The Lagos state Government is undoubtedly walking the talk with its housing g initiative called Lagos Home Ownership Mortgage Scheme (Lagos HOMS). We told you a while ago in one of our articles that Lagos HOMS will offer Lagos residents an opportunity to own their own homes through mortgage payments spread over 10 years.
In the maiden draw of the programme on 4/3/2014, thirty out of the 98 applicants that took part in the first public draw of this Scheme, emerged Winners. The draw took place at the Blue Roof Hall at the premises of the Lagos State Television, Ikeja.
During the event, Governor Fashola implored the Private Sector, especially Property Developers, to partner with Lagos HOMS with a view to increasing the number of homes available to applicants during the monthly draws. Mr. Fashola stated that, "we promised you that there will be a second phase of this initiative and I am pleased that the committee has started work on the second phase. In the second phase, we are opening up the Scheme to the Private Sector and Housing Developers, who will build the houses, while the government will be the guaranteed purchaser of the homes".
He continues, "By so doing, we would be in a position to double or triple the number of homes from 200 to 600 or 800 a month. If we allow the private sector to build the homes, we will buy it from them and put them up for mortgage."
The Governor went further to opine, "From the report I received, we have 322 applicants, but only 98 met the stipulated conditions. There are 77 people whose processes are being undertaken but did not meet our deadline for the draw, which was February 28. I believe all the 98 will be homeowners when we complete this draw. The remaining 102 homes for the month will be added to the 209 for next month." Mr. Fashola asserted that home owners will be responsible for maintaining their homes and payment of maintenance fees and that if owners do not default on their mortgage payments, the Scheme would become self-sustaining in 7 years.
For the doubting Thomases out there, this is for real! The good thing also is that the process is transparent. Avail yourself of this opportunity if you are Lagosian. No carry last o!