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Fashola launches affordable mortgage home scheme


LAGOS—Governor Babatunde Fashola of Lagos State, yesterday, launched the Lagos Home Ownership Mortgage Scheme, HOMS, aimed at providing affordable shelter for residents of  the state.
The housing deficit in Lagos state is placed at one million  units.

Fashola speaking at the ceremony said that the new home scheme gives residents of the state the opportunity to pay back for a period of not less than 10 years.
The home scheme ranges from 1, 2 and 3 bedrooms. One bedroom apartment under the Lagos HOMS is expected to cost N4.3 million.

Fashola said the state government decided to adopt the mortgage approach to home ownership since it had become increasingly difficult to pay out rightly for houses.
The governor said: “This approach in part explains the reason why a large number of ordinary middle class and working class people cannot afford to acquire homes on the basis of their legitimate income derived from hard work that rewards the dignity of labour.

“ Our view of a home is that it is something you pay for gradually and it is a place of safety, well built, safe and sound, to protect you and your family from the hazards of nature such as rain and heat, a place that will not flood or suddenly  collapse.
“Today as we flag off this scheme there are 1,104 completed homes while another 3,156 units are at various stages of construction and we intend to start more. As against this, we are starting the construction of 4,554 housing units across the state.”



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