About the Lagos Home Ownership Mortgage Scheme (Lagos HOMS)


In line with its promise to energise investment in home ownership by increasing the supply of homes and enabling wide access to home ownership through mortgage finance, the Lagos State Government under the able leadership of Mr. Babatunde Raji Fashola SAN is pleased to introduce the Lagos Home Ownership Mortgage Scheme, (Lagos HOMS).


Lagos HOMS is a unique solution to the substantial supply gap in housing stock in Lagos State, inspired by the Governor’s resolve to bridge the housing deficit in Lagos State and ensure that the Lagos State Government lives up to its social obligation to provide affordable shelter to its citizens.


Simply put, it is a stimulus package for equity supported access to home ownership which will provide the framework for a sustained mortgage scheme in Lagos State.



Steady and increasing urbanization over the years has resulted in the phenomenal rise in population. The enormous social responsibilities and demands associated with a growing population density that has now reached approximately 20,000 people per square metre and an estimated population growth of 8% per annum has meant that despite the best efforts of previous Administrations, the last time the Lagos State Government was able to tackle the housing problem head-on was during the Alhaji Lateef Jakande Administration  from 1979 to 1983, when an estimated 21,000 units were constructed in 12 locations across the State.  


Subsequent Administrations have tried to bridge this housing gap without success.  The major reason was found to be the lack of access to affordable mortgage finance. For the first time therefore, Government’s intervention in housing will focus on affordable mortgage finance which we believe is much more sustainable that previous housing intervention policies.


What will it do?

Lagos HOMS will generate employment and unlock the savings potential of Lagos State residents by giving them the opportunity to pursue other economic activities from the disposable income they save. In addition, appreciation in property values will increase availability of capital for home owners.


Lagos HOMS provides an innovative and sustainable opportunity to enhance home ownership by Lagos State residents. It will accelerate growth by providing affordable mortgage finance and thereby promote equal access to home ownership in Lagos State.

Quite simply, more and more people in Lagos State will own their own homes.  


Dispute Resolution

A key component of the Lagos HOMS Scheme is the dispute resolution regime between the Lagos State Mortgage Board (LMB) which will administer the Lagos HOMS Scheme and the Home Owner on the one hand and the Home Owner and the mortgage institution, on the other. The Scheme has an effective dispute resolution mechanism by arbitration through a single arbitrator appointed by the President of the Lagos Court Arbitration (LCA). The arbitration will be conducted under specially designed Lagos HOMS Housing Arbitration Rules that are expressly incorporated in all Lagos HOMS documentation. 

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