NIGERIA (Lagos)-The government of Lagos State, under the leadership of Babatunde Raji Fashola SAN, has inaugurated the Home Ownership Mortgage Scheme for the people of the state yesterday.

In his address at the ceremony held in Ikeja, Gov. Fashola described the scheme as a way of reducing house deficit in the state.

According to him, the scheme would assist residents of Lagos State to become house owners themselves.

“For many years, our people have had to acquire houses; often times being required to pay cash once and for all, as if they were buying a shirt or a pair of shoes in a shop. This approach in part, explains why a large number of ordinary middle class and working people, cannot afford to acquire homes on the basis of their legitimate income derived from hard work.

“In Lagos, we are of the view that a home is not something you buy in one day, but over time in a way that your ability to acquire is tied to your income and continued prosperity,” he said.

Fashola added that 1,104 houses in various locations, had been completed, while 3,156 others were at various stages of completion.

Mr. Fashola said that some housing projects would soon commence in Ijora, Ilubinrin, Iponrin and other areas, adding that a total of 4, 554 new homes would be delivered on completion, while the allocation of the houses shall commence on March 4.

He said only residents who are regular tax payers for the last five years, and have not build their own house, will be eligible to apply.

He said another condition was that beneficiaries must be prepared to live in the allocated houses, warning that renting out their apartments would attract stiff penalties.

Eligible residents can participate in the scheme by applying online at www.lagoshoms.gov.ng.

The houses are to be allocated to successful applicants, selected at a monthly draw, on a 10 year mortgage plan. Winners are expected to pay 30 per cent of the mortgage instantly, while the rest is to be serviced monthly, at an annual interest rate of 9.5 per cent .

The houses under the scheme, include one-bedroom, two-bedroom and three-bedroom apartments, with prices ranging from N4 million to 32 million, depending on size and location.