By Ayomide Otitoju
The first set of beneficiaries of the Lagos Home Ownership Mortgage Scheme (LagosHOMS) have successfully completed their 10-year payment obligations, officially gaining full ownership of the properties allotted to them by the Lagos State Mortgage Board in 2014.
At a ceremony held on Thursday at NECA House in Ikeja, Governor Babajide Sanwo-Olu presented Exit Certificates to the allottees, confirming their complete ownership rights over the properties. These homes, built by the State Government, were acquired through a rent-to-own scheme managed by the Board. Since the scheme’s inception in 2014, over 20,000 Lagosians have subscribed, benefiting from the opportunity to own decent homes with limited capital.
LagosHOMS, a welfare initiative by the Lagos State Government, aims to support low- and middle-income families in realizing their dreams of homeownership. Governor Sanwo-Olu praised the allottees’ fulfillment of their mortgage obligations as a testament to the scheme’s popularity among residents. He highlighted his administration’s commitment to addressing the housing deficit and providing affordable homeownership options for Lagos’ growing population.
“Today, we celebrate a decade of social housing delivery through LagosHOMS, reflecting the progress we’ve made towards providing affordable housing for Lagosians. This event marks the successful transition to full homeownership for those who have completed their mortgage obligations, underscoring our administration’s dedication to making homeownership a reality,” Sanwo-Olu said.
The Governor also announced a new LagosHOMS redemption policy, allowing allottees who have spent a minimum of six years in the rent-to-own scheme and can afford to pay off their balance early, to exit the agreement before the original 10-year term.
Deputy Governor Dr. Obafemi Hamzat emphasized the importance of the mortgage financing model in meeting housing demand and driving development. “Globally, housing needs are effectively managed through mortgage systems, enabling average income earners to own homes without disrupting their lives,” he said.
Commissioner for Housing, Hon. Maruf Akinderu-Fatai, expressed pride in the initiative, noting that 75% of the housing stock built by the Ministry of Housing is allocated to LagosHOMS, with a 6% simple interest rate. He urged beneficiaries to maintain the properties’ aesthetics and structural standards.
General Manager of the Lagos State Mortgage Board, Mr. Bayowa Foresythe, explained that allottees underwent a pre-qualification process, assessing their Debt-to-Income (DTI) ratio before receiving their allocation documents and keys. He encouraged other beneficiaries to continue meeting their obligations to ensure the scheme’s sustainability.
In honor of the late Oba Mufutau Olatunji Hamzat, a political leader in Mushin and father of the Deputy Governor, Governor Sanwo-Olu announced that the Ilupeju LagosHOMS Housing project would be named after him.
