LagosHoms has presented exit certificates to mortgagors who have completed their payment after 10 years.

The LagosHoms mortgage scheme allows individuals to own a home on a rent-to-own basis with an initial deposit, and the balance spread over 10-years.

The exit certificate indicates that the mortgagors have completed the payment and can now take full ownership of the home.

Certificates were presented yesterday to the first set of beneficiaries who joined the scheme in 2014. Governor Sanwo-Olu commended the mortgagors for not defaulting throughout the 10-year mortgage period.

According to him, LagosHoms has, in the last 10 years, been instrumental in delivering affordable housing solutions through the provision of over 10,000 housing units to low and middle income families.

Sanwo-Olu added that the government has initiated and completed numerous housing projects across different parts of the state including Iponri, Surulere, Igando, Lekki, Ikorodu, and other areas. This initiative, he noted, has helped reduce the housing deficit and provided more affordable housing to the people.

“Owning a home is a dream come true and I am proud that our administration has been able to support you in realising this dream,” he told the mortgagors.

However, in a surprising move, Sanwo-Olu named the Ilupeju Housing estate after the father of the Deputy Governor, the late Muftau Hamzat.

The Deputy Governor, Obafemi Hamzat, thanked the governor for the gesture. He noted that for people to own a home, ‘mortgage is the way to spread prosperity’.

General Manager of the Lagos State Mortgage Homes, Bayowa Foresythe, thanked Sanwo-Olu for supporting the agency.

According to him, 20,000 residents have benefited from the mortgage scheme, with 20 housing estates opened in the last five years.

“LagosHoms is committed to providing affordable homes for Lagosians and putting smiles on the faces of the people,” he said.

The General Manager, said it was indeed a great dream come through, saying that the journey started on February 3, 2024, to make homeownership easy in Lagos State for its residents through affordable and accessible mortgage finance system has become a reality.

“As we celebrate a decade of excellence in social housing delivery through Lagoshoms, we reflect on the progress we have made and the lives we have touched. This started on March 3, 2014, when 36 Units of 1, 2 and 3-bedroom flats were offered to the public in Shitta area in Surulere.

“ Three months later, on June 4, of the same year, a total of 116 Units of another 1, 2 and 3-bedroom flats were also delivered to the qualified Allottees, which is now known as Lagoshoms – Ilupeju on the same date. Another Scheme in Ogba Area of the state known as Shogunro1 with 141 Units of the same format of flats was also handed over to another set of successful applicants. The fourth was the Iloro Estate Ogba, known as (Oba Lateef Adams Estate) with 193-bedroom flats only being allocated to the successful applicants through a selection process based on the Debt-to-Income(DTI) ratio.”

He gave gratitude to God Almighty while commending the support of Governor, Babajide Olusola Sanwo-Olu and the ever-supportive Deputy Governor, Dr. Obafemi Hamzat.

“This year marked the end of the mortgage era of 30 percent down payments for the first batch of this wonderful program in Lagos State and indeed in Nigeria.

“It is worth noting that the dream of the past 10 years is now a reality, history is being made today. The desire to reduce the housing deficit in the state is being achieved gradually as well as the need to create an affordable and accessible mortgage finance system in the State is highly possible.

“In fact, the role of financial institutional support is highly appreciated and commendable; kudos to Lagos Building Investment Corporation who established a dedicated desk for Lagoshoms repayments exercise for the past 10 years. The impact of this great achievement in the social housing sector on Lagos Residents is quite enormous. The social economic and environmental impact of these magnificent Estates to the state can not be overemphasised and indeed very impressive.

“ For example, the three-bedroom flat bought for #18.6 million in 2014, with a down payment of only 30 percent, has a market value of about #50 million as of today. This shows that the state government has created value for money by increasing the social status of the Allottees as well as creating an assured future.

He added that the establishment of these estates in the five divisions of the state has taken an even development pattern to the nooks and crannies of the state thereby reducing urban congestions with its inherent environmental decadents.

“This is indeed in compliance with the fourth Pillar of the THEMES+ Agenda of Governor Babajide Olusola Sanwo-Olu, in making Lagos a 21st Century Economy.

“With the support of our Governor, Mr Babajide Olusola Sanwo-Olu the Deputy Governor Dr Obafemi Hamzat, the Housing Committee Chairman and other members in the State House of Assembly, the other Housing Stakeholders in the state and especially, the great Team LMB, who has been a very formidable pillar of support for the past 10 years. I am indeed very grateful. As we look forward to the next batch of Allottees.”