About Lagos HOMS
In line with its promise to stimulate investment in home ownership by increased access to affordable mortgage finance, the Lagos State Government is pleased to introduce the Lagos Home Ownership Mortgage Scheme (Lagos HOMS) - a stimulus package for equity-supported access to home ownership that will provide the framework for a sustainable mortgage scheme in Lagos State.
The Lagos State Government will continue to provide decent and affordable housing units of various types and sizes for purchase by residents of Lagos State. Upon completion, these houses will be handed over to the Lagos State Mortgage Board (“the LMB”) to administer under the Scheme. The LMB has the power to issue and execute policies and regulations for the effective implementation of Lagos HOMS.
LMB will pre-qualify applicants for the Draws while the LBIC will administer the completion of the mortgage process.
The State Government must provide a framework for a sustained mortgage scheme with a well-articulated and sustainable policy. In this regard, a Policy Initiative for a State driven Mortgage Scheme was produced. The social underpinnings of the housing policy require that the government ignites the process. Unfortunately, Lagos State is not an affluent state in view of the challenges and enormous social responsibilities and demands owing to its population density of approximately 20,000 people per square metre and an estimated population growth of 8% per annum.
The Ministry of Housing, New Towns Development Authority (“NTDA”) and LSDPC are tasked with the creation of housing stock to bridge the housing supply gap of sustaining Lagos HOMS.
Upon completion, these houses will be handed over to the Lagos State Mortgage Board (“the LMB”) to administer under the Scheme.