News

Why the Lagos Rent-to-Own Scheme is Genuine

The long awaited Lagos Rent-to-Own Scheme has been scheduled to commence on December 8, 2016. The project which is meant to satisfy the hopes and aspirations of low-income earners in Lagos is finally here.

However, the housing project has been doubted by so many Lagosians who feel that it is one of the government methods to deceive the people and reserve the properties for a group of people in government. Governor Ambode has made a number of provisions to make sure that the houses go to the low-income earners. Below are the top five facts about that make the Lagos rent-to-own scheme genuine:

  1. Only first-time home buyers are eligible for the scheme
  2. The governor slashed the prices of the homes to encourage low-income earners
  3. The home is not transferable
  4. The house will be paid for from the source of income
  5. There is an age limit
  6. The Rental Housing Policy will cover the working class

According to the Commissioner for Housing, Mr. Gbolahan Lawal, the policy was in response to the yearnings of residents for affordable and decent housing.

He said that the `Rent to Own’ policy would target low-income earners in both formal and informal sectors, while the `Rental Housing’ policy would cover the working class.

ALSO READ: 3 Easy Steps to Buying Your Parents a Home

READ  Top 7 Most Expensive Places to Live in Lagos (UPDATED)

He said that the `Rent to Own’ policy will also cover those with regular income, with the rent deducted from source. He said that the government would kick-start the project with over 1,000 units out of the 3,192 units earmarked in the first phase.

Lawal said the first phase of the project would be sited in the following areas: Epe, Agbowa, Ojokoro, Alimosho, Igbogbo, Igando, Iponri, Surulere, Eti-Osa, Ajara and Badagry.

He said that five per cent value of the housing unit would be paid as commitment fee on the Rent to Own Policy, while the balance would be spread for 10 years.

CHECK: PROPERTIES FOR SALE IN LAGOS

On the Rental Housing policy, Lawal said that rent would be collected on a monthly basis, and tenants were required to pay one month deposit, according to the prevailing rent in each locationHe said rented apartments are not transferable.

Lawal said that applicants must be primary residents in the state and would be required to submit a copy of their Lagos State Residents Registration Card.

He said that applicants must be first-time home buyers, must be 21 years old and above, as well as be tax compliant, among others. The commissioner assured that selection process will be credible, fair and transparent, saying units in the rent to own scheme spread across the state ranges from one bedroom to three bedroom flats while unit price ranges from N1.5m to N25m depending on location and type.

Source: The Punch

Tags

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button