ANALYSING MORTGAGE FINANCING AS A TOOL FOR THE DEVELOPMENT OF RESIDENTIAL REAL ESTATE IN HIGH LEVEL, MAKURDI, BENUE STATE, NIGERIA.

Abstract

In order to provide information on how mortgage financing might support the development of residential property, this study examines mortgage financing as a tool for resident property development in High Level-Makurdi, Benue State, Nigeria. 200 questionnaires were distributed at random to homeowners in the study area, lending institution employees, and property developers. Textual mode and descriptive statistics were used to analyze the acquired data. The results showed that: Developing residential real estate involves a great deal of control that is difficult for one person to supply; The cost of building has increased; properties are no longer a hedge against inflation; Nigerian mortgage institutions are still in their infancy, as seen in Makurdi; and self-finance is no longer a viable way to finance the construction of new homes. It is advised that any funding-related concerns as outlined in its housing fund decree be appropriately addressed.