PERCEPTION OF ESTATE SURVEYORS AND VALUER’S ON THE LENDING REQUIREMENTS OF FINANCIAL INSTITUTIONS TOWARDS HOUSING FINANCE IN SUB SAHARAN AFRICA
The history of housing is inextricably linked to the social, political, and economic evolution of humanity. Housing is essential to human survival, ranking among the top three fundamental necessities. The provision has consistently had significant importance for human requirements. Sub-Saharan Africa has recently seen swift urbanization. This results from swift urban expansion correlated with population increase and rural-to-urban migration, propelled by accelerated socioeconomic transformations and development. Nonetheless, this expansion has not been accompanied by a corresponding provision of sufficient housing development. The tendency has caused a severe lack of housing units, leading to overpopulation, elevated rents, substandard urban living conditions, inadequate infrastructure, environmental degradation, poverty, and heightened insecurity in urban areas. This study aims to examine the perspectives of estate surveyors and valuers regarding the lending criteria of financial institutions in Sub-Saharan Africa, in relation to housing provisions. The study employed a quantitative methodology to elucidate these concerns. The findings suggest that prerequisites, including a value report, property images, a copy of title documents, a cash flow prediction for loan payback, and an approved building plan, are rigorous, among others. This condition serves as a significant impediment to low-income groups.
Housing; Finance, Nigeria, Bank, Investors, Estate Valuer, Sub - Saharan Africa.