LASG Begins Rent-to-own in Five Estates

housing-loans
  • LASG Begins Rent-to-own in Five Estates

The Lagos State Government has commenced the implementation of the Rent-to-Own programme in five of its estates built under the Lagos Home Ownership Mortgage Scheme.

These are the Sir Michael Otedola Housing Estate, Odoragunshin, Epe; CHOIS City, Agbowa; Oba Adegboruwa Estate Igbogbo, Ikorodu; Alhaja Adetoun Mustapha Estate, Ojokoro; and Hon. Olaitan Mustapha Estate, Ojokoro, which are ready for immediate habitation.

The Commissioner for Housing, Gbolahan Lawal, said at the inauguration of the scheme in Ojokoro, that the intention was to earmark 80 per cent of the available units in the five estates for the Rent-to-Own, while the remaining 20 per cent would be dedicated to the Rental Housing scheme.

He said, “The housing units available under the programme have been reasonably priced considering the prevailing economic downturn and will not be transferable.

“I want to assure the people of Lagos State that the selection process will be credible, fair and transparent. You, therefore, need not know anyone in government to put your foot on the home ownership ladder through this programme.”

Lawal stated that housing ranked second in human needs after food, but that it was common knowledge that obtaining suitable, decent and affordable accommodation could be a daunting task, particularly in the Lagos metropolis.

According to him, prior to this time, the mortgage option under the Lagos HOMS was the cheapest means of becoming a public housing unit owner entailing the deposit of 30 per cent of the cost of the house as equity contribution, and payment of the balance in monthly instalments over a period of 10 years.

The commissioner explained, “However, many of our youths and low income earners were still unable to come up with the deposit. The Rent-to-Own and the Rental Housing policies being inaugurated are our administration’s initiatives aimed at ensuring that all Lagosians, irrespective of status, income and affiliations, have access to decent shelter to improve the quality of life.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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