Lagos State Government to Subsidize Cost of Home Ownership

Last week, the state government moved to reduce the home-ownership barrier in Lagos and also speed up project deliveries of LagosHoms to combat home deficit growing faster.

The subsidy initiative according to the Lagos State Commissioner for Housing, Mr Moruf Akinderu-Fatai, said the government is committed to providing affordable housing units despite steady increase in cost of building materials due to the current inflation trends.

According to the commissioner, Governor Babajide Sanwo-Olu has directed that the cost of homes built by the state should be lower than market price to make purchase easy for the citizens, making note that the government is committed in reducing the home gap demand by providing more homes by the end of the year.

He said, ‘’We are engaging multinationals along with other Ministries, Departments and Agencies to build and support the financing of buildings in the state. This is the viable option, given the fact that land is a limited resource in the state.’’

He also reiterated that housing schemes financed through direct budgetary allocation in the state will be delivered soon. The housing schemes are located in Agbowa, Sangotedo Phase 1, Gbagada, Omole Phase, Odo-Onosa Ayandelu, Agbowa,Egan-Igando, LASU, Ita-Marun in Epe and Ajara.

Akinderu-Fatai said that an initial payment of 5% of the value of the homes by the allottees was required before spreading the balance.

How To Apply For LagosHOMs

Lagos state citizens with LASRRA can apply under the Rent-To-Own scheme with a convenient mortgage system where you can spread your payment for up to 10 year. Visit https://lagoshoms.gov.ng/ to see eligibility criteria, payment details and homes available and price list etc.

Source: Property pro 23/07/2021