Lagos State Govt. to Introduce Monthly Rent Payment Instead of Yearly on Houses – Gov. Ambode Reveals

Governor Akinwumni Ambode
After embarking on an extensive inspection tour of projects across Lagos State, Governor Akinwunmi Ambode, said in a bid to cushion the effects of economic recession in the country, the State government has perfected plans to introduce monthly payment plan on its Home Ownership Mortgage Schemes popularly called Lagos HOMS across the state.
The plan indicates that residents will pay rent monthly, not yearly as the usual practice in the country.
According to Vanguard, the governor said that his APC-led administration has decided to scale up the rent-to-own policy by introducing monthly payment plan whereby people can pay monthly instead of being compelled to make a down payment of 30 percent of the total cost or pay for one year.
“We believe strongly that people should be able to pay one month rent and live in our housing schemes. We don’t think in a recession, we should be having a situation where we allow people to come and buy when they don’t have money or to come and pay one year rent. We think the way to move forward is to allow these our younger ones to just pay one month deposit and pay one month rent and move into the houses and then more or less play up our rent-to-own scheme,” Governor Ambode said.
Governor Ambode who also spoke on the pocket-friendly initiatives of his administration on housing, disclosed that the State government has taken time to review its mortgage schemes vis-à-vis its financial flow, adding that many ongoing housing schemes have reached advanced stages of completion, and that they would be rolled out in a matter of months.
The Governor, who inspected the Illubirin Housing Scheme in Lagos Island, said government, in partnership with private sector, is making arrangement to transform the scheme into a live, work and play environment.
“In addition to that, the other housing projects that we are doing are on course and I want to assure Lagosians that in the next few months, we will be seeing a whole lot of housing units being rolled out,” the Governor said.

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