Frequently Asked Questions

FAQ is available in English, Yoruba, Egun, Ibo and Hausa. Click the laguage button to select your choice.


  • WHAT IS LAGOS HOMS?

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    The Lagos Home Ownership Mortgage Scheme (Lagos HOMS) is a stimulus package for equity-supported access to home ownership for Lagos State residents. Lagos HOMS will provide the framework for a sustainable and affordable mortgage regime in Lagos State. Under the Scheme the Lagos State Government will:-

    • provide decent and affordable homes of various types and sizes and in various locations across Lagos State and
    • provide access to mortgage finance for Lagos State residents who are First-Time Buyers (FTBs) to purchase these homes.

    The objective of the Scheme is to enable a larger number of residents own their own homes over time and to avoid purchase by multiple property owners who may distort the intention to meet the huge demand for affordable housing.

  • WHO IS A FIRST-TIME BUYER (FTB)

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    Lagos State residents entering into the property market for the first time are classified as FTBs. FTBs do not own any home within the territory of Lagos State. FTBs do not own (in part or in full) any property within the territory of Lagos State and will depose to a Buyer’s Affidavit attesting to being a First Time Buyer.

  • HOW DOES IT WORK?

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    The LMB will pre-qualify applicants for a Draw to be conducted at regular intervals, while the Lagos Building Investment Company Ltd. (the LBIC) will process mortgage loans for successful applicants to buy the home. Click on the Link What DoI Need to Know? on the Lagos HOMS website(www.lagoshoms.gov.ng) for detailed information on how the Scheme works. 

  • WHO MAY APPLY?

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    All Lagos State residents above 21 years of age, who meet the Eligibility Criteriaof the Scheme, may apply. 

  • I HAVE JUST RETURNED TO THE COUNTRY AFTER LIVING ABROAD FOR OVER THREE YEARS, AM I ELIGIBLE TO APPLY FOR THE SCHEME?

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    Anyone who meets the Eligibility Criteriaof the Scheme can apply. However, the Scheme requires amongst others that Applicants must be primarily resident in Lagos State and be tax compliant with  proof of tax payment for the last 5 (Five) years prior to applying.

  • ARE STUDENTS ELIGIBLE TO APPLY?

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    The general rule is that applicants must meet the Eligibility Criteria,including providing proof of tax payment for the last 5 yearsand proof of an income that will enable them meet their monthly repayments. If any students fall within this category, they are eligible.

  • IS THERE AN AGE LIMIT FOR ME TO BE ELIGIBLE FOR LAGOS HOMS MORTGAGE?

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    The minimum age to apply for a home under Lagos HOMS is 21 years. There is no maximum age. Your eligibility will be based primarily on your ability to make your monthly repayments.

  • CAN I HAVE A CO-APPLICANT?

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    Yes, but both of you have to be individually eligible under the Lagos HOMS Scheme and you will own joint Title to the home if successful.

  • WHERE CAN I FIND INFORMATION ON THE AVAILABLE HOMES?

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    Please visit http://www.lagoshoms.gov.ng  for the size, type and location of available homes.

  • I AM INTERESTED IN LAGOS HOMS. WHAT IS THE PROCESS?

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    Please click on the link to the 5 easy steps for information on the five easy steps to owning your own home.

  • 12.HOW MUCH IS THE PROCESSING FEE AND IS IT REFUNDABLE IF I AM NOT SUCCESSFUL AT THE DRAW?

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    The processing fee is N10,000.00 (Ten Thousand) Naira Only. It is a nominal non-refundable processing charge payable whenever you submit an application.

  • DO I NEED TO SUBMIT ANYTHING WITH THE APPLICATION FORM?

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    The list of documents to be submitted with your application can be found on the form itself and on the website. Please click on the Link Checklist of Documents to Submit with Your Application. 

  • WHAT HAPPENS IF ANY ANSWER IN MY APPLICATION FORM IS FOUND TO BE FALSE?

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    You are required to depose to a Buyers Affidavit which becomes part of your contract with Lagos State Mortgage Board. Any false deposition disentitles you from benefitting from the Scheme. If you have already benefitted, it will entitle the LMB at any time to revoke your allocation and impose any other applicable sanctions.

  • WHAT HAPPENS AFTER THE DRAW?

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    Once you are successful at the Draw, the LBIC will commence the Processing of Your Mortgage by sending you an Offer Letter. Upon receipt of the Offer Letter, you are expected to indicate acceptance and comply with the conditions set out by the LBIC, including the payment of your 30% equity contribution within the period stipulated in the Offer. The Contract of Sale and Deed of Mortgage are then executed (signed) and the keys to the home delivered to you.

  • WHAT HAPPENS IF I AM UNSUCCESSFUL AT THE DRAW?

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    You can re-apply as many times as you want but you will have to pay the processing fee each time you apply. However if you are applying within three (3) months of your earlier application and your information has not changed, you will not need to fill out a new form. You will only be required to depose to an Application Affidavit to that effect. 

  • HOW DO I KNOW IF I QUALIFY FOR A MORTGAGE UNDER LAGOS HOMS?

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    Easy. Please click on the Resources Tab on the Lagos HOMS websitewhich willtell you all you need to know. You can also use the Mortgage Calculator to calculate how much you will be required to pay back each month.

  • WHAT IS THE INTEREST RATE PAYABLE ON A LAGOS HOMS MORTGAGE?

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    The subsidized interest rate is variable. Click here for the current rate.  

  • WHAT IS THE MINIMUM LENGTH OF TIME IT WILL TAKE TO REPAY MY MORTGAGE?

