The Long awaited implementation of the Lagos Homeownership Mortgage Scheme (LagosHOMS) would commence this year, according to authorities of the Lagos State Government.
The scheme was the state government’s response to increasing inability of its citizens to own homes through personal savings as it was aimed to provide pocket-friendly housing solutions.
Designed to be accessed through mortgage loans payable between 10-20 years at single-digit interest rate, LagosHOMS is currently being fine-tuned by the state government for rollout before the end of this year.
Bosun Jeje, the state commissioner for housing, while explaining that the state instituted a mortgage framework to enable income earners and intending homeowners to benefit from the scheme, disclosed that the scheme was intended to be implemented in the first quarter of the year. “We had to go back and re-strategise on our plans to enable us produce sustainable process that can withstand the test of time.
“Currently, we are incorporating the final logistics into the scheme to ensure it would be appreciated by all interested parties and even utilised by subsequent governments,” he added.