LagosHoms awards certificates to Mortgagors upon completion of 10-Year mortgage
By Adeola Ogunrinde
LagosHoms, the Lagos State homeownership mortgage scheme, awarded exit certificates on Thursday to mortgagors who have successfully completed their 10-year payment plans. These certificates mark the completion of payments under the state’s housing mortgage scheme, allowing homeowners to fully take possession of their properties.
The LagosHoms mortgage program enables individuals to own a home through a rent-to-own model, where an initial deposit is made and the remaining balance is spread over a decade. The issuance of exit certificates to beneficiaries signifies that they have completed all payments and can now assume full ownership of their homes.
During the certificate presentation ceremony for the first group of beneficiaries, who joined the scheme in 2014, Governor Babajide Sanwo-Olu commended the mortgagors for their commitment to fulfilling their payment obligations over the 10-year period.
“For the past decade, LagosHoms has played a crucial role in delivering affordable housing solutions to over 10,000 low- and middle-income families,” Sanwo-Olu said. He further highlighted the state government’s efforts in initiating and completing numerous housing projects across various areas, including Iponri, Surulere, Igando, Lekki, Ikorodu, and other locations.
The governor emphasized that these initiatives have significantly reduced the housing deficit in Lagos and have provided more affordable housing options for the people. “Owning a home is a dream come true, and I am proud that our administration has been able to support you in realizing this dream,” he told the new homeowners.
In a notable gesture, Governor Sanwo-Olu also announced that the Ilupeju Housing Estate would be named after the late Muftau Hamzat, the father of Deputy Governor Obafemi Hamzat. The Deputy Governor expressed his gratitude for the honor and reiterated that accessible mortgage options are key to spreading prosperity and enabling homeownership for more people.
Bayowa Foresight, the General Manager of Lagos State Mortgage Homes, thanked Governor Sanwo-Olu for his support of the agency. He noted that over 20,000 residents have benefited from the LagosHoms mortgage scheme, and 20 housing estates have been commissioned in the last five years.
“LagosHoms remains committed to providing affordable homes for Lagosians and bringing smiles to the faces of our people,” Foresight concluded.
