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.
Lagos Mortgage Board(LMB) prequalifies the applicant and successful applicants are assigned a Draw reference number.
The Lagos Mortgage Board conducts the Draw through a transparent and fair process that will be well publicised.
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.
The Contract of Sale and Deed of Mortgage are executed (signed) and the keys to the property delivered to the applicant.