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The Minister of Housing and Urban Development, Ahmed Dangiwa, has urged mortgage banks to adopt flexible monthly mortgage loan repayments as strategies to develop innovative mortgage products to make commercial loans more affordable.
Dangiwa gave these recommendations while delivering his keynote address at the 20th edition of Mortgage Banking Sub-sector, urging all bank CEOs to ensure that Nigerians within the low and medium-income segments have access to affordable mortgages.
According to him, problems inhibiting the growth of housing finance, mortgage adoption and housing delivery in the country and stressed the need for innovation and creativity to implement solutions at every point in the value chain.
He added that with the incentive of long-term funds in the capital market, mortgage refinancing must be deepened to unleash the potential of the housing market.