The Housing Finance System

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    A. Primary Housing Finance Market

    A.1 Industry Structure and Performance
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Number of firms originating and funding mortgage loans  104
    NIGERIAN MINISTER OF FINANCE SPEECH AT THE WORLD BANK-http://hofinet.org/documents/doc.aspx?id=2239
    		A.1.1
    Types of originating lenders/market share:A.1.2
    Universal/ commercial banks  20% of totalA.1.2.1
    Other depository institutions (savings and loans/mutual savings and credit institutions)  81% of totalA.1.2.2
    Are there (quasi) public mortgage lenders:YesYesYes
    Research
    		A.1.4
    Universal/ commercial banksYesYesYesA.1.4.1
    Level of Non-Performing Mortgage Loans (90 days or more past due):A.1.6
    Average 1997-2007 A.1.7
    A.2 Size of Mortgage Finance Sector
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Total amount of home mortgage loans outstanding at the end of year in millions of USD:4,460.12 USD (millions)3,552.77 USD (millions)1,443.3 USD (millions)A.2.1
    Total amount of home mortgage loans outstanding at the end of year as % of GDP (current).91%.62%.28%A.2.1.1
    and as % of all credits outstanding5.69%4.54% A.2.1.2
    A.3 Housing Finance Products
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Mortgage products as % of all mortgages (approx.) in local currency:A.3.1
    Most prevalent type of foreign currency mortgage used:A.3.3
    Most frequent interest rates on fully amortizing:A.3.4
    Typical lender fees associated with mortgage origination: A.3.6
    Typical third party fees associated with mortgage origination:A.3.7
    Loan-to-Value (LTV) on first mortgage: A.3.8
    Maximum LTV75  A.3.8.1
    Typical LTV at origination75 75%A.3.8.2
    Maximum term over which pmt is calculated? 30 years  A.3.9
    Mortgage pmt-to-income ratio A.3.10
    Maximum pmt-to-income ratio (Individual income)  33.3%A.3.10.2
    A.4 Lending and Servicing Process
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Does the mortgage industry use standard principles/guidelines for underwriting?Yes  
    Research
    		A.4.1
    Which institutions define underwriting rules? A.4.2
    Secondary market facilityYes  A.4.2.2
    A.5 Credit Risk Assessment
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Do credit bureaus exist? YesYesYesA.5.2
    Is mortgage default insurance available?NoNoNo
    Research
    		A.5.3
    B. Funding Sources for Mortgages and the Secondary Mortgage Market
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    What are the main funding sources for mortgages?B.1
    Retail funding (deposits/other)primaryprimaryprimaryB.1.1
    Wholesale funding: loans from other banks or corporationstertiarytertiarytertiaryB.1.2
    Other secondarysecondarysecondary
    Research
    		B.1.5
    C. Housing Microfinance
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Types of lenders operating in the housing micro-finance (HMF) sector:C.2
    Level of NPLs (>90 days past due) in HMFC.4
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    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 3 months' deposits
    Notes: 3 months' deposits
    Notes: 3 months' deposits
    Notes: 3 months' deposits
    Notes: Based on 2008 survey - 75.4% owned their own home. The figures were 52% and 85% for urban and rural areas respectively.
    Notes: Federal Mortgage Bank of Nigeria finances mortgages made by PMI's.
    Notes: Federal Mortgage Bank of Nigeria finances mortgages made by PMI's.
    Notes: First class advances
    Notes: First class advances
    Notes: First class advances
    Notes: First class advances
    Notes: First class advances
    Notes: For leading commercial banks offering mortgages, a down payment is required of 25%, on average, of the property value.
    Notes: Many banks have limited the repayment period to 20 years. However, the National Housing Fund Loan allows for a repayment period of 30 years.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: Property rights are defined and guaranteed by the Nigerian Constitution.
    Notes: The Asset Management Corporation of Nigeria (AMCON), which is an arm of the Federal Government of Nigeria, acquired three banks in 2011 following the global financial crisis; Mainstreet Bank, Keystone Bank and Enterprise Bank.
    Notes: The Asset Management Corporation of Nigeria (AMCON), which is an arm of the Federal Government of Nigeria, acquired three banks in 2011 following the global financial crisis; Mainstreet Bank, Keystone Bank and Enterprise Bank.
    Notes: The Asset Management Corporation of Nigeria (AMCON), which is an arm of the Federal Government of Nigeria, acquired three banks in 2011 following the global financial crisis; Mainstreet Bank, Keystone Bank and Enterprise Bank.
    Notes: The Federal Mortgage Bank of Nigeria distributes funds collected through a labor tax (2.5% of monthly salary) through the National Housing Fund as a secondary level lender.
    Notes: The Federal Mortgage Bank of Nigeria distributes funds collected through a labor tax (2.5% of monthly salary) through the National Housing Fund as a secondary level lender.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund collects a portion of employees' salaries (2.5% monthly) which are then used to provide long term loans to Mortgage Institutions by the Federal Mortgage Bank of Nigeria.
    Notes: The National Housing Fund provides mortgage loans at a rate of 6%. Lending from the Federal Mortgage Bank of Nigeria to mortgage lenders allows for the subsidized interest rate.
    Notes: The Nigeria Mortgage Refinance Company (NMRC) was incorporated in 2013. The firm provides liquidity to participating mortgage lenders by providing loans at affordable rates.
    Notes: The Nigeria Mortgage Refinance Company (NMRC) was incorporated in 2013. The firm provides liquidity to participating mortgage lenders by providing loans at affordable rates.
    Notes: The Nigeria Mortgage Refinance Company (NMRC) was incorporated in 2013. The firm provides liquidity to participating mortgage lenders by providing loans at affordable rates.
    Notes: The NMRC created a set of Uniform Underwriting Standards to be used by lenders for mortgage loans.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: The NMRC is a corporation set up by the government to provide mortgage lenders with increased access to liquidity for mortgage services.
    Notes: There is a capital gains tax of 10%. The taxable amount is calculated as sale price minus acquisition and incidental costs.
    Notes: There is a property tax levied at a rate of 1% for properties located in the Federal Capital Territory Abuja. This tax applies to homes worth more than NGN 300 million (about 1.5 Million USD).
    Notes: There is a registration fee of 3% and a stamp duty ax of 2% that must be paid for the purchase of the property. These fees must be paid by the buyer.
    Notes: XDS Credit Bureau is Nigeria's first credit bureau and was incorporated in 2005.
    Notes: XDS Credit Bureau Limited is Nigeria's first credit bureau and was incorporated in 2005.
    Notes: XDS Credit Bureau Limited is Nigeria's first credit bureau and was incorporated in 2005.
    Notes: XDS Credit Bureau Limited is Nigeria's first credit bureau and was incorporated in 2005.
    Notes: XDS Credit Bureau Limited is Nigeria's first credit bureau and was incorporated in 2005.
    Notes: XDS Credit Bureau Limited is Nigeria's first credit bureau and was incorporated in 2005.
    Notes: XDS Credit Bureau Limited is Nigeria's first credit bureau and was incorporated in 2005.
    Notes: XDS Credit Bureau Limited is Nigeria's first credit bureau and was incorporated in 2005.
    Notes: XDS Credit Bureau Limited is Nigeria's first credit bureau and was incorporated in 2005.
    Notes: XDS Credit Bureau Limited is Nigeria's first credit bureau and was incorporated in 2005.
    Notes: XDS Credit Bureau Limited is Nigeria's first credit bureau and was incorporated in 2005.