Yesterday, on February 3rd, 2014, 1pm at the Banquet Hall, Lagos House, Ikeja, Lagos State, Nigeria, His Excellency, the Governor of Lagos State, Babatunde Raji Fashola (SAN), flagged off the Lagos Home Ownership Mortgage Scheme (Lagos HOMS), a delivery of an alleged tall promise he made on behalf of his Party during his electioneering campaign, and also another one of the four sectors (Power, Agriculture, Transportation and Housing - PATH) he committed to addressing only 2 years ago.
The Lagos HOMS, will allow Lagosians, particularly the ordinary middle class and working people, a fair and transparent opportunity to own a home and pay for it over a period of not less than 10 years under a mortgage scheme.
In the speech of His Excellency, he said, "For many years, our people have had to acquire houses; often times being required to pay cash once and for all, as if they were buying a shirt or a pair of shoes in a shop. This approach in part, explains the reason why a large number of ordinary middle class and working people cannot afford to acquire homes on the basis of their legitimate income derived from hard work that rewards the dignity of their labour.
In Lagos State, we have taken the view that a home is not something you buy in one day but over time, in a way that your ability to acquire it is tied to your income and continued prosperity. Our view of a home is that is it something you pay for gradually and it is a place of safety, well built, safe and sound, to protect you and your family from the hazards of nature such as rain and heat; a place that will not flood or suddenly collapse. An asset that outlives you."
