Owning a home in Lagos, Nigeria, can seem like an unattainable dream for many. However, with initiatives like the Lagos State Rent-to-Own scheme, this dream is becoming a reality for more Lagosians. In this blog post, we’ll break down everything you need to know about this scheme, from eligibility criteria to application process and required documents.
Understanding the Lagos State Rent-to-Own Scheme
The Lagos State Rent-to-Own scheme, also known as Lagos HOMS (Home Ownership Mortgage Scheme), is a government-established initiative led by Governor Akinwunmi Ambode. It aims to help residents of Lagos State achieve homeownership by allowing them to pay for their homes in instalments over a specified period.
Cost of Owning a Home
The cost of owning a house under the Lagos State Rent-to-Own scheme varies depending on factors such as location, size, and number of rooms. Here’s a glimpse of the prices for different properties available under the scheme:
Eligibility Criteria
To qualify for the Lagos State Rent-to-Own scheme, you need to meet certain eligibility criteria, including:
- Being a primary resident of Lagos State with a Lagos State Residents’ Registration Card.
- Being 21 years old or older.
- Being a first-time buyer.
- Having the capability to make the initial 5 percent commitment fee payment.
- Providing proof of tax remission and passing the affordability test.
Application Process
Once you meet the eligibility criteria, you can proceed with the application process, which involves:
- Obtaining the application form from designated locations or online.
- Paying a fee of N10,000 to a specified account.
- Completing the form accurately and submitting it along with supporting documents either in person or online.
Required Documents
You’ll need the following documents to complete your application:
- Passport photographs
- Evidence of income tax payment
- Personal bank statement
- Salary payment slips
- Reference letter from current employer
- Proof of additional income
- Proof of identity
- Notarized buyer’s affidavit
- Memorandum of acceptance
- Proof of Lagos State residency
Conclusion
Owning a home in Lagos is no longer just a dream, thanks to initiatives like the Lagos State Rent-to-Own scheme. By understanding the eligibility criteria, application process, and required documents, you can take the first step towards homeownership in Nigeria’s bustling metropolis.
FAQ
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Who is eligible for the Lagos State Rent-to-Own scheme?
- Primary residents of Lagos State who are 21 years old or older, first-time buyers, and capable of making the initial 5 percent commitment fee payment.
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Where can I obtain the application form?
- You can get the form from Lagos State Mortgage Board (LagosHOMS) offices, Ministry of Housing, or download it online.
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How much is the application fee?
- The application fee is N10,000, payable to a specified account provided at the location where you pick up the form