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    The minimum mortgage term under Lagos HOMS is 10 (Ten) years

  • HOW DO I KNOW HOW MUCH I WILL REPAY BACK ON MY MORTGAGE LOAN?

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    To calculate your total mortgage repayment, please click on the Mortgage Calculator. This allows you see the overall picture and how your mortgage will work. It shows you how much of your total monthly payment covers the interest, and how much covers the principal [i.e. the actual amount borrowed].

  • WHAT IS MY EQUITY CONTRIBUTION?

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    Applicants who are successful at the Draw will make an initial down payment equal to 30% of the value of the home applied for. This is called the Equity Contribution.

  • WHAT OTHER COSTS WILL I INCUR IF I TAKE OUT A MORTGAGE?

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    Only the cost of perfecting the transaction, including stamp duty and registration fee. However, once you take over your home, you will be liable to the usual costs of home ownership or occupation, like property insurance premiums, facility management fees, land use charge, etc. In all these cases, the actual amount payable will depend on the value of your home.

  • DO I HAVE TO OPEN AN ACCOUNT WITH LBIC?

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    Yes, you have to open an account with LBIC for your monthly mortgage repayments. Your account must be funded each month for mortgage payment due.

  • CAN I ISSUE POST DATED CHEQUES FOR MY MORTGAGE PAYMENTS?

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    Yes, you can issue post-dated cheques to fund your account in LBIC which will be used to offset your monthly payments.

  • CAN I HAVE MY MORTGAGE PAYMENTS DEDUCTED FROM MY CURRENT ACCOUNT IN ANOTHER BANK?

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    No but you can set up a standing order or direct debit from your bank to your account in LBIC.

  • HOW DO I CHECK MY MORTGAGE BALANCE?

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    You can check your mortgage balance by contacting the Customer Relations Desk at LBIC.

  • CAN I PAY MORE THAN 30% EQUITY CONTRIBUTION IF I CAN AFFORD TO?

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    No. You can only pay 30% equity contribution and your monthly repayments must not exceed 30% of your total monthly income.

  • WHAT HAPPENS DURING THE PROCESSING OF MY MORTGAGE APPLICATION?

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    Once you are successful at the Draw your application will be forwarded to the LBIC for mortgage processing. Click on the Link Processing of Your Mortgage to find out what happens step-by-step during the processing of your mortgage application. 

  • HOW LONG WILL IT TAKE TO PROCESS MY MORTGAGE APPLICATION?

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    Depending on how long it takes you to fulfill the conditions set out by the LBIC, the process should not take more than 30 days.

  • CAN I CHECK THE STATUS OF MY MORTGAGE APPLICATION?

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    Yes you can! Click on the Track my Application Link on the website.

  • CAN I PAY OFF MY MORTGAGE EARLIER THAN THE 10 YEAR TERM?

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    No. The minimum tenure of a mortgage under the Lagos HOMS Scheme is 10 (Ten) years.

  • CAN I INCREASE MY MONTHLY PAYMENTS?

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    Yes, as long as increasing the monthly payments does not make the minimum tenure of the mortgage fall below 10 years.

  • WHAT HAPPENS IF I MISS A PAYMENT OR MY PAYMENT IS LATE?

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    If you miss 3 (three) consecutive payments your home will be liable to Foreclosure. Late payments will attract a charge equal to 20% of the late payment. You are advised to contact the LBIC immediately, if you are experiencing any financial difficulty.

  • WHAT IS THE TITLE DOCUMENT FOR THE HOME AND HOW DO I GET IT IF I AM SUCCESSFUL?

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    The title document will be a Sub-Lease from the Lagos State Government for 99 years less one day. This will be prepared for you to sign as soon as you complete the mortgage process, but it will be held by the Mortgagee until you complete all payments for your home and discharge the mortgage.  

  • DO I NEED INSURANCE?

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    Yes, you will need to take out a compulsory Property Insurance to protect your home against fire and special perils. This is one of the conditions set out by the LBIC. Another type of insurance - Mortgage Protection Insurance is not compulsory but is strongly advised as it protects against the effects of death or permanent disability. 

  • CAN I RENT OUT MY HOME?

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    No. The Lagos HOMS Scheme is an OWNER-OCCUPIER Scheme. This means that you must live in the home you buy. You cannot buy-to-let and there will be periodic checks to make sure that home owners comply.

  • I HAVE NOT FINISHED PAYING OFF MY MORTGAGE BUT I WANT TO SELL MY HOME. WHAT DO I DO?

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    To sell your home when you have not finished paying off the mortgage means that you want to redeem your mortgage and this can only be done through the LBIC.  To redeem your mortgage you must contact the LMB, which will lead you through the process.

  • DO I NEED A LAWYER?

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    Yes. It is strongly recommended that you seek the advice of a lawyer for guidance on the legal documentation.

  • WHO WILL BE RESPONSIBLE FOR THE MAINTENANCE OF MY HOME AFTER PURCHASE?

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    There shall be a Facility Management companies appointed by the LMB whose responsibilities shall include the proper management and maintenance of the exterior of the properties and the provision of facility management services for any common areas. The cost of the Facility Managers shall be borne by the homeowners through the payment of a regular service charge. However, the home owner shall be expected to maintain the interior of the property.

  • I AM AN ESTATE AGENT AND I HAVE A CLIENT THAT WANTS TO BUY A HOME UNDER LAGOS HOMS. WHAT DO I DO?

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    Since the Scheme is strictly for home owners we recommend that you advise your clients to apply for homes of their choice directly. 

***APPLICANTS ARE STRONGLY ADVISED TO SEEK THE ADVICE OF A LAWYER TO ASSIST THEM THROUGH THE MORTGAGE APPLICATION PROCESS


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