Lagos Government Set To Introduce Monthly Rent Payment on Housing

October 11, 2016

Read Time:1 Minute, 8 Second

The Lagos State Government, LASG, says it has perfected plans to introduce monthly payment plan on its Home Ownership Mortgage Schemes, HOMS, across the state.
The plan indicates that residents will pay rent monthly, not yearly as is the usual practice in the country.
The state Governor, Mr. Akinwunmi Ambode, made this known after embarking on an extensive inspection tour of projects across the state.
He said in a bid to cushion the effects of the present economic recession in the country, his administration decided to introduce monthly payment plan, a plan to scale up the rent-to-own policy, whereby people can pay monthly instead of being compelled to make a down payment of 30 percent of the total cost or pay for one year.
According to him, “We think the way to move forward is to allow these our younger ones to just pay one month deposit and pay one month rent and move into the houses and then more or less play up our rent-to-own scheme.
“We believe strongly that people should be able to pay one month rent and live in our housing schemes.
“We don’t think in a recession, we should be having a situation where we allow people to come and buy when they don’t have money or to come and pay one year rent,” Ambode said.