CBN Credit Survey Reports Surge in Mortgage and House-Purchase Demand
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The Central Bank of Nigeria's latest Credit Conditions Survey highlights growing borrower appetite for home equity, mortgages, and consumer financing alongside higher commercial bank loan approval rates.
Demand for mortgage financing and house-purchase lending recorded significant gains in the second quarter, according to the Central Bank of Nigeria's (CBN) latest Credit Conditions Survey.
The uptick in home credit activity coincides with improved loan approval rates by commercial banks and lower reported default rates across major household and corporate categories.
According to the CBN report, demand for mortgage and remortgage facilities increased by 13.3 index points, while house-purchase lending demand rose by 9.6 index points during the quarter.
Lenders attributed the improved availability of secured credit to strategic market share objectives, favorable liquidity positions, and a stabilizing broader economic outlook.
Despite tight overall monetary policy, financial institutions reported higher approval ratios for secured household loan applications, reflecting sustained long-term consumer interest in residential property ownership.
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