Nigerian mortgage banks are taking advantage of the high demand for properties to drive growth as they provided more financing to customers which saw loans grew by 43.5 percent.
The latest unaudited financial statements of three listed mortgage banks, InfinityTrust Mortgage Bank, Abbey Mortgage Bank, and LivingTrust Mortgage Bank revealed that mortgage loans and advances to customers rose to N6 billion from N4.18 billion at the end of 2023, highlighting the renewed appetite to invest and own properties.
A mortgage is a debt instrument specific to the real estate industry and secured by the collateral of a real estate property while Mortgage loans are used to purchase or refinance real estate properties.