Lagos Rent To Own Program
Rent To Own is the new policy introduced by the administration of Governor Akinwunmi Ambode to make housing more readily available to the teaming population of Lagos State. This policy is to ensure that more people that wouldn’t have been home owners are accommodated. It is a system whereby prospective home owners make a 5% down payment, take possession and pay up the remaining balance as rent towards the ownership of the property over a period of 10 years.
Lagos Home Ownership Mortgage Scheme (Lagos HOMS)
The Lagos Home Ownership Mortgage Scheme (Lagos HOMS) is a government initiative to encourage and support home ownership of First-Time Buyer (FTB) residents of Lagos State to purchase decent and affordable homes through the provision of accessible mortgage finance. Lagos HOMS is administered by the Lagos Mortgage Board (LMB)