Download complete final year project material on Impact of Primary Mortgage Institution in Housing Delivery from chapter one to five including references and abstract
CHAPTER ONE
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1.0 INTRODUCTION
Housing which can be defined as collective structures in which mankind is housed and where he carries out his daily economic, social and commercial activities, which encompass man’s immediate physical surrounding services, facilities and all available social amenities. Provision of housing has been a major challenge since the 21st century to all sovereign states across the world.
Adequate housing provision has been hindered over the years, by various factors which ranges from restricted access to land which is due to land speculation practices, unavailability of soft loans, low level of income, economic instability, poor maintenance culture, mismanagement of public funds, natural disaster among other vices.
Hence, various communities and sovereign states across the world have made controlled and concrete efforts in the provision of housing, housing policies, monitoring institution, land reforms, territory laws e.t.c to guarantee and enhance the continuous provision of housing units in their respective territories. This research is to adequately study the activities, efforts challenges and impact of one of such housing agencies in urban city of Ibadan Nigeria
STATEMENT OF THE PROBLEM
Housing is recognised as man’s basic need, it remains one of the most persistent and serious problem facing people in every society. However, provision has been one of the paramount concerns of policy makers in the various countries across the world in recent times. Despites all efforts couples with circulated, well planned and excellent housing policies over the years, there has been a reoccurrence of the problem of housing shortage and insufficient within our society.
It is also pertinent to look into the factors responsible for persistent to look into the factors responsible for persistent housing problems facing people most especially in developing nation like Nigeria. These factors are
High cost of building materials
Level of urbanization
High construction rates
Unavailability of adequate finance
High birth rate resulting into overpopulation in the urban centre
Poor implementation of housing policy
It is on the strength of this situation that this appraised the government institution on housing development in Ibadan but despite the fact that the efforts were made in favour of urban centre, that is of primary mortgage intends to examine the contribution of primary mortgage institution in solving housing problems in our urban centers and access the problems they encountered.
- AIM AND OBJECTIVES
The research aim at examining the contribution of cooperative saving and loans limited in the provision of housing
The following objectives will be revised in order to achieve the aim;
To access the no of houses constructed through the primary mortgage institution
To access the condition attached to loan granted
To identify the problems encountered by savings and loan limited
To provide recommendation to the problems
SIGNIFICANCE OF THE STUDY
The research study will highlight various challenges which primary mortgage institution faces in the provision of mortgage loan in the case study area. Also it will access the impact and efforts of coop savings and loan limited in housing delivery provision in Ibadan.
Therefore research work will proffer solution to
- Low level of awareness of the activities of primary mortgage institution in Nigeria society
- Shortage of adequate housing facilities
- Uneven distribution of primary mortgage institution across Nigeria
- And other various difficulties encountered by loan applicants in the course of seeking loan facility.
SCOPE OF THE STUDY
The major focus of the study is to examine the process and how housing units are being provided in Ibadan metropolis with the help of cooperative savings and loans limited (PMI) through the national housing funds (NHF) provided by the federal mortgage bank of Nigeria (FMBC)
Ibadan metropolis is chosen because of the researchers familiarity with the city and coop savings and loan limited as a case study because one of the notable primary mortgage institution in Ibadan
LIMITATION OF THE STUDY
It was the intention of the writer to give a comprehensive research work but during the course of this study, some constraints were encountered.
Apart from the problem of funds, another major set back in the production of this work is the lack of time. It was really a strenuous and frustrating experience combining normal classroom work with the preparation of this dissertation
The availability of information was also a bad experience.
STUDY AREA
Ibadan (Yoruba: Ibadan or fully Ilu Eba-Dan) The town at the junction of the savannah and the forest) is the capital city of Oyo state and the third largest city in Nigeria by population after Lagos and port-Harcourt, according to the 2006 Nigerian census. Ibadan is also largest in geographical area in Nigeria.
At independence, Ibadan was the largest and the most populous city in Nigeria and the third in Africa after west cairo and Johannesburg. It is located in south western Nigeria, 128km inland northeast of Lagos and is a prominent transit point between the coaster region and the areas to the point between the coaster region and the areas to the north.
Its population is 1,338,659 according to census results for 2006. Ibadan had been the centre of administration of the old western region since the days of the British colonial rule, and parts of the city’s ancient protective walls still stand to this day. The ancient inhabitants of the city are the Yoruba people.
Co-operate savings and loan limited was incorporated under mortgage institution degree No 53 of the 1989 7th December, 1992 as coop mortgage finance company limited with a capital share of N 5 million began operation in 1994. In 1994. In 1996 the name was changed to coop building society limited to further elucidate her function in line with the aspirations coop investment and trust society limited (Herowner).
In 1999, the feelers that the public was yet to grasp the expected function of the company becomes lightened and the name was further changed to coop savings company were carried out its 7th day Adventist road headquarter while her 3 branches namely Ibadan , respectively.
Part of the objectives of the owners of the company is to serve as an avenue to mobilize deposits from surplus for on lending to individual and cooperate bodies to enhance the development of houses and to encourage private sector participating in housing development in Nigeria.
Thus coop savings and loans limited was established in line with primary mortgage institution degree No 53 of 1989 and since then been performing the function of construction of houses and financing housing construction in Nigeria
With initial capital of N 5, Million, the company can boast of the present share capital of N 150 million out of which the capital was N 100,000 only, the current portfolio was N 270 million while the total asset portfolio was N 490 million as at June 2006.
It is observed in all million as the primary mortgage institution that the 3 types of loan granted are as follows
Social loan:- these are advance for only owner occupier of residential home. On this type of loan the national housing fund stipulated that interest rates should not be more than 9%
Commercial loan:– this are loan advanced for commercial purpose only, examples are loans on vehicles, offices spaces market e.t.c the interest must be between 7% and 12% depending on the mortgage institution.
Land loans:- this loan is majorly advanced for the purchase of the land for far development interest rate was specified.
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