What is housing finance?
What is Financing Plans My Home My Life?
Housing finance is a broad subject whose concept can vary between continents, regions and countries like India, Australia, England, Scotland, Wales, Ireland, Antigua and Barbuda, Bahamas, Barbados, Belize, Canada, United States, Switzerland and Europe. All particularly in terms of the areas it covers. For example, what is meant by the term “housing finance” in a developed country may be very different from what is meant by the term in a developing country such as certain countries that have Financing Plans My House My Life ..
The International Union for Housing Finance, as a multinational network organization, has no official position on what is the best definition of housing finance. However, the selection of the quotes below is offered as a snapshot of what the housing finance theme covers:
“Housing finance brings together complex and multisectoral issues that are driven by the constant change of local characteristics, such as a country’s legal or cultural environment, economic composition, regulatory environment or political system”
In addition, the concept of housing finance and housing finance systems has been evolving over time. Looking at the mid-1980s definitions, we see that housing finance was defined primarily in terms of residential mortgage financing:
“The goal of a real estate financing system is to provide the funds that buyers need to buy their homes. This is a simple goal, and the number of ways in which it can be achieved is limited. Notwithstanding this basic simplicity, in many countries, largely as a result of government action, very complicated housing financing systems have been developed. However, the essential feature of any system, that is, the ability to channel investor funds to those who buy their homes, should remain.”
However, in more recent years, several other broader definitions have emerged:
“Simply put, housing finance is what allows the production and consumption of housing. It refers to the money we use to build and maintain the country’s housing stock. But it also refers to the money we need to pay, in the form of rents, mortgage loans and payments.”
“There is recognition of other relevant forms of housing finance [other than residential mortgage financing], such as developer financing, lease financing, or microfinance applied to housing. Funding for developers is often in the form of prepayments not regulated by buyers, and developers sometimes provide long-term financing to buyers through installment sales when mortgage markets are not accessible. Micro-financing for housing is usually used for home improvement or progressive housing purposes. Loans are usually granted without compromised properties. While the overall impact of microfinance on housing remains limited, this activity can represent a major source of funding for those in the informal sector.”
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