Eligibility Criteria

  1. Applicants must be primarily resident in Lagos State and will be required to provide proof or submit a copy of their Lagos State Residents Registration Card where applicable.
  2. Document to be submitted with the application are listed on the Application Form. Duly completed Application Forms will be submitted in person to the LMB with the prescribed processing fee and copies of all required documents attached. Originals of documents must be brought along for sighting.
  3. Co-Applicants will be permitted but will have to take joint title. Both applicants must be first time buyers.
  4. Only tax compliant applicants will be eligible under the Lagos Home Ownership Mortgage Scheme and must provide proof of tax payment for the last 5 years.
  5. Once an application is submitted, it will go through a pre-qualification process at the LMB. If additional information is required, the LMB will contact the applicant through the contact details submitted. This process may take up to 30 days, after which Draw Reference Numbers will be issued in respect of approved applications.
  6. Applicants will be contacted with their Draw Reference Numbers and will be notified of the Draw date so they can attend if they wish. The Draws will be conducted in a fair and transparent manner. 
  7. Successful draws will be published while unsuccessful applicants are at liberty to reapply. Applicants who have applied before will not be required to submit a fresh Application Form  unless the information contained in the original form has changed. Applicants who are re-applying will depose to an affidavit declaring that the information in their form is still correct. Any false deposition will result in automatic disqualification. The processing fee is payable each time an applicant re-applies.
  8. Applicants who are successful at the Draw will be eligible for access to mortgage finance subject to post-draw processing administered by the LBIC.
  9. The post draw process involves (amongst others) a credit appraisal to assess the applicant’s ability to make the 30% down payment and meet the monthly repayments.


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