Housing Finance Policy

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    A. Legal and Regulatory Framework

    A.1 Legal and Regulatory Framework
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Basis of the legal system: Civil, Common, Islamic, Other? (Describe)Common lawCommon lawCommon lawA.1.1
    Are there specific laws that deal with mortgages? YesYesYesA.1.2
    Registration/Transfer of titles:A.1.3
    Does the law clearly define different types of property rights?YesYesYesA.1.3.1
     Are property rights easily transferable?NoNoNo
    Housing Finance in Africa Yearbook
    		A.1.3.2
    Identify barriers to the registration/ transfer of property title.High costs associated with processing land documents, internal revenue fees and land bureau chargesTitle of the land is vested with the governor of the state. Some states have recently changes this.  
    Housing Finance in Africa Yearbook
    		A.1.3.3
    Typical number of days needed for the transfer of title696969
    WDI
    		A.1.3.4
    Is there specialized legislation covering:A.1.9
    B. Housing Finance Subsidies
    B.1 Subsidies to Housing Finance Institutions
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Are there subsidized funding sources for mortgage lenders?YesYesYes
    Research
    		B.1.1
    Government supported liquidity facilityYesYesYesB.1.1.2
    Labor or other tax funds for mortgage lendingYesYesYesB.1.1.3
    B.2 Subsidies to Households
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Are there subsidies to households on housing finance?Yes  
    Research
    		B.2.1
    Interest rate subsidies by special government fundsYes  B.2.1.1
    Reach of subsidies in 2.1.1 to 2.1.4 ?B.2.2
    C. Taxation
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    What taxes apply to Residential Real Estate?C.1
    Tax on property (home-owners) Yes  C.1.1
    Property transaction taxes (purchase/selling)Yes  C.1.2
    Tax on capital gains on property Yes  C.1.5
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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.