NLNG Corporate Caring banner First bank SME Connect Fidelity bank card banner Emerald Energy Institute Camano banner

Lagos set to launch Rent-To-Own housing scheme for low and medium income earners

By News Express on 02/12/2016

Gmail icon

Views: 1,533


In an effort to cushion the effects of economic recession in the country, the Lagos State Government on Thursday said it has concluded plans to start allocation of houses under the newly introduced rent-to-own policy.

The State’s Commissioner for Housing, Prince Gbolahan Lawal, who disclosed this at a press conference ahead of the launch of the schemes at the Bagauda Kaltho Press Centre, Alausa, said the Rent-To-Own and Rental Housing Policies of Governor Akinwunmi Ambode’s administration is aimed at making housing more readily affordable and accessible for Lagosians.

According to him, the schemes listed for the programme include Sir Michael Otedola Estate, Odoragunshin-Epe; CHOIS City, Agbowa; Alhaji Adetoun Mustapha Estate, Ojokoro and Oba Adeboruwa Estate, Igbogbo-Ikorodu, adding that it will be launched simultaneously on Thursday, December 8, 2016.

Lawal said accessing housing units in the state has been largely on cash and carry basis which ends up excluding majority of the citizenry until when recently the Mortgage Scheme was introduced.

“Even though the Mortgage Scheme was able to accommodate more people on the home ownership ladder, a large number can still not afford to become home owners as they are unable to meet the requirement of 30 per cent equity contribution which the mortgage scheme demands,” he said.

He said Government has always been challenged by the arduous task of providing affordable and decent accommodation for the people of the state in view of its ever growing population which reflected in the various housing schemes developed by different administrations over the years.

He emphasised that shelter is one of the basic needs of man, saying that is why governments all over the world accord top priority to the provision of housing for their citizens.

Lawal said inadequate housing is responsible for so many health and social ills in the society, adding: “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.

“The Lagos state rental housing policy is to further ensure housing accessibility and affordability in Lagos state. The rent for the rental housing will be collected on a monthly basis. The tenants are however required to pay one month deposit.”

On the criteria for interested applicants, Lawal said they must be primarily resident in Lagos State and will be required to submit a copy of their Lagos State Residents Registration (LASSRA) Card and must be a first time home buyer, which must be 21 years old and above.

He also said that applicants must be tax compliant and provide the proof of tax payment and must have capacity to pay the 5 per cent commitment fee.

He explained that the rent to be paid will be determined by the prevailing rent in each of the locations while mode of payment will be direct debit by the employer/banker to ensure easy collection, just as he stressed that the rented accommodation is not transferable.

This scheme is targeted at the working class and people with regular source of income who may not want to participate in the rent-to-own or mortgage program. “Government intends to earmark 20 per cent of the available housing units in each of the dedicated rent-to-own estates for rental housing.”

Source News Express

Posted 02/12/2016 05:28:15 AM

 

 

CLASSIFIED ADS

 

You may also like...
Insecurity: Police recover 9657 guns and firearms, 26,994...

Group plans support, scholarship for 1,000 orphans in...

NiMET predicts cloudy, sunny weather today

Outrage as Buhari begins crackdown on judges

2019: South East APC leaders pledge support for...

Labour unions shut down Benue as indefinite strike...

Nigerian breaks 100-year old record at Indian university...

American investors to explore Abia -- Ikpeazu

Cross River APC asks Buhari to sack minister...

Senate seeks suspension of FCDA officer over N525m...

MTN Nigerian shareholders say in the dark as...

Army Colonel murdered in his residence

 

Latest News BREAKING: Court bars APC from Bayelsa governorship election Nigerian chief imposes wedding tax in his village Bayelsa Guber: US advises voters Osinbajo didn’t pray with pastors for Buhari’s death in any church — Spokesman Oshiomhole, Obaseki feud sparks fresh crisis in APC 11 adults, two children killed in multiple vehicle crash on Lagos-Ibadan Expressway Edo government rejects APC NWC’s fact finding committee LASU student, five others arraigned for ‘robbery’ Reps direct JAMB to suspend proposed use of NIN for UTME Bayelsa Guber: APC heads to Appeal Court over disqualification of Deputy Governorship candidate NCC warns consumers on activities of cyber criminals Zenith Bank, 12 others record N707bn net profit

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (561,929 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (451,906 views) Shameless Genevieve Nnaji exposes breasts in public (400,902 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (334,995 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (303,261 views) 10 cars more expensive than Jets (279,927 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (258,569 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (256,696 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (238,185 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (224,520 views) Lagos plane crash: Journalist releases victims’ names (201,166 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (197,932 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (108) Business & Economy (4,567) Business Verdict (86) Columnists (1,142) Complaints & Requests (97) Enterprise & Opportunities (219) Entertainment (702) Features (844) Global Business Monitor (493) ICT Monitor (67) International (4,199) Interview (211) Live Commentary (30) Love Matters (176) Maggie's Blog (481) News (53,927) Opinion (1,418) Pidgin (17) Politics (11,712) Religion (1,118) Sports (2,224) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera