Lagos State Rent-to-Own is also known as the Lagos State Home Ownership and Mortgage Scheme. This mortgage system helps to deliver homes to the residents of Lagos State through a very convenient process. It was first introduced by the former Governor of Lagos State, Akinwunmi Ambode.
The Lagos State Rent-to-Own scheme aims to make housing more accessible, affordable, and available to both low and middle-income earners in the State. One question that people ask is, “what kind of homes are under this scheme and how much do they cost?” Continue reading this post to find out.
Lagos State Rent-to-Own Price List
Lagos State Rent-to-Own allows individuals who have average earning jobs in Lagos State to partake in the scheme. You just need to pay in instalments over a period to become a homeowner. Taking this step offers you several benefits including future investment and security for loans. But the question remains, how much do these homes cost? We have researched on your behalf and put together the table below to help you out.
| PROPERTY TYPE | PRICE RANGE | LOCATION | SIZE (M2) |
| Room and parlour | N4.34 million | Michael Otedola Estate Odorangunshi | 60.22 |
| One bedroom (Type 1) | N4.1 million – N6.4 million | · Odo Onosa/Odo Ayandelu · Oba Adeboruwa Estate Igbogbo · Michael Otedola Odorangunshi | 60.22
60.22
60.22 |
| One bedroom (Type 2) | N7.5 million – N7.85 million | · Igbogbo Phase 2 · Igando Gardens · Magodo · Omole Scheme · Sangotedo | 60.22
60.22
60.22 60.22 47 |
| One bedroom (Type 3) | N8.25 million – N9.91 million | · Chief Anthony Enahoro Scheme (Shogunro) 1 · Chief Anthony Enahoro Scheme (Shogunro) 2 · Shitta, Surulere · Ilupeju · Mushin · Lekki Scheme | 60.22
60.22
60.22
60.22 60.22 60.22 |
| Two bedrooms (Type 1) | N6.22 million – N7.22 million | · Odo Onosa/Odo Ayandelu · Oba Adeboruwa Estate Igbogbo · Michael Otedola Odorangunshi | 75.79
75.79
75.79 |
| Two bedroom flat | N9.75 million – N10.5 million | · Chois Gardens | 75.79 |
| Two bedroom (Type 2) | N9.44 million – N9.71 million | · Igbogbo Phase 2B · Igando Gardens · Magodo Shangisha · Omole Scheme | 75.79
75.79
75.79
75.79 |
| Two bedroom (Type 3) | N10.38 million – N12.47 million | · Chief Anthony Enahoro Scheme (Shogunro) 1 · Chief Anthony Enahoro Scheme (Shogunro) 2 · Shitta, Surulere · Ilupeju · Mushin · Lekki Scheme 2 · Lekki Scheme 1 | 75.79
75.79
75.79
75.79 75.79 75.79
75.79
|
| Two bedroom (Type 4) | N14.69 million – N18.61 million | · Sangotedo | 88 |
| Three Bedroom Flat | N14.5 million – N15 million | · Chois Gardens | 123.9 |
| Three Bedroom Terrace | N8.77 million | · Odo Onosa/Odo Ayandelu | 123.9 |
| Three Bedroom (Type 1) | N6.96 million | · Odo Onosa/Odo Ayandelu | 123.9 |
| Three Bedroom (Type 2) | N8.98 million – N11.02 million | · Iloro Scheme · Hon. Sotonwa Estate, Igbogbo · Hon. Mustapha Ojokoro | 123.9 123.9
123.9 |
| Three Bedroom Type 3 | N15.43 million – N16.69 million | · Igbogbo Phase 2 · Igando Gardens · Shitta, Surulere · Magodo, Shangisha · Omole Scheme | 123.9
123.9
123.9
123.9
123.9 |
| Three Bedroom (Type 4) | N16.69 million – N17.71 million | · Chief Anthony Enahoro Scheme (Shogunro) 1 · Chief Anthony Enahoro Scheme (Shogunro) 2 · Mushin · Lekki Scheme 2 · Sangotedo | 123.9
123.9
123.9 123.9
123.9 |
| Three Bedroom (Type 5) | N18.67 million – N20.39 million | · Ilupeju · Lekki Scheme 2 | 123.9 123.9 |
These prices were drawn from the official Lagos State Home Ownership and Mortgage Scheme. We will keep updating this post once we notice any changes in the prices or additional apartments. Now, let’s discuss some important information about the Lagos State Rent-to-Own scheme.
Features of the Lagos State Rent-to-Own Scheme
In this section, we will discuss a few things that you need to know about the Lagos State Rent-to-Own scheme.
- The minimum tenor is 10 years while the maximum is 20 years.
- You have to pay a minimum down payment of 30% of the total cost of the property you need.
- 70% facility contribution is done by the participating banks at an interest rate of 6%.
- The admin charge for registration for a civil servant is N10,000 while it is N25,000 for other individuals.
- Repayment of the loan should be an equal periodic principal with the interest paid on the reducing balance. Alternatively, you can pay monthly instalments that include the principal and interest.
- The security over the property that you want to acquire shall be the Deed of Mortgage.
Eligibility Criteria for Lagos State Rent-to-Own
- All applicants must be residents of Lagos State.
- The applicants should be less than 60 years old.
- Each applicant must present a verifiable income means.
- Applicants must be credit-worthy.
- Successful applicants must pay 30% of the total cost of the property once they qualify.
- House owners cannot rent the homes that they purchase. They cannot rent out or transfer the home to other individuals until every obligation is fulfilled.
- Beneficiaries must pay an interest rate of 6% on the mortgage loan.
- Each applicant should have been working with their current employer for a minimum of 6 months. The employer must provide confirmation of this while applying.
- All the applicants must be first-time home buyers.
Application and Approval
- All interested applicants should visit the Ministry of Housing to pick a form or download one from the Lagos State Government official website.
- After filling the form, applicants should submit it to the Ministry of Housing along with a payment of N1,000.
- Applicants will be directed to any of the three participating banks after submission for the pre-qualification process.
- Once the bank certifies an applicant and recommends them, they will receive a Letter of Offer.
- After receiving the Offer Letter, the applicant must pay 30% of the total equity cost to any of the participating banks.
- Each applicant must submit a payment proof and their acceptance letter to the Ministry of Housing upon payment.
- The Ministry of Housing then refers the documents to the Ministry of Justice for the preparation and execution of the Deed of Mortgage and Contract of Sales agreements.
- The Ministry of Housing presents the successful applicants with the Letter of Confirmation of Allocation as well as the keys to the purchased apartment.
Repayment Monitoring and Tracking
The participating bank that the applicant chooses along with the Lagos State Government will be in charge of monitoring and tracking repayments. Each month, the bank will present an update to the Lagos State Government on each applicant’s repayment. If there are any defaulters, the bank will follow up with them aggressively.
