How to Apply For A House In The Lagos State Rent-To-Own Scheme

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It’s good news for Lagos residents as the governor of the state, Akinwunmi Ambode turns tenants into landlords with the Rent to Own Scheme.

The State’s Commissioner for Housing, Prince Gbolahan Lawal, has unveiled the Rental Housing Policies, which is targeted at low and medium income earners in both the formal and informal sectors.

Read Also: Lagos State Government Launches New Housing Scheme

Under this arrangement, individuals are required to pay 5 percent of the value of the housing unit as commitment fee and clear up the balance within a duration of 10 years.

However, tenants can live on the property while paying towards ownership within the period.

Eligibility 

  • Applicants must be primarily resident in Lagos State.
  • Applicants must submit a copy of their Lagos State Residents Registration Card.
  • Applicants must be over 21 years of age and a First Time Buyer.
  • Applicants must be tax compliant and 33% of his/her earnings must cover the monthly rental payments.

Locations

The programme has 12 Housing Estates in different parts of Lagos, from Lekki,  Surulere, Ikorodu, Alimishosho, Sangotedo, etc (see list of estates and payment plans below). There are also different units of houses to suit every pocket.

Procedure

  • Obtain Forms from Lagos State Mortgage Board or Ministry of Housing Block 3 Alausa Secretariat or download the forms at www.lagoshoms.gov.ng.
  • Pay N10,000 into First Bank of Nigeria Plc [Account number: 2023834576].
  • Submit the completed form, as well as the payment receipt and all supporting documents in person to the Lagos State Mortgage Board office or online.

houses

Available Properties Under the Scheme

  1. SIR MICHAEL OTEDOLA ESTATE, EPE
    a. Room/Parlour Unit Price: N1.5m. 5% down payment N75k Monthly payment: N15,820
    b. 1 bedroom Price: N2m 5% Down Payment N100k. Monthly payment: N21,093.90
    c. 2 bedroom. Price: N3.5m; 5% down payment N175k; Monthly payment N36,914.32
  2. CHOIS, AGBOWA
    a. 2 bedroom. Price N3.5m; 5% down payment N175k; Monthly payment N36,914.32
    b. 3 bedroom. Price N5m; 5% down payment N250k; Monthly payment N52,734.74
  3. ONDO ONOSA, AGBOWA
    a. 1 bedroom Price: N2m 5% Down Payment N100k. Monthly payment: N21,093.90
    b. 2 bedroom. Price: N3.5m; 5% down payment N175k; Monthly payment N36,914.32
    c. 3 bedroom. Price N5m; 5% down payment N250k; Monthly payment N52,734.74
  4. ALH. ADETOUN MUSTAPHA SCHEME, OJOKORO
    3 bedroom Price N9m. 5% down payment N450k; Monthly payment N94,922.53
  5. HON OLAITAN MUSTAPHA SCHEME, OJOKORO
    3 bedroom Price N9m. 5% down payment N450k; Monthly payment N94,922.53
  6. EGAN
    a. 2 bedroom type 1 Price N3.2m 5% Down Payment N160,000 Monthly payment N33,750.23
    b. 2 bedroom type 2 N3.5m 5% Down Payment N175k; Monthly payment N36,914.32
    c. 2 bedroom Type 3 N5.5m 5% Down Payment N275k; Monthly payment N58,008.21
    d. 3 bedroom Price N7.5m; 5% Down Payment N375k; Monthly payment N79,102.11
  7. IGANDO GARDENS, IGANDO
    a. 1 bedroom. Price N5m; 5% down payment N250k; Monthly payment N52,734.74
    b. 2 Bedroom. Price N6.5m; 5% Down Payment N325k Monthly payment N68,555.16
    c. 3 bedroom. Price N10m; 5% Down Payment N500k. Monthly payment N105,469.48
  8. OBA ADEGBORUWA ESTATE, IGBOGBO
    a. 1 bedroom. Price N3m; Down Payment N150k; Monthly payment N31,640.84
    b. 2 bedroom. Price N4.8m; Down Payment N240,000; Monthly payment N50,625.35
  9. IGBOGBO IIB
    a. 1 bedroom N3.5m 5% Down Payment N175k.; Monthly payment N36,914.32
    b. 2 bedroom Price N5.5m; 5% Down Payment N275k.; Monthly payment N58,008.21
    c 3 bedroom. Price: N8m. 5% Down Payment N400k; Monthly payment N84,375.58
  10. IPONRI SCHEME, IPONRI
  11. a. 2 bedroom  Price N20m; 5% Down payment N1m; Monthly payment N210,938.85

b. 3 bedroom Price N25m; 5% Down Payment N1.250m; Monthly payment N263,673.69

  1. SANGOTEDO SCHEME
    a. 1 bedroom. Price N7m. 5% Down Payment N350k Monthly payment N73,828.63
    b. 2 bedroom. Price N10m; 5% Down Payment N500k. Monthly payment N105,469.48
    c. 3 bedroom. Price N15m. 5% Down Payment N750k. Monthly payment N158,204.22
  2. AJARA, BADAGRY
    a. 1 bedroom Price: N2m 5% Down Payment N100k. Monthly rent: N21,093.90
    b. 2 bedroom. Price: N3.5m; 5% down payment N175k; Monthly rent; N36,914.32
    c. 3 BEDROOM. PRICE N6M 5% Down Payment N300k; Monthly rent N63,281.69

Contact
LMB
LBIC Building (Ground Floor)
Plot 1. ASSBIFI Road, Central Business District,
Alausa, Ikeja, Lagos.
Phone: 07044519311
08124817363
E-mail: [email protected]
www.lagoshoms.gov.ng

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