The Lagos State Mortgage Board has said the addition of a new set of homeowners underscores the state government’s commitment to improving residents’ welfare through affordable housing initiatives.
This was disclosed in a statement issued on Sunday, where the General Manager and Chief Executive Officer of the Lagos State Mortgage Board, Mr. Bayowa Foresythe, spoke during his keynote address at the Fourth Exit Ceremony for beneficiaries of the Lagos Home Ownership Mortgage Scheme (LagosHOMS).
Foresythe said the Lagos State Government has consistently pursued the goal of bridging the housing gap by providing affordable and sustainable housing opportunities, particularly for residents in the low-income bracket.
He noted that the responsibility of translating this vision into reality was entrusted to the Lagos State Mortgage Board through the LagosHOMS programme.
According to him, the exit ceremony marks the completion of mortgage tenure for beneficiaries, with over 30,000 Lagos residents already benefiting from the Rent-To-Own housing scheme since its inception.
“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,” he said.
Foresythe described LagosHOMS as an inclusive programme, stressing that allocation of homes is guided by eligibility criteria and affordability assessments, particularly the Debt-to-Income (DTI) ratio.
He emphasised that the selection process is transparent and free from discrimination.
“There is no discrimination or bias during the selection process,” he stated, adding that all qualified applicants are treated equally irrespective of ethnic background or social status.
The CEO explained that the newly recognised homeowners form the fourth batch of beneficiaries who have successfully completed their mortgage tenure. He also noted that some participants had opted for the scheme’s Redemption Policy, allowing them to pay off their obligations ahead of schedule.
He congratulated the beneficiaries for their discipline, resilience, and commitment in meeting their obligations despite prevailing economic challenges.
“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.
Foresythe traced the success of LagosHOMS to housing reforms initiated during the tenure of President Bola Tinubu as Governor of Lagos State, noting that his development blueprint laid the foundation for the current housing programme.
He also commended Governor Babajide Sanwo-Olu for his continued support and commitment to the scheme, as well as Deputy Governor Dr. Kadri Hamzat for his 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 added.
Beneficiaries at the event praised the Mortgage Board team for its professionalism and customer-friendly approach throughout the housing process.
They highlighted the affordability, flexible repayment structure, accessibility, and single-digit interest rates as key features that distinguish LagosHOMS from other housing schemes in the country.
The programme continues to position itself as a major intervention in addressing Lagos State’s housing deficit while promoting home ownership among residents across different income levels.
