5 Easy Steps to Owning Your Home

  1. Application & submission
    Applicant downloads the Application Form from the Lagos HOMS website and completes it in accordance with the instructions. Applicant returns the form in person to the Lagos State Mortgage Board [LMB] with all necessary documents (copies attached and originals for sighting), pays the prescribed processing fee and collects a receipt.
  2. Pre-qualification
    Lagos Mortgage Board(LMB) prequalifies the applicant and successful applicants are assigned a Draw reference number.
  3. Draw
    The Lagos Mortgage Board conducts the Draw through a transparent and fair process that will be well publicised.
  4. Post-draw processing
    LMB forwards names of successful Draw applicants to the Lagos Building Investment Company [LBIC] for processing of the mortgage. Upon receipt of an Offer from the LBIC, the applicant confirms acceptance and complies with the conditions set out, including the payment of a 30% initial deposit to LBIC within the period stipulated in the Offer.
  5. Closing
    The Contract of Sale and Deed of Mortgage are executed (signed) and the keys to the property delivered to the applicant.



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