The Lagos State Mortgage Board has stated that the addition of a new set of homeowners has reinforced the state’s dedication to improving residents’ welfare through affordable housing.
- +Lagos expands homeownership drive with new beneficiaries
According to a statement on Sunday, the General Manager/Chief Executive Officer of the Lagos State Mortgage Board, Mr.
According to a statement on Sunday, the General Manager/Chief Executive Officer of the Lagos State Mortgage Board, Mr. Bayowa Foresythe, stated this during his keynote address at the Fourth Exit Ceremony for Beneficiaries of the Lagos Home Ownership Mortgage Scheme.
Foresythe noted that it had always been the vision of the state government to bridge the housing gap by providing affordable and sustainable housing opportunities for residents, especially those in the low-income bracket.
He also stated that since its inception, the responsibility of translating this vision into reality had been entrusted to the Lagos State Mortgage Board through LagosHOMS.
Foresythe said the event was tagged an exit ceremony because it marked the completion of the beneficiaries’ mortgage tenure, noting that over 30,000 Lagos residents had benefited from the state mortgage scheme, also known as the Rent-To-Own Scheme.
“These beneficiaries cut across various age groups, professions, genders, socioeconomic backgrounds, and ethnic affiliations. That is to say, young people from age 21, artisans, entrepreneurs, civil servants, market women, and members of both the formal and informal sectors have all benefited from this life-changing initiative.
“This demonstrates that LagosHOMS is a truly inclusive programme. Allocation of homes is based on eligibility criteria and affordability assessments (Debt-To-Income ratio – DTI), ensuring transparency, fairness, and equal opportunity for all qualified applicants irrespective of applicants’ tribes. There is no discrimination or bias during the selection process,” he said.
He disclosed that the new homeowners were the fourth batch of beneficiaries who had successfully completed their mortgage tenure, while others had taken advantage of the Redemption Policy ahead of schedule.
The CEO congratulated the beneficiaries for their discipline, sacrifice, perseverance and commitment in fulfilling their obligations and remaining focused, despite economic challenges and life’s uncertainties.
“Today, your resilience has paid off. You are no longer mortgagors and tenants; you are now proud and full homeowners in Lagos State,” he said.
He traced the success of the welfarist scheme to the visionary housing reforms initiated during the administration of President Bola Tinubu as the then Governor of Lagos State.
“His forward-thinking Lagos Development Master Plan and commitment to ‘Housing for All’ laid the foundation for the innovative housing programme we celebrate today,” he said.
He also commended the Governor of Lagos State, Mr. Babajide Sanwo-Olu, for his unwavering support, visionary leadership and steadfast commitment to the success of LagosHOMS; and the Deputy Governor, Dr. Kadri Hamzat, for his consistent support and invaluable contributions.
“Our interest rate remains the same, and this is attributed to the welfarism of the Lagos State Government. This is one of its kind in Nigeria, and I am sure Lagos residents who have benefited from the scheme can testify to this,” he said.
Beneficiaries who received their housing documents at the event commended the team, led by Mr. Foresythe, for its professionalism and courteous engagement throughout the process.
They noted that the scheme stands out from others due to its affordability, accessibility, flexible repayment structure, single-digit interest rate, and other attractive features.
