The first set of beneficiaries of Lagos Home Ownership Mortgage Scheme (LagosHOMS) have taken full ownership of the properties.
Having fulfilled their 10-year payment obligations to fully own the properties allotted to them by Lagos State Mortgage Board in 2014, Governor Babajide Sanwo-Olu, on Thursday, presented Exit Certificates to the allottees at a ceremony held in Ikeja.
The instruments now fully conferred the ownership rights of the properties on the beneficiaries, following the completion of their mortgages.
Built by the state government, the properties were purchased and allotted through a rent-to-own scheme managed by the Board. Since inception of the mortgage scheme in 2014, at least 20,000 Lagosians have subscribed to the scheme.
Sanwo-Olu reiterated that his administration’s commitment to reducing the deficit in the state’s housing market, while making affordable homeownership options available for the state’s growing population.
He said: “Today, we celebrate a decade of social housing delivery through LagosHOMS, which reflects the progress we have made in our journey towards providing affordable housing for the people of Lagos. We are marking the successful ownership of homes by Lagosians who have fulfilled their mortgage obligations. This is proof of our administration’s commitment to making homeownership a reality for our citizens.
“We remain steadfast in our efforts to reducing the housing deficit in Lagos and providing more affordable options for our growing population. Our focus will continue to be on increasing access, while improving the quality of our housing units, expanding mortgage financing options, and collaborating with stakeholders to drive further housing development and enhance the lives of our citizens.”
The governor, at the event, approved a new LagosHOMS redemption policy, which presents an opportunity for an early exit from the mortgage rent-to-own contract.
According to the new policy, allottees that have spent a minimum of six years on the rent-to-own scheme and can afford to pay off their balance ahead of time can now exit without having to wait until the 10th year originally agreed in their allocation documents.