he government of Lagos state has instituted a
programme that encourages low and middle income earners to own their own homes.
The Lagos Home Ownership Mortgage Scheme, H.O.M.S for short, is being managed by the
state’s ministry of housing and the programme is open to every Lagosian. H.O.M.S is based on a home-grown mortgage
system financed by the state.
……………………………………………………………………………………………………………….
Lagos
Home Ownership Mortgage Scheme (Lagos H.O.M. S)
It
has been identified that the greatest obstacle to achieving the goal of housing
for all is the absence of enduring mortgage system.
Provision
of Accommodation is by nature capital-intensive, and affordability implies that
for low and medium income earners to be able to buy houses, there
must be in place a mortgage finance system and one of the major challenges that
impedes home ownership in Nigeria is the inadequacy of the mortgage
sector.
Faced
with the ever-increasing need to provide adequate accommodation for the
citizenry, the State Government reaches the need to assist the citizenry in
meeting their shelter aspiration as well as facilitate the creation of long
term and sustainable wealth.
Lagos
HOMS, a home ownership scheme that affords first time home buyers who are
resident in Lagos State the opportunity to own their homes.
FEATURES OF THE SCHEME
· Tenor
minimum of 10 years and maximum of 20 years.
·
Facility Amount: This will be subject to the 70% balance of the cost of the
type of houses purchased.
·
Equity Contribution: Applicant would be required to make a minimum equity
contribution of 30% value of the property he/she intends to buy.
·
Pricing
-
Interest rate 6%
-
Fee N10,000 (Civil Servant)
-
Admin. Charges N25,000 (Others)
-
No other charge
·
Repayment
-
Equal periodic principal repayment. Interest to be paid on reducing balance or
-
Equal monthly instalment of both principal and interest.
· Security
Deed
of Mortgage over the property to be acquired.
