Metro Lagos Rent-To-Own House Policy: 5 Important Things Everyone Must Know


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The Lagos State Government on Monday said it had introduced the Rent-to-Own Policy to support the Lagos Mortgage Scheme for home ownership in the state.

Lagos State Commissioner for Housing, Prince Gbolahan Lawal has disclosed that the current policy of the State Government is to embark on construction of mass housing project through direct and Public Private Partnership in order to reduce the deficit in the housing sector.

Ambode Introduces New House Ownership Policy in Lagos

Here are five things every Lagosians should know about the new policy...

- The government is planning to build 50 units of houses in every Local Government Area in the State.

- The policy is aimed at making housing more accessible and affordable, particularly to low- and medium-income earners in both the formal and informal sectors.

- Individuals are required to pay 5 percent of the value of the housing unit as commitment fee and payment is spread over 10 years at 6 percent interest rat

- The policy is give low- and middle-income earners the opportunity to also access the housing units

- A rent-to-own agreement allows potential buyers to move into a house (maybe even their dream home) while getting their finances in order to purchase the home several years in the future.
 

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