5 Easy Steps To Own A Home Through Lagos State H.O.M.S and Procedures.

Igando Gardens, Alimosho.

 The Lagos State government has made it easy for its residents to acquire homes for themselves through the Lagos Homes Ownership Mortgage Scheme which is effective and can be afforded by Lagosians. Below is the 5 steps to owning your home.

Chois Garden, Abijo, Lekki

 5 Easy Steps to Owning Your Home

1. APPLICATION AND SUBMISSION
   You complete the Application Form in accordance with the instructions, pay the prescribed processing fee and collect a receipt after submitting copies of all necessary supporting documents. The form can be submitted in person or online. Originals of supporting documents will be required for sighting if you are successful at the Draw.
   
2. PRE-QUALIFICATION
   The Lagos Mortgage Board [LMB] processes your form for pre-qualification and if you meet the requirements, you will be assigned a Draw reference number.
   
3. DRAW
   LMB enters you for the draws which are conducted periodically on announced dates, through a transparent, fair and well publicised process.
   
4. POST DRAW PROCESSING
   LMB forwards names of successful Draw applicants to the Lagos Building Investment Company [LBIC] for mortgage processing. When you receive an Offer Letter from LBIC, you should confirm acceptance and comply with the conditions set out, including the payment of a 30% initial deposit to LBIC within the period stipulated in the Offer Letter.
   
5. CLOSING
   The Contract of Sale and Deed of Mortgage are executed (signed) by you and the LMB/LBIC and the keys to your home are delivered to you. EASY!
   
   

   

   Shogunro Scheme 1

“Home ownership has often been regarded as a utopian aspiration for a large majority of our people; a mark of great “prosperity” and the attainment of significant “wealth”. As a result, this status brought about by inequality has eluded our people decade after decade…. We believe that equalizing opportunities will remain the expectation of every taxpayer from a government under any social democracy for generations to come. It is for this reason that our strong determination to provide better access to capital through affordable access to home ownership remains unshaken.”

Babatunde Raji Fashola, SAN- July 2010.

Eligibility

1. Applicants must be primarily resident in Lagos State and will be required to provide proof or submit a copy of their Lagos State Residents Registration Card where applicable.
2. Applicants must be a First Time Buyer.
3. Applicants must be 21 years old and above.
4. Only tax compliant applicants will be eligible under the Lagos Home Ownership Mortgage Scheme and must provide proof of tax payment for the last 5 years.
5. Applicants must be able to make the 30% down payment (equity contribution) and meet their monthly repayments.

DOCUMENTS REQUIRED FOR SUBMISSION WITH YOUR APPLICATION

IF YOU ARE CURRENTLY EMPLOYED (FULL OR PART-TIME)

1. Two (2) passport-sized photos (with name and signature behind)
2. Evidence of yearly payment of income tax for the last five years
3. Certified Personal Bank Statement for the last six months
4. Pay slips for the last six months
5. Last pay slip of previous employer (if applicant has changed jobs within the last year)
6. Letter of Reference from current employer confirming job title, status, annual salary & allowances and existing loans and/or obligations if any
7. Any evidence of additional income to service the mortgage
8. Proof of identity (Drivers license, Birth certificate, Passport, National ID card or Lagos State Residents Card etc)
9. Proof of residence in Lagos (Utility bill, Lagos State Residents Card, Tax card etc)
10. Signed Memorandum of Acceptance - Download it here
11. Notorised Buyers Affidavit - Download it here
12. Any other supporting documents

IF YOU ARE SELF- EMPLOYED OR RETIRED

1. Two (2) passport-sized photos (with name and signature behind)
2. Evidence of yearly payment of income tax for the last five years
3. Certified Personal/Company Bank Statement for the last 6 months
4. Any evidence of additional income to service the mortgage
5. Proof of identity (drivers license, birth certificate, passport, national ID card or Lagos State Residents Card etc)
6. Proof of residence in Lagos (utility bill, Lagos State Residents Card, tax card etc)
7. Certificate of Incorporation (first page), Registration of business name or any other relevant documents
8. Signed Memorandum of Acceptance - Download it here
9. Notorised Buyers Affidavit - Download it here
10. Any other supporting documents

 Its not too late as another draw is going to take place on the 4th of April, 2014 at the LTV Blue Roof by 10:30am. I can assure you its never late to put in for the next draw on

 www.lagoshoms.gov.ng

Photos: www.Lagoshoms.gov.ng

 

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