The
Lagos State Home-Owners Mortgage Scheme (LagosHOMS) has continued to excite the
property market with its monthly draws which produced homeowners and, by
implication, lightens the state’s housing deficit burden estimated to be as
high as two million units.
The
scheme which was formally inaugurated in March this year by Babatunde Fashola,
the state governor, has produced well over
200 homeowners with yesterday’s
draw, which is the fifth in the series, peaking at 131 winners who collected
their allocation letters at the event.
LagosHOMS,
according to the state government, is part of its social intervention in the
worrisome housing situation in the state which has over 60 percent of its 18
million residents living in rented accommodation, spending over 50 percent of
their monthly income on house rent payment.
According
to them, the scheme is their response to increasing inability of the residents
to own homes through personal savings as it was aimed to provide
pocket-friendly housing solutions, adding that the scheme was designed to be
accessed through mortgage loans payable in 10 years at single digit interest of
9.5 percent.
Speaking
at the draw yesterday, Fashola said the scheme was delivering on its objectives
of producing first time home owners, providing homes for the vulnerable members
of the state, young families who are just starting out in life, as well as
young executives.
He
added that the scheme has no discrimination in terms of religion or race,
pointing out that people from different parts of the country and of different
religious persuasions have won in the draw and now proud home owners by virtue
of just being Lagos residents.
BusinessDay
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