Expert Warns N500k Salary Inadequate for Homeownership as FG Introduces Housing Scheme

A top expert, Adedeji Ajadi, CEO of the Mortgage Banking Association, stated that a monthly salary of N500k is insufficient for Nigerians to access the mortgage market due to high interest rates. Ajadi highlighted the challenges faced by workers in owning homes, with mortgage repayments often exceeding 40% of monthly income.

The Federal Government announced a new scheme to aid homebuyers, reducing the necessary payment for mortgage programs from 20% to 10%. Ajadi emphasized the need for innovative interventions like subsidized interest rates and shared equity models to enhance affordability and boost homeownership in Nigeria.