All You Need to Know About Lagos State Rent-to-Own Scheme

All You Need to Know About Lagos State Rent-to-Own Scheme

Getting your own home could be very difficult in Lagos. However,  with recent policies introduced by Lagos State Government,  you might just find it easier to get one…

The State’s Commissioner for Housing, Prince Gbolahan Lawal, has unveiled the Rent-To-Own and Rental Housing Policies of Governor Akinwunmi Ambode’s administration. The Rent-to-own policy targets the low and medium income earners in both the formal and informal sectors. Under this arrangement, individuals are required to pay 5 per cent of the value of the housing unit as commitment fee and the balance is spread over 10 years. The programme allows the tenant to live on the property while paying towards ownership as a fixed rent within the period of ten years.”

There are eligibility criteria to be met though. Applicants must be primarily resident in Lagos State and will be required to submit a copy of their Lagos State Residents Registration Card., must be a First Time Buyer, over 21 years of age, tax compliant and 33% of his/her earnings must cover the monthly rental payments.

12 Housing Estates have been dedicated for this `Scheme and they cover all parts of the Lagos Metropolis, from Lekki,  Surulere, Ikorodu, Alimishosho etc (see list of estates and payment plans below). There are also different units to suit every pocket. There is the room and parlour apartment at Sir Michael Otedola Estate, Epe as well as several 1 bedroom, 2 bedroom and 3 bedroom units.

Procedure is for an applicant is to obtain Forms from Lagos State Mortgage Board (see contacts box for address) or Ministry of Housing Block 3 Alausa Secretariat or download the forms at www.lagoshoms.gov.ng. Payment of N10,000 should be paid to First Bank of Nigeria Plc Account number 2023834576. The completed form as well as the payment receipt and all supporting documents should be submitted in person at the Lagos State Mortgage Board office or online.

Contacts

LMB

LBIC Building (Ground Floor)

Plot 1. ASSBIFI Road, Central Business District,

Alausa, Ikeja, Lagos.

Phone: 07044519311

08124817363

E-mail: info@lagoshoms.gov.ng

www.lagoshoms.gov.ng

AVAILABLE PROPERTIES UNDER THE SCHEME

1. SIR MICHAEL OTEDOLA ESTATE, EPE

a. Room/Parlour Unit Price: N1.5m. 5% down payment N75k Monthly rent: N15,820

b. 1 bedroom Price: N2m 5% Down Payment N100k. Monthly rent: N21,093.90

c. 2 bedroom. Price: N3.5m; 5% down payment N175k; Monthly rent N36,914.32

2. CHOIS, AGBOWA

a. 2 bedroom. Price N3.5m; 5% down payment N175k; Monthly rent N36,914.32

b. 3 bedroom. Price N5m; 5% down payment N250k; Montly rent N52,734.74

3. ONDO ONOSA, AGBOWA

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 N5m; 5% down payment N250k; Montly rent N52,734.74

4. ALH. ADETOUN MUSTAPHA SCHEME, OJOKORO

3 bedroom Price N9m. 5% down payment N450k; Monthly rent N94,922.53

5. HON OLAITAN MUSTAPHA SCHEME, OJOKORO

3 bedroom Price N9m. 5% down payment N450k; Monthly rent N94,922.53

6. EGAN

a. 2 bedroom type 1 Price N3.2m 5% Down Payment N160,000 Monthly rent N33,750.23

b. 2 bedroom type 2 N3.5m 5% Down Payment N175k.; Monthly rent N36,914.32

c. 2 bedroom Type 3 N5.5m 5% Down Payment N275k.;Monthly Rent N58,008.21

d. 3 bedroom Price N7.5m; 5% Down Payment N375k; Monthly Rent N79,102.11

7. IGANDO GARDENS, IGANDO

a. 1 bedroom. Price N5m; 5% down payment N250k; Monthly rent N52,734.74

b. 2 Bedroom. Price N6.5m; 5% Down Payment N325k Monthly rent N68,555.16

c. 3 bedroom. Price N10m; 5% Down Payment N500k. Monthly rent N105,469.48

8. OBA ADEGBORUWA ESTATE, IGBOGBO

a. 1 bedroom. Price N3m; Down Payment N150k; Monthly Rent N31,640.84

b. 2 bedroom. Price N4.8m; Down Payment N240,000; Monthly rent N50,625.35

9. IGBOGBO IIB

a. 1 bedroom N3.5m 5% Down Payment N175k.; Monthly rent N36,914.32

b. 2 bedroom Price N5.5m; 5% Down Payment N275k.; Monthly Rent N58,008.21

c 3 bedroom. Price: N8m. 5% Down Payment N400k; Monthly rent N84,375.58

10 IPONRI SCHEME, IPONRI

a. 2 bedroom  Price N20m; 5% Down payment N1m; Monthly Rent N210,938.85

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

11. SANGOTEDO SCHEME

a. 1 bedroom. Price N7m. 5% Down Payment N350k Monthly Rent N73,828.63

b. 2 bedroom. Price N10m; 5% Down Payment N500k. Monthly rent N105,469.48

c. 3 bedroom. Price N15m. 5% Down Payment N750k. Monthly Rent N158,204.22

12. 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

 

Editor’s Note:  Why You Should Invest in Buying Land in Lagos Today

  • pinit_fg_en_rect_gray_20 All You Need to Know About Lagos State Rent-to-Own Scheme
There are 3 comments for this article
  1. Popoola Bosede at 2:52 PM

    I’m interested in the Igando Scheme. How do I pay for the #10,000 registration fee on line. I’m the Chief Internal Auditor of College of Medicine, Idi-Araba resident in Lagos State.
    Many thanks for quick response.

    • Editor Author at 5:00 PM

      Please contact Contacts

      LMB

      LBIC Building (Ground Floor)

      Plot 1. ASSBIFI Road, Central Business District,

      Alausa, Ikeja, Lagos.

      Phone: 07044519311

      You can call them to initiate the process or better-still visit their office.

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