EXAMINATION OF THE NATURE OF HOUSING IN NIGERIA
Housing as an essential need to man is classified into five (5) broad categories to include residential commercial industrial agricultural and
special properties all of which increase in value and remain one of the best types of security for loans in Nigeria. Housing has several
distinguishing feature which are considered by financing institution in financing. These are heterogeneity, indivisibility of supply cost of
transfer, special problem of arrangement, special risk perpetuity imperfect knowledge, decentralized market government intervention and
ability to create interest. These attributes makes financing institutions to protect their interest at the expenses of the developers. The developers on the others hands oen
have to take risk especially from its inelasticity of supply and government regulating finance is the process of obtaining funs or capital general for the purpose of supporting a development or investment by giving control over assets.
Mortgage is of several types based on security and repayment currently. There are two types of mortgage arrangement in Nigeria. These are legal mortgage and equitable mortgage. Legal mortgage pertains to a deeds executed a borrower (mortgage). Changing the titter to land
deposited as security to be held by the lender (mortgage). Unit the loan is filly repaid. The advantage of legal mortgage is that, mortgage can transfer in interest. (legal title ) as the case of auction of instance without resources is the count, with equitable the mortgage has no legal estate or interest.
EQUITABLE MORTGAGE CAN BE CREATED BY
- Deposited of tilled deeds
- Deposits of unperfected mortgage deeds and
- On the fact that interest passed is initially equitable interest equitable resources of loan able found available to mortgage market include, saving by individuals business or government either in bank or person finds insurance premiums, repayment on existing loans and the reserves of commercial banks.
THEORETICAL FRAME WORK
The forms the vital aspect of this chapter why because related literature will be reviewed and also to set the theoretical frame work that would provide the required under painting for earlier thesis, relative to this study for this purpose it is divided into several sections as follows mortgage banking in Nigeria mortgage loans function of mortgage institution types of loans oared by mortgage institution operational policies role of other financial institution in housing development and finally the problem of financial housing in Nigeria.