Infinity Trust Mortgage Bank PLC (ITMB), a private financial service provider specialising in mortgage and housing finance, has urged the federal government and mortgage regulatory bodies to strengthen collaboration with private institutions in order to expand the reach as well as efficiency of mortgage and housing finance.
The communication lead of ITMB, Success Ayodele made the call yesterday, in Abuja, while responding to questions from our correspondent on the best and efficient way to access affordable housing finance for Nigerians.
Ayodele who commended the Federal Mortgage Bank (FMBN) and the Nigerian Mortgage Refinance Company (NMRC) for playing a pivotal role in providing refinancing support and liquidity to private mortgage banks, also emphasised the need to streamline access to National Housing Fund (NHF) benefits by making it more transparent and user-friendly for contributors.
The communication lead who supported the digitization of land registries and titling to reduce bureaucracy and speed up processes, also called on stakeholders to expand advocacy and invest in public enlightenment in order to build trust and educate the public in the usage of mortgage platforms.
While explaining that private mortgage banks in Nigeria face several systemic and operational challenges which she said includes limited long-term funding sources, high inflation and interest rate environment as well as regulatory bottlenecks, low awareness and trust in mortgages systems, Ayodele emphasised that the ITMB is committed to empowering Nigerians with access to sustainable housing through decent and affordable mortgage solutions.
She advised prospective beneficiaries should not allow misinformation to stop them from taking an early bold step to acquiring mortgage loans:
“To Nigerians looking to own their homes, start early, the sooner you plan and engage with a mortgage provider, the better your options and outcomes. Understand your income streams, debt obligations, and what monthly repayment is realistic for you. Ask questions, mortgage financing is not one-size-fits-all, so you’ll need to speak to institutions to understand the variety of products available, lastly don’t let misinformation stop you. Many fears about mortgages stem from myths. Empower yourself with facts and expert advice”, she advised.
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