They acknowledged that the new policy would reinvigorate the mortgage and real estate sector, as well as boost homeownership among low-income earners and reduce housing deficit.
MBAN commended the initiative that resulted in the approval, saying it is one of the landmark steps and decisions for which the Muhammadu Buhari-led administration will be remembered, praising the Director-General of PenCom, Aisha Dahir-Umar, for her role in the approval. “As an association, which is directly concerned with the mortgage market, MBAN will, in its usual approach, be doing everything necessary to support government in ensuring that the primary target of giving the approval, which is eliminating the housing gap and creating an easy environment for beneficiaries to acquire their dreamed homes, is achieved to the adequately.”
“This policy should improve affordability and eligibility profile of housing off-takers and increase their chances of qualifying for mortgage. This will in turn invigorate the property market and reduce housing deficit for medium low income earners. The multiplier effect of housing development on the growth of the economy in general and job creation in particular cannot be over emphasised.
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