How to participate in Lagos state government Rent-to-Own Housing Scheme – 1,752 families benefited so far

Lagos Rent-to-Own housing Scheme

A total of 1,752 families have benefitted from the ongoing Lagos state government Rent-to-Own housing scheme since the inception of the present administration of Governor Babajide Sanwo Olu.

This fact was revealed by the Commissioner for Housing, Moruf Akinderu-Fatai, during a recent Press Briefing in commemoration of the second anniversary of Governor in office. In his view, the present administration strengthened the policy of delivering homes to Lagos residents through a convenient Mortgage System, tagged ‘’Rent-to-Own’’.

Mr. Akinderu-Fatai attributed the success recorded in the scheme to increased enlightenment programmes, all tailored towards increasing awareness and helping low-income earners access the scheme. As a result of this, the honourable commissioner remarked that his ministry has been able to reduce housing deficit to the barest minimum and help promote mortgage culture in the state.

Commenting on the recent the development, the Commissioner said: ‘’ Apart from building more units, in responding to our own challenges in Lagos State, we are determined to upgrade decaying housing stocks and provide more homes for the working class people who oil the machinery of progress in the State.

”In addition, we are digitizing our systems, enhancing the capacity of our artisans and perfecting a financing mechanism that addresses the financial problems of both developers and prospective home owners.’

On the other hand, the commissioner noted that his ministry had ensured that existing houses are in clean and habitable condition, for the well-being of the residents. As regards this, he said: ”Beyond the construction and delivery of new homes, the ministry also engages in various activities to ensure durability of the structures and intervene through initiation of renewal processes of some dilapidating Housing Schemes.

”In this regard, the ministry in the past two years engaged in the appointment of facility management outfits to ensure adequate post construction management and promote sustainability of the facilities within the estates.

”The ministry engaged in the verification of Title Documents and Letters of Allocation for beneficiaries of Lateef Jakande Low Cost Housing Estate, Ilasan in Eti-Osa Local Government to fast track the process essentially for the regeneration of the estate.

It also engaged in the reconstruction of roads and rehabilitation of water treatment plant in Abraham Adesanya Housing Estate,” the commissioner said.

Akinderu-Fatai concluded by emphasizing that his ministry has initiated process of renewal of dilapidated estates and engaged in regular interaction and dispute resolution among the facility managers, resident associations and individual occupants in various estates. He also added that the State Government is standardizing housing estates through processing of 466 e-Survey plans for processing of Deed of Sub-lease for individual beneficiary.

READ: Detailed Guide on How to Register as Lagos State Government Contractor, Supplier, or Consultant (2021)

About the scheme
The Lagos State Rent–To–Own policy was introduced by the immediate past Governor of Lagos, Mr. Akinwunmi Ambode, in a bid to make housing more readily available to the teeming population of the State.  The policy is aimed at bridging the gap of Lagos State Housing deficit of about 2.55 million in the next 10 years and sensitizing the citizenry to own a home with 5% of the value as equity.
To qualify for the scheme, applicants must be;

  • Applicant must be primarily resident in Lagos State and will be required to submit a copy of their Lagos State Residents Registration Card (LASRRA).
  • Applicant must be a First Time Buyer.
  • Applicant must be 21 years old and above.
  • Only tax compliant applicants will be eligible under the Lagos State Rent-To-Own policy and must provide the proof of tax payment.
  • Applicant must be able to make the 5% commitment fee payment.
  •  Applicant must pass the Affordability Test and not more than 33% of the monthly income as repayment.

To apply, individuals are advised to do the following;

  • Pick up the Application form at the following locations: Lagos State Mortgage Board (Lagos HOMS) Office; LBIC Building, Ground Floor, Plot 1, Assbifi Road, CBD, Alausa, Ikeja, Lagos), or Ministry of Housing Block 3, Secretariat, Alausa, Ikeja OR download the form online.
  • Make payment of N10,000 at the specified bank. Complete the application form in accordance with the instructions.
  • Submit application form with the payment receipt and copies of all necessary supporting documents in person at Lagos State Mortgage Board (Lagos HOMS) Office.