MORTGAGE BANKS or the Nigerian Building Society (as formerly known) are specialized banks charged with the responsibility of making provision for housing loans to individuals and government as may be demanded for the building of houses especially in urban cities. Note that before these loans are issued out, certain conditions must be reached between the mortgage (clients/borrowers) and the mortgagee (lender).
FUNCTIONS / IMPORTANCE
- Provides housing loans to those who may need it.
- Helps to reduce urban cities housing plight.
- Helps to create better housing facilities.