I do research work on health etc. Most of the people interviewed suffer from depression. Most also have mortgages. Please deduce.
Mortgage is not bad. But if American mortgage with 4% interest rate is enough to make a perosn die from heart attack, then How about Nigeria's own with 25% interest rate. If you are a muslim, you should not even be asking about mortgage because I know for a fact that the Quran warns all muslims that Usury ( interest rates) is one of the greatest sins. In medieval Europe, Usury was outlawed,but because they wanted to make profit they re-interpreted Usury to be excessive interest rate. Usury is Usury. Interest is not bad per se until you loose your job I guess, but I just dont understand. The first house I bought, at closing I realized that if I paid my mortgage every month for the next 30 years. I Woould have paid over 250,000dollars in interests. Gosh, if you dont need it, dont get it.

It is paying rent to a landlord for thirty years or your whole life that is a tragedy!

an average nigerian does not like d word dept on like n d developed world were they live on morgage.

This is why i love nairaland, for topics like this. DEBT IS BAD AND SO ARE MORTGAGES. Why not save up and buy your own property, that's the problem with America now, they borrowed more money than they could afford to pay and now they are paying for it. PLEEEEASE let's not end up be like them o.

Owu gal:

I do research work on health etc. Most of the people interviewed suffer from depression. Most also have mortgages. Please deduce.
Mortgage is not bad. But if American mortgage with 4% interest rate is enough to make a perosn die from heart attack, then How about Nigeria's own with 25% interest rate. If you are a muslim, you should not even be asking about mortgage because I know for a fact that the Quran warns all muslims that Usury ( interest rates) is one of the greatest sins. In medieval Europe, Usury was outlawed,but because they wanted to make profit they re-interpreted Usury to be excessive interest rate. Usury is Usury. Interest is not bad per se until you loose your job I guess, but I just dont understand. The first house I bought, at closing I realized that if I paid my mortgage every month for the next 30 years. I Woould have paid over 250,000dollars in interests. Gosh, if you dont need it, dont get it.

we all need a house dont we?
why cant muslims ask about mortgage, theres nothing in the quran that says you cant take interest loan, its 2009 it's almost to avoid some of these things

davidif:

This is why i love nairaland, for topics like this. DEBT IS BAD AND SO ARE MORTGAGES. Why not save up and buy your own property, that's the problem with America now, they borrowed more money than they could afford to pay and now they are paying for it. PLEEEEASE let's not end up be like them o.

so lets see, how much can you save from a 100k per month job to get a three bedroom family house?
mind you whilst saving, the cost of the house goes up too!

Owu gal:

I do research work on health etc. Most of the people interviewed suffer from depression. Most also have mortgages. [b]Please deduce.[/b]Mortgage is not bad. But if American mortgage with 4% interest rate is enough to make a perosn die from heart attack, then How about Nigeria's own with 25% interest rate. If you are a muslim, you should not even be asking about mortgage because I know for a fact that the Quran warns all muslims that Usury ( interest rates) is one of the greatest sins. In medieval Europe, Usury was outlawed,but because they wanted to make profit they re-interpreted Usury to be excessive interest rate. Usury is Usury. Interest is not bad per se until you loose your job I guess, but I just dont understand. The first house I bought, at closing I realized that if I paid my mortgage every month for the next 30 years. I Woould have paid over 250,000dollars in interests. Gosh, if you dont need it, dont get it.

Lets not conclude that mortagages cause depression. One thing I know is that the poor (who cant afford to have mortgages ) do not have healthcare coverage and therefore are not available for your depression studies. Trust me they are depressed too.

@SPOILT

You said "Lets not conclude that mortagages cause depression. One thing I know is that the poor (who cant afford to have mortgages ) do not have healthcare coverage and therefore are not available for your depression studies. Trust me they are depressed too"


Honey, I study people of ALL income levels. I have a population sample of over 30 million people, trust me, I know what I was saying. You dont, so dont assume you know what I am saying. OK? good. You are apparently too spoilt to know better. I am sure you are a teenager, dont you have homework?

@ DIS GUY

Sweetie either you are not a muslim who has read a Quran, you are not a muslim at all, or you dont know the meaning of USURY. so therefore I will enlighten you. So that I do not enable you in laziness, check the dictionary for USURY. use google.

