The Lagos state government, has concluded plans to enable Lagosians make monthly payment of rent.
This new initiative is to be introduced on Home Ownership Mortgage Schemes (HOMS)/in Lagos state.
Lagos residents, most of whom are expected to pay their rent yearly, while some pay two years upfront before moving into a house, have been grumbling about the rent condition.
This new plan is coming at a time of economic recession, in order to help alleviate the stuffering of its citizens.
Governor Ambode made this known after he had embarked on an inspection tour of projects in Lagos state.
He said in a bid to help reduce and cushion the economic challenges, his administration decided to introduce the monthly payment plan, a plan to scale up the rent-to-own policy.
Ambode said, “I think the way forward, is to allow these younger ones to just pay one month deposit, and pay one month rent, then move into their houses then pay up later using the rent-to-own scheme.”
While speaking on his administration ‘s initiatives on housing, Governor Ambode said the government has reviewed its mortgage scheme, financial flow, and also added that most of the ongoing housing projects were near completion and would soon be accessible in a few months.