Lagos residents commend rent-to-own mortgage scheme

  Some residents of Lagos have commended the state government’s rent-to-own mortgage scheme.
Speaking in separate interviews, on Thursday, in Lagos, some of them, however, advised the state government to expand the scheme to accommodate more people.
Mr Taiwo Ahmed described the scheme as commendable and a welcome development.
“The rent-to-own scheme is a very commendable one, which will help so many people become landlords in Lagos.

“In this time of economic hardship, when it is difficult for the common man to build their own houses, this flexible, home ownership scheme is a welcome development,” he said.
Another resident, a non-indigene, Mr Isaac Obike also commended the scheme.
“When I got information about the scheme, I didn’t believe it could benefit non indigenes; I thought it could only work for indigenes and employees of the state government.
“But a friend of mine who is self employed, and also a non-indigene applied for the mortgage and has been allocated a flat in one of the estates.
“I was surprised that the scheme can be that seamless, even without knowing anybody in government. I have also applied and expecting my allocation soon,” he said.
Mrs Tawa Idris, however, suggested that the monthly payment be slightly adjusted to accommodate more people.
“The scheme is a nice one but for someone like me who is a petty trader, the monthly rental is a bit too high.
“It will be encouraging if the rental can be reviewed downwards to accommodate more of the low income earners,” she urged.
NAN reports that the scheme was launched on Dec.8, 2016 by Gov. Akinwumi Ambode of Lagos state, as a way of expanding access to accommodation.
Mr Gbolahan Lawal, the Commissioner for Housing said that about 500 Lagos residents had benefited from the scheme.
He assured residents that the scheme would help bridge the three millions housing deficit in the state.
“The aim was to ensure that Lagosians, irrespective of status, income and affiliations, have access to decent shelter in order to improve their quality of life.
“So far, 500 Lagosians have been allotted homes under the scheme, and they have taken possession of such homes,” he said.

The commissioner said that the scheme was an improvement on the home ownership scheme of the Lagos State Government.
“The Lagos Home Ownership Scheme (Lagos HOMS) entails a deposit of 30 per cent as equity contribution, while payment of the balance in monthly instalments is spread over 10 years.
“It was, however, observed that many of our young adults and low income earners were unable to come up with the deposit.
” Under this new policy, allottees are required to pay five per cent of the cost of housing as commitment fee, and the balance is spread over10 years,” he said.
He also said that over 12,000 applications had been received and being processed under the scheme.
A total of 12 housing estates are presently available for the state’s rent-to-own home ownership scheme.
The estates are: Michael Otedola, Epe; Choice City, Agbowa; Alhaja Adetoun Mustapha, Ojokoro; Olaitan Mustapha, Ojokoro; Oba Adeboruwa, Ikorodu and Egan/ Igando Housing Estates.
Others are: Igando Gardens; Igbogbo Housing, Ikorodu; Odo/Onosa/Ayandelu Estate Iponri Estate, Surulere; Sangotedo Estate, Eti-Osa and Ajara Estate, Badagry. (NAN)

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