on Affordable House for Low, Middle Income Earners (Page 1 of 1)

The federal government has been urged to move quickly and build affordable houses for the low and middle income earners if it wants to achieve housing sufficiency by 2020.
This advice is coming on the heels of the recommendations by the Presidential Technical Committee on Housing which submitted that at least 30 million units of houses need to built immediately across the federation to bridge the housing gap in the interim; and a sustained 1000 units in Abuja, Lagos, Port Harcourt and 500 units in state capitals annually.
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Mr Joe Idudu, the Chairman, Joe Idudu and Associates, chattered surveyors and the chairman, board of directors, Resort Savings and Loans Plc, made the call in Lagos while responding to questions from newsmen.
"If you build a house that would cost N50 million or N100 million you are not building for the middle class," he said, adding that the cost of houses should be such that low income earners can conveniently afford.
According to him, there is no reason why a graduate who is working shouldn't own a house and pay conveniently.
On advance payment of rents which has become a problem to Nigerians, he explained that mortgage institutions borrow money from banks to build houses. So when the banks are asking for their money, they wouldn't have any choice but to ask for two, three or more years advance rent to be able to pay the loans.
He said Resort Savings and Loans is encouraging the middle and low class to own houses through the provision of low cost housing units.
On why mortgage institutions discriminate against the private sector on mortgage loans he explained that, "why they discriminate against the private sectors and favour civil servants in access to mortgages is because of security of jobs. Private sectors change jobs frequently and you can't possibly track them down. "

"But gradually, things will change. Mortgage banks will begin to give loans to the private sector workers who have been in an employment of a company for long."

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