Lagos State Govt Rolls Out H.O.M.S

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agos State Governor, Mr. Babatunde Fashola (SAN) yesterday launched the official website for the state’s proposed Home Ownership Mortgage Scheme (H.O.M.S) and its Housing Arbitration Rules. The Governor explained that the scheme is designed as a means to ease home ownership for all Lagos residents.

According to the governor, the scheme is ‘’designed to make dream of home ownership achievable.” He added that the website will serve as a database for all applicants to the scheme which has been christened Lagos HOMS; where they will download all needed information, including rules of prequalification and the Mortgage Calculator which will enable prospective clients to calculate the quantum of their income and decide if the payment is suitable.

Speaking before the formal launch at the banquet hall of the Lagos House, Ikeja, Governor Fashola said all disputes arising under the scheme would be resolved by arbitration governed by the Lagos Housing Arbitration Rules. This, he explained, would form a core of the Scheme’s policy. He also said the scheme would provide equity funding on the platform of Mortgage financing for the purchasing of homes, where applicants will be owners of their own homes upon payment of an equity contribution not exceeding 30 percent of the price per housing unit with the balance payable over a period of 10 to 20 years.

He also explained that the scheme is primarily designed for “First Time Buyers” [FTBs] which is a reference to applicants entering the home ownership market for the first time. The Governor further explained that an applicant would be expected to provide a sworn buyer’s affidavit attesting that he/she doesn’t own any property anywhere within Lagos state territory, proof of employment, residency in Lagos state and evidence of Tax compliance. “Any false deposition in the buyer’s affidavit will be a ground for re-possession and this will be without prejudice to other criminal sanctions that may be imposed by law”, the Governor stated.

“The Lagos Home Ownership Scheme will be launched with the pool of housing stock presently available to the Lagos State Government. More housing units will be offered for sale under the Scheme as they are completed”, Governor Fashola said, adding that the Government has designed a structure whereby it would collaborate with named partner banks for the provision of funds to support applicants in the acquisition of homes as well as the management of the pre-qualification procedures. The Governor also said the launch of the Scheme’s website and Housing Arbitration Rules constitute “the first in a series of events that will lead to flagship formal launch of Lagos HOMS in a short while”, adding, “Between now and then, the website will be uploaded with all the necessary information to help prospective buyers under the Scheme make an informed choice”.

“By the date of the formal launch of Lagos HOMS, applicants will have the choice of downloading all the forms from the website and visit the partner banks only to submit completed documents”, the Governor added.