Over 600 people now proud LagosHOMs owners

What exactly is the purpose of establishing Lagos State Mortgage Board?
THE Mortgage and Property Law 2010 established the Lagos State Mortgage Board (LMB). The law outlines the functions of the agency. Some of these functions include generating a conducive environment for citizens of the state to secure affordable mortgages or charges to enable them purchase their own homes; advise the Governor on the funding, administration and structure of the State’s Mortgage Finance Program or Policy.

Others are: To articulate any Mortgage Scheme or Policy, which the government has or may put in place from time to time in connection with mortgage lending; articulate any Lagos Mortgage Scheme or Policy, which the government has or may put in place from time to time in connection with the making, processing, placing, registering or administration of mortgage lending in the State.

There are other functions contained in the law, which established the agency. Every Lagosian should endervour to get a copy; it is a good reference material.

How do you intend to achieve the objectives set for the organisation?
The mortgage and property law signed into law in 2010 established the agency and it serves as a guide to the agency towards setting its goals.

The objectives will be achieved through the dedicated management and staff of the organization among who are tested professionals committed to putting smiles on the faces of Lagos state residents.

Mortgage sector in the country faces a lot of challenges, especially the primary mortgage segment. How is LSMB tackling the challenges?
We all know the challenges faced by the mortgage industry in this country. The primary mortgage sector can’t thrive without a buoyant secondary market to fund it.

However, LSMB is not a mortgage bank. Its role is to create an enabling environment in the state for mortgage transactions.

Currently, LMB concentrates on creating the needed housing stock and providing houses to First Time Buyers (FTB) in the state.

What do you think should be done to help the development of mortgage sector in the country?
One of the issues we are facing in this sector is the availability of housing stock. The Federal government should take the lead role in the supply of the much-needed housing stock, which is what we are doing in Lagos State.

The creation of housing stock will support the Nigerian Mortgage Refinancing Corporation’s (NMRC) core function of refinancing mortgaged homes. This will jump-start the secondary market, which is the catalyst for sustaining the demand side (consumer mortgage loan).

LagosHoms is a laudable project in view of the available evidence to prove that the scheme is working. However, there is this perception in some quarters that the scheme is not addressing the housing needs of the masses. What is your reaction to this?

Thank you for the compliment. We should thank His Excellency Mr. Babatunde Raji Fashola and his team for this revolutionary initiative. Do you know that the housing demand in Lagos state is over 4 Million units?
We have only addressed a tiny fraction of the demand for home ownership. This program is just a year old and we are working to make sure that we address the housing needs of the state. It will take sometime to achieve the desire of everyone but we are working towards making sure that this happens. Also you have to understand that home ownership involves planning and saving towards achieving this dream. I am sure that once there is public sector participation we will be able to churn out more homes.

Is anything being done to redefine the scheme to make a way for artisans, market women and others who not have access to the Internet to also benefit from the scheme?
There is a team dedicated to those that don’t have access to the Internet who come to the office to submit their application forms.

Also during sensitization drives, we conduct Question and Answer (Q&A) sessions with market women, artisans etc. It is important to note that, so far, we do have market women as beneficiaries.

As the man at the helm of affairs of this organisation, do you have any area in the organization you would like the government to amend to enable the outfit to operate perfectly as purely private organisation?

Don’t forget that the agency is just a year old and we are still evolving.

Apart from the official ceremonies associated with the allottees taking possession of their homes, what other ways do you feel the public could have more awareness of the scheme?
You are referring to the public draw. A pre-qualification process has been designed whereby applicants are carefully selected based on an established pre-qualification criteria set by the Lagos State Mortgage Board.

These include age; proof of employment, residency, income and such other requirements as the LMB may set from time to time.

As part of the transparency of the scheme, a public draw is held monthly for applicants that have gone through the pre-qualification process. Once an applicant is pre-qualified, the person is automatically entered into the draw.

At the draw, successful applicants are appraised by LBIC for the mortgage. In terms of awareness, we conduct sensitization drive through print and electronic advertisement.

The beneficiaries have also become our awareness ambassadors as well. I will encourage you to visit our website at www.lagoshoms.gov.ng

So far, how many beneficiaries have you recorded since the inception of the scheme and what is you goal for year 2015?

A total of 1716 people have applied for the scheme, out of which 1348 (78.6%) have been pre-qualified and over 600 applicants have emerged as beneficiaries.