The Lagos State Rent to Own scheme is also known as the Lagos Home Ownership Mortgage Scheme or Lagos HOMS. It is a mortgage scheme established by the State Government, precisely the government led by Governor Akinwunmi Ambode. This scheme aims to help Lagosians own houses by paying in instalments over specified periods.
Several benefits accrue to individuals that subscribe to this scheme. The question that begs an answer is, how much does it cost to own a house under the Lagos State Rent to Own scheme? Continue reading this post to find out the answer to this question and access several other pieces of information about the scheme.
Lagos State Rent-to-Own Price List
The scheme presents Lagosians with the opportunity to own a variety of houses. These houses are scattered across different locations within the State and come in different sizes. Several factors affect the cost of a house under the scheme. Chief among these factors include the location, size, and number of rooms available.
With this information out of the way, we have put together a table showing the different properties available under this scheme, their current prices, and where the properties are located.
|SN||NAME OF SCHEME||TYPE||UNIT PRICE|
|MONTHLY REPAYMENT =N=|
|1||SIR MICHAEL OTEDOLA ESTATE, ODORAGUNSHIN, EPE||R/PARLOUR||1,500,000.00||75,000.00||15,820.42|
|2||CHOIS CITY, AGBOWA||2 BEDROOM||3,500,000.00||175,000.00||36,914.32|
|3||ODO ONOSA, AGBOWA||1 BEDROOM||3,000,000.00||150,000.00||31,640.84|
|4||ALH. ADETOUN MUSTAPHA SCHEME, OJOKORO||3 BEDROOM||9,000,000.00||450,000.00||94,922.53|
|5||HON. OLAITAN MUSTAPHA SCHEME, OJOKORO||3 BEDROOM||9,000,000.00||450,000.00||94,922.53|
|6||ALHAJI LATEEF JAKANDE ESTATE, ALIMOSHO-IGANDO||1 BEDROOM||5,000,000.00||250,000.00||52,734.74|
|7||OBA ADEBORUWA ESTATE, IGBOGBO, IKORODU||1 BEDROOM||3,000,000.00||150,000.00||31,640.84|
|8||IGBOGBO IIB HOUSING ESTATE, IKORODU||1 BEDROOM||3,500,000.00||175,000.00||36,914.32|
|9||IPONRI ESTATE, IPONRI-SURULERE||2 BEDROOM||20,000,000.00||1,000,000.00||210,938.95|
|10||SANGOTEDO SCHEME, ETI-OSA||1 BEDROOM||15,000,000.00||750,000.00||158,204.22|
|11||AJARA ESTATE, BADAGRY||1 BEDROOM||2,000,000.00||100,000.00||21,093.90|
|12||IBESHE ESTATE, IKORODU||1 BEDROOM||5,000,000.00||250,000.00||52,737.74|
|13||SANGOTEDO PHASE 2||1 BEDROOM||15,000,000.00||750,000.00||158,204.22|
Kindly note that this table was culled from the official Lagos State Home Ownership Mortgage Scheme website.
PRICES LAST UPDATED: OCTOBER 7, 2022.
Lagos State Rent-to-Own Application Eligibility Criteria
As one would expect, schemes like Lagos State Rent to Own are not necessarily open to the general public, even though they are advertised that way. You need to satisfy certain eligibility criteria to qualify for this scheme. This section will beam the spotlight on the Lagos State Rent to Own eligibility criteria. Check them out below:
- The applicant has to be a primary resident of Lagos State. To this effect, they will have to submit a copy of their Lagos State Residents’ Registration Card.
- All applicants have to be 21 years old or older.
- Each applicant has to be a first-time buyer.
- All applicants must have the capability of making the initial 5 percent commitment fee payment.
- Only compliant individuals are eligible for this scheme. As such, you will be required to provide proof of tax remission before you can partake in the scheme.
- Every applicant is required to pass the “Affordability Test.” This test requires that the applicant must be able to afford 0.33 percent of their monthly income as monthly repayment under the scheme.
Lagos State Rent-to-Own Application Eligibility Criteria
After you satisfy the eligibility criteria and are qualified to partake in the Lagos State Rent to Own scheme, the next step is application. How do you submit your application to become a partaker in this scheme? The details below will guide you:
- The first thing to do is to get the application form for the scheme. You can pick it up at any of the locations listed below:
- Lagos State Mortgage Board (LagosHOMS). The office is located at Plot A2 NECA House Building, Hakeem Balogun Street. CBD Alausa, Ikeja Lagos.
- Ministry of Housing.
- Download the form online.
- After you pick up the form, you will be required to pay N10,000 to a specified account that will be provided at the location where you pick up the form.
- Ensure that you complete the form properly. Provide all the necessary details and follow the guidelines provided. Failure to do this may result in disqualification.
- Submit the application form along with the supporting documents and the payment receipt at any of the locations mentioned earlier. You can also submit the form and the supporting documents online.
If you have any challenges, kindly place a call to any of the phone numbers below:
07044519311, 08124817363, 08093061691.
Lagos State Rent to Own Scheme Required Documents
Below is a list of the required documents you need to complete your application for the Lagos State Rent to Own Scheme:
- Two passport photographs with your name and signature written behind them.
- Evidence of income tax payment for a minimum of five years.
- Personal bank statement for a minimum of six months.
- Salary payment slips for the last six months. If you have changed jobs within a year of your application, you should provide the last pay slip from your previous employer.
- Reference letter from your current employer that confirms job title and status as well as annual salary and allowances. It should also contain any existing loans from your employer and specific obligations.
- Evidence of additional income, if any.
- Proof of identity (birth certificate, international passport, driver’s license, national identification card, or Lagos State Residents Card, etc.).
- Notarised buyer’s affidavit. Click here to download.
- Signed memorandum of acceptance. Click here to download.
- Proof of Lagos State residency (tax card, Lagos State Residents Card, or utility bill).