Now,# two check what it says here in the quran Al-Baqarah 2:275. After you have done that,come to this board and repeat what you said before. I bet you wont be able to. so ,

Owu gal:

@SPOILT

You said "Lets not conclude that mortagages cause depression. One thing I know is that the poor (who cant afford to have mortgages ) do not have healthcare coverage and therefore are not available for your depression studies. Trust me they are depressed too"


Honey, I study people of ALL income levels. I have a population sample of over 30 million people, trust me, I know what I was saying. You dont, so dont assume you know what I am saying. OK? good. You are apparently too spoilt to know better. I am sure you are a teenager, dont you have homework?

@ DIS GUY

Sweetie either you are not a muslim who has read a Quran, you are not a muslim at all, or you dont know the meaning of USURY. so therefore I will enlighten you. So that I do not enable you in laziness, check the dictionary for USURY. use google.
Now,# two check what it says here in the quran Al-Baqarah 2:275. After you have done that,come to this board and repeat what you said before. I bet you wont be able to. so ,

_{yea you caught me, as lazy as they come  , so you mean you bank accounts has no sort of interest?}

spoilt:

Living in a country where one has access to mortgage loans is a good thing.

The misconception that it is a horrible debt to have and as good as imprisonment is wrong. I used to be a loan executive and underwriter for mortgage loans. It is definitely to be desired for Nigeria to be able to come up with more programs to help average families afford their own homes. The average Nigerian cannot build his own house until after twenty or thirty years of toil and sweat. Why do you have to wait to be so old and on the brink of retirement to be able to live comfortably with your kids in your own house? Its is simply about buying a home you can afford and making your monthly payments (like you would your rent) till it is totally paid off and the great part is that you can pay more than your monthly required amount. You can actually finish paying for that home in two years if you want. A stable secure job is definitely a plus with a good credit score. Nigeria has no real way of determining the credit worthiness of potential homeowners as there are no credit bureaus in Nigeria. so i wonder how that will work out.

@ Owu gal :I think we are better off dealing with this type of matter without involving or referring to any verses in the holy books. That’s one of our problems in Nigeria and that’s another topic entirely. I won't argue with you about the depression thing but apart from mortgage issue, there are loads of other things to cause depressions in the western world, I think I know that much.


@Poster: Yes, I do agree with Dis Guy, this is 2009 and I think Nigerians just need more education in this area and you will agree with me that there's nothing wrong with borrowing especially when utilised in a very good way. Sometimes you are better off when on mortgage than when renting. The repayment is sometimes the equivalent of rent (in some cases). Paying rent and at the same time trying to save up for your own home might be very difficult for an average Nigerians and that’s why many old people never actually own their own home.

There’s more chance of you leaving your kids with a mortgage-less house than debt when you die and imagine how much that will mean to them especially in Europe or US and even in Nigeria.

I think the main reasons why mortgage /loan system is not really feasible in Nigeria is because of lack of Credit Check Agencies and the fact that it’s easy to change your identity at any given time you are default on repayment. That’s why the rich will always get richer because they have access to this facility more than average Nigerians. Bank would be ready to listen to you if they know you are securing your borrowing on something. The interest rate is really outrageous though but still if you can afford the repayment, you are better off renting.

All these are just my views though and it doesn’t mean I’m right but I would rather be a mortgaged homeowner now than waiting until I’m 70yrs before I can afford to actually put a roof on the house that I started the foundation 40yrs ago. My opinion! We only live once!

Tayo Uk
Please follow the trend of the discourse. I need not say more than that to You

Dis-Guy,
I am not even a muslim. I just know stuff. its called studying. You usually have to open books and read words to achieve that. But that beeing said, You also need to follow the trend of the discussion. What have my bank account having interest got to do with what we said previously? obviously you are lazy. # two; In America there are two types of bank accounts, which one are you talking about? number three, follow the trend of the discourse.

am I relating with babies here. gosh I need to find myself a different post to comment on. such imbe, gosh let me just leave before I finish some people over here

Owu gal:


Dis-Guy,
I am not even a muslim. I just know stuff. its called studying. You usually have to open books and read words to achieve that. But that beeing said, You also need to follow the trend of the discussion. What have my bank account having interest got to do with what we said previously? obviously you are lazy. # two; In America there are two types of bank accounts, which one are you talking about? number three, follow the trend of the discourse.

am I relating with babies here. gosh I need to find myself a different post to comment on. such imbe, gosh let me just leave before I finish some people over here

You just know stuff? Heifer please!
Considering the fact that you think you know everything you are coming across as rather shallow.
It is ok for people to disagree with you. It doesn't make them babies neither does it make them lazy. Its called differing opinions and it is nothing personal for chrissakes. Why you have catapulted yourself into 'ITK' mode is beyond me
The only person you finished on this thread is you.

