- Says 30% down payment no longer mandatory
Lagos State Governor, Mr. Akinwunmi Ambode on Monday introduced a monthly payment plan on its Home Ownership Scheme (Lagos HOMS), which he said, became imperative to cushion the effects of economic recession.
With the introduction of monthly payment plan, Ambode said, people who are interested in Lagos HOMS would not be compelled “to make a down payment of 30 percent of the total cost or pay for one year.”
He disclosed the new payment plan in a statement by his Chief Press Secretary, Mr. Habib Aruna, describing the new policy as the pocket-friendly initiative introduced to make housing accessible and affordable.
As contained in the statement, Ambode said his administration has decided to scale up the rent-to-own policy by introducing monthly payment plan to enable people pay monthly rather than 30 percent of the total cost.