In light of the ever increasing pressure to provide decent and affordable housing, the Lagos State Government has established a mortgage finance system to aid Lagosians acquire homes. The scheme, known as the Lagos Home Ownership and Mortgage Scheme (HOMS), will afford first time home buyers resident in Lagos State the opportunity to own houses. The scheme will also facilitate the creation of long term sustainable wealth for the Lagos state government.
According to Mr. Shina Odunuda, the spokesman at the State Ministry of Housing, in addition to providing the pool of houses, the government will also provide the funds for the mortgage facilities.
Although the scheme is targeted at all residents of the state irrespective of state or tribe, priority will be given to civil servants in Lagos State Ministries and Parastatals.
To be eligible, applicants must be first time buyers, reside in Lagos, be under 60 years, have a verifiable means of income, and be credit worthy. Furthermore, successful applicant will be expected to pay 30% of the value of the house and a 6% interest rate on the mortgage loan. The beneficiaries are also expected to have worked with their current employer for at least six months and must be confirmed by the employer. The beneficiaries of the scheme must occupy the houses and cannot transfer or rent out the house until all obligations are fulfilled.
The scheme specifies a minimum tenor of 10 years and maximum of 20 years subject to the 70% balance of the cost of the house purchased.
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You can find further details on the Lagos State Home Ownership and Mortgage Scheme here.
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