By the way if you studied as hard as you would have us believe, your spelling and grammar would be a whole heck of a lot better. That one's for sure.

N.B I am not a teenager. You must be new to Nairaland.

spoilt:


You just know stuff? Heifer please!
Considering the fact that you think you know everything you are coming across as rather shallow.
It is ok for people to disagree with you. It doesn't make them babies neither does it make them lazy. Its called differing opinions and it is nothing personal for chrissakes. Why you have catapulted yourself into 'ITK' mode is beyond me
The only person you finished on this thread is you.

By the way if you studied as hard as you would have us believe, your spelling and grammar would be a whole heck of a lot better. That one's for sure.

N.B I am not a teenager. You must be new to Nairaland.

Well said Spoilt 

Please dont let Owu gal distract us from this interesting topic

if she's not a muslim, why is she bringing it up?

and all the kids in america on prozac have mortgages too abi

Tayo-UK:

Well said Spoilt

Please dont let Owu gal distract us from this interesting topic

she cant.

suprted:


and all the kids in america on prozac have mortgages too abi

Apparently they do. She surveyed them. Dude, you are too funny.

Spoilt and Tayo you can disagree with me as much as you want. I did not respond to you because of that. So I will still say follow the trend of the discussion. ADHD for adults, anyway its no sane doctor would prescribe Prozac to little children. I guess this is your way of showing you are intelligent. read up my friends. lastly I have typos, I did not think I was writting an essay for a test and you know better. lazy, immature, silly "AND" ignorant. two embodiments of it are tayo and the apply named spoilt.

Owu gal:

Spoilt and Tayo you can disagree with me as much as you want. I did not respond to you because of that. So I will still say follow the trend of the discussion. ADHD for adults, anyway its no sane doctor would prescribe Prozac to little children. I guess this is your way of showing you are intelligent. read up my friends. lastly I have typos, I did not think I was writting an essay for a test and you know better. lazy, immature, silly "AND" ignorant. two embodiments of it are tayo and the apply named spoilt.

Its aptly.  .  Just stop talking or typing.

All,

Please let us return to the topic of this discussion:

Why are Nigerians not mortgage friendly?

Let us contribute together based on our own experience locally or internationally. We can help each other if we apply commonsense to our discuss.

Remember that what you write on this forum is being read by many people.

Hi,
Interesting topic and responses.
Pls HAH, i will need your help.
is it possible to send me an email pls

Why get involved with mortgage when you dont have to? In Nigeria, you can build your house gradually which is impossible in UK/US. Hence u need mortgage.

Its impossible (almost impossible) to live in a rented house for 30years without the usual pressure from family/friends to build a house of your own. Hence ppl tend to "hurry up" and build their own.

Stay away from mortgage if you have a choice!

Mortgage is good but only for the smart and those that are ready to make money off it.
Using mortgage loan to build your abode is unadvisable but you can build and rent it out then let the rent pay the mortgage (the property rent is not going to come down in Nigeria not in fifty years time so don't be apprehensive).
He who is afraid of taking risk will end up serving the risktakers for the rest of his life.
The estates allover the land are built from loans,those of you that are afraid of taking loans will rent houses built with loans when you are young and agile to pay your master the landlord. When you are tired and retired and you can no longer pay the house rent the risktaker will simply throw you out and take young guys to continue to pay him by then you are on the street.
My advise- if you must take the loan decide to rent out some part of the building with that you can take off or reduce the burden of paying back.
Please read-http://www.2much4free.com/2007/09/ways-of-financing-your-building_24.html

And I am surprised the way courses are flying in this thread, the property section has an antecedent, if you guys want to use negative words on each other I think the romance and other sections could be appropriate, this section is for mature minds.

i believe generally Nigerians are cash based pple, if u worked in any Nigerian banks in any commercial city u'll be amazed at the amont of cash that change hands.

Nigerian banks and mortgage/ credits hmm, if u have anybody wrking in nija banks and he complains of narve crackin targets, its all about generating deposits, so i wonder do we realy have banks or "deposit houses"

get xposed to any credit facilty in nigeria banks and u will regret u did, if the rate was 21% -excluding other charges that can go as much as "negotiating fees"- it can rise to as much as 25% within a year or two, how is dat sustainable.

generally i bliv wit mortgages or any other consumer lone at dat, its just another way of working for another employer(the bank, if u like), consumer loans make u seem comfortable or rich but nada u r not building ur asset column.


i stand to be corrected as these are my views