Hope returns on mortgage-backed homeownership as work resumes on LagosHOMS projects

Return of contractors to construction sites of Lagos Home Ownership Mortgage Scheme (LagosHOMS) projects has rekindled hope for owning homes in the state through a low-rate and long-tenor mortgage the state government offers residents.

The mobilisation and return of the contractors to the project sites recently is in line with Governor Akinwunmi Ambode’s administration’s promise of ensuring continuity with improvement in the state.

When the Lagos State government, under Babatunde Fashola, launched the mortgage scheme in 2013, the aim was to provide decent accommodation for qualified residents, especially civil servants, through a mortgage scheme that was structured to provide mortgage loans for successful subscribers at single interest rate repayable in 20 years.

The mobilisation of the contractors to the scheme’s project in Mushin, yet to be completed, has also laid to rest claims in some quarters that the state government had reneged on its promise to hand over the keys of the apartments to the allottees as promised.

“In a bid to ensure speedy completion of this project, the state government has approved the release of mobilisation fees for these contractors,” Dehinde Tunwashe, general manager, Lagos State Mortgage Board (LMB), custodian of LagosHOMS, said in a statement.

Tunwashe disclosed further that four contractors were awarded the construction of the Mushin scheme, pointing out that two of them were awarded the construction of the main blocks, which has since been completed except for the external works such as test running of electrical installation and mechanical work which is yet to be pressure-tested to ensure that there are no leakages and defects and also to energise the buildings to make them fit and habitable.

He stressed that external works of the scheme such as site clearance, earthwork, drains and culvert, road work, car park, excavation of trenches for the laying of underground electrical cables and cleaning of the aeration tank were presently ongoing, as the buildings were being connected with water and electricity.

He said two 50KVA standby generating sets meant to power services such as pumping of water and street lighting had been mounted at the site so that, in the case of power outage, occupants could still have access to basic amenities. “This is a testament to the administration’s commitment to ensuring continued access to decent and affordable housing,” he said.

The LagosHOMS Mushin scheme consists of five blocks of 1, 2 and 3 bedroom units of 12 flats per block, making a total of 60 units of flats with state-of-the-art facilities like water treatment plant, independent transformer, pre-paid electricity meter, estate office, streetlights and car parks.