FMBN’s Non-interest Mortgage as Alternative to Solving Housing Deficit.
While this manifests in multidimensional circumstances, it exposes a housing situation that requires innovation beyond conventional construction and housing finance that supports housing for all Nigerians.
Nigeria’s housing challenge goes beyond the need to build more houses.
It also involves addressing the existing challenges that make it difficult for ordinary Nigerians to live in decent homes.
For many Nigerian households, the difficulty lies not only in finding a suitable property but also in accessing financing arrangements that align with their income, circumstances and preferences. For some Nigerians, particularly those whose religious or ethical convictions discourage interest-based transactions, conventional mortgage financing presents an additional consideration. Even where they have the financial capacity to acquire a home, they may be reluctant to participate in arrangements structured around interest-bearing loans. These realities underscore the need for a more diverse housing finance market, one that recognises that a single financing model may not adequately serve the needs of a diverse population.
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