MORTGAGE BANKING AND CONTRIBUTIONS TO HOUSING DEVELOPMENT IN NIGERIA A CASE STUDY OF HARVARD TRUST SAVINGS AND LOANS LTD

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 Title pageii Approval pageiii Acknowledgementiv Dedicationv Abstractvi Table of contentsviii
CHAPTER ONE Introduction1 1.1Background of study2 1.2Statement of the problem10 1.3Purpose/objective of the study12 1.4Research questions15 1.5Research hypothesis16 1.6Significance of the study17 1.7Definitions of terms18
CHAPTER TWO  Review of related literature22 2.1Mortgage banking in the colonial period22 2.2Mortgage banking during the post independence period24 2.3Institutional frame work for housing delivery29 2.4Housing finance in Nigeria34 2.5The present institution of mortgage banking in Nigeria41 2.6Structure of the Nigeria mortgage market.41 2.7Building materials and construction costs44 2.8Low income Housing47 2.9Land use Act and mortgage banking Lending48 2.10Salient points in mortgage lending53 2.11Hindrance to the contributions of mortgage  banking in Housing Development in Nigeria55 2.12Prospects mortgage Banking in the  Development of housing in Nigeria57
CHAPTER THREE Research Design and methodology59 3.1Population60 3.2Population of study60 3.3Sources of data60 3.4Primary source of data61 3.5Secondary source of data61 3.6Method of Data collection62 3.7Sample and sampling Techniques63 3.8Method of Data analysis64
CHAPTER FOUR Data presentation and analysis65
CHAPTER FIVE Findings recommendations and conclusion79 5.1Discussion of findings79 5.2Recommendations81 5.3Conclusion84 5.4Suggestions for the further researcher86 5.5Limitations of the study.87 Reference89 Appendix91