By Olasunkanmi Akoni
LAGOS—Governor Babatunde Fashola of Lagos State yesterday signed into law the bill for a law establishing the state mortgage board aimed at making houses affordable to the masses.
Fashola, who also inaugurated members of the board at a brief ceremony at Lagos House, Ikeja, disclosed that plans were underway to ensure that efficient lowcost houses were made available for Lagos residents on a proposed mortgage policy, which would be[b] unveiled next week[/b].
The board is chaired by the state Commissioner for Finance, Mr. Rotimi Oyekan, with his colleague in the Ministry of Housing, Mr. Dele Onabokun, and three others as members.
According to Fashola, the passage of the law is a momentous achievement for the state because it will serve as the regulatory framework for the creation of enabling policy that will guide government and private sector in establishing mortgage schemes that will be beneficial to all residents.
Fashola, noted that with the new law, the Conveyance Act of 1881 had been repealed.
The governor added that the 119-year old law had always posed challenges to legal practitioners dealing with mortgage matters.
Fashola, who said details about the bank would be unveiled at a public forum in the next few days, noted that workers and residents of the state would be able to access facilities to build a home of their own.

vanguard

This should be interesting

I simply can't wait for the modalities to be sorted out and be available in the public domain

Finally, finally Brethren . . .

Are we there yet?

G.B.T:

Are we there yet?

NOPE!
in other countries all u need is an idea, and if pursued ardently, will be birthed as a reality,
in Nigeria, dreams and ideas are nothing
give me implementation, then we can talk

Tolulop001:

NOPE!
in other countries all u need is an idea, and if pursued ardently, will be birthed as a reality,
in Nigeria, dreams and ideas are nothing
give me implementation, then we can talk

negativity has a big mansion in your heart, i wonder how many mansions are left to be mortgage to more negativity in your heart. . . can u just hope for the best for once? ? ?hope builds a life. . . it builds a nation. . .

Everyone dream to live in their own home
but buying a home is not possible for everyone.
Buying a home needs money and arrangement
of money to buy a home is not possible for everyone.
There may be many reasons behind the inability
of many people to arrange fund for buying a
house such as bad credit, low income and non
acceptance of loan application by the bank.
If you cannot arrange fund to buy a home of
your choice then tomorrow cost of the same
home may be more than what it is today
so if you wish to own a home then you should
find a way today to secure your home.



A lease purchase agreement is a good solution
for all those people who wish to own a home
but do not have enough money to buy a home.
The concept of lease purchase deals is, reserve
your home now and pay later. It is a type of
contract between the seller and the buyer in
which the seller allows the buyer to live in his
home for a fixed period of time and for fixed
option fee. Fixed period of time may vary from
1 year to 3 years and fixed option fee may
vary from 2.5% to 7% of the total cost of
home. Fixed option fee may be negotiated
at the agreement. The option fee that the
buyer pays to the seller is considered as the
down payment towards the final purchase
price of the home. Option fee is also mentioned
in the contract.

According to a lease purchase agreement, the
buyer is also required to buy the house at
the time of contract expiry. You will not get your
money back if you do not purchase the house
you are living in because the down payment is
always non refundable in lease purchase deals
whether you plan to buy the house at the time
of contract expiry or look for any other better
choice. If the buyer has insufficient fund at the
time of contract expiry to buy the house then
the lease period can also be extended if the
seller also agrees with it.


Leasing is better than renting.

If you want to buy a house very close to the bus stop
located in ketu,and is stand alone on a plot land.with good road,
and at a very good price
contact : 08037717482 : Mr Olatunde

I think we should appreciate good things for once. Everyone knows the kind of ordeal associated with getting/buying a home in Lagos. This man called Fashola is a phenomenon! I dont live in Lag presently, neither am i related in anyway to him. No governor in the whole country has done what Fashola has done in less than four years of his administration considering Lagos state for that matter. I think the guy has surpassed any governor in rating. He has a lot up-stares to offer Lagosians and the whole country as it were. He has set a pace for others to follow. CAN WE ALL GARNER SUPPORT FOR THE EVER-WORKING GOVERNOR!

FASHOLA IS NO DOUBT OUSTANDING GOVERNOR EVER AND HIS HANDIWORK WE NEVER BE FORGETTING IN THE HISTORY OF LAGOS STATE.THAT SHOULD BE A LESSON TO OTHERS WHO CLAMED TO DO BLABLABLA AT THEIR CAMPAIGN WHEN THEY GET TO THE SIT, IT IS DIFFERENT BALL GAME.


MAY GOD HELP US IN THIS COUNTRY

Fashola should run for presindency in that dump.
he seems to know how to achieve aims while other numskulls are constantly over-whelmed.


Someone like him can set out and sort out electricity once and for all in that trash can.
Kudos to him.

Implementation! that has always been our problem, don't you agree? if another govt. comes into power then what?

hackney:

Fashola should run for presindency in that dump.
he seems to know how to achieve aims while other numskulls are constantly over-whelmed.


Someone like him can set out and sort out electricity once and for all in that trash can.
Kudos to him.

you live in hackney yet you call lagos a trash can ? thats rich mate.

hmmmmmm. . . .

*****fingers crossed***

If one's ability to obtain a mortage and realise his/her dream of home ownership without resulting to have all the cash at once, may curb corruption

not tryna piss in yalls 'celebratory parade' but this can never work out in nigeria. this is like running before you can walk. ok first off the citizenry of lagos is not computerized yet. we do not have a central computer with every citizens name in it. and in the case of nigeria, each name has to be validated by fingerprints. once this is in place then you can now talk about mortgage.
this is just asking for fraudulent people to take advantage of it.

ok scenario 1, i get a house on mortgage. lets say the house is 50 million naira and i put 10 percent down, which is 5 million. seeing as the system is not central and computerized, i can now go to oluwole and make 10 titles for that house and then sell the house to ten people and then make my escape   . we gotta crawl before we walk. we are not ready for this yet. lets get all the citizenry of nigeria in a central computer first  

@buzugee
I agree with you on the computerization of citizens, but title to real estate properties nowadays are getting recorded in the land records on a daily basis

safariman:

@buzugee
I agree with you on the computerization of citizens, but title to real estate properties nowadays are getting recorded in the land records on a daily basis

so you think titles are not duplicated ? let me tell you how indians used to eat in britain (a computerized country) before the british got wise and covered all the loopholes. the indians will get a mortgage, duplicate the titles like 5 times. then take each title to abbey national, natwest, barclays, lloyds and midland bank for loans against the property. they get loans totalling a million pounds or more then they run off  it is a very doable scam, especially in nigeria, only in the case of nigeria, you sell the house to 5 'mugus'

^^^^^
Fraud is everywhere whether computerized or not, it is just easier to minimize when computerized. And it is a step in the right direction to try, but to say it can never work in Nigeria, I think it can. I am also happy that Nigeria as a whole is computerizing the passport system with the e-passport

I live 6 months out of the year in DC with all the computerization, do you know that more than $50million was siphoned off from the govt through property tax fraud. We (the City) is now suing the banks, that they should have known when their money was dwindling.

How come we get to hear good news from Lagos and bad, no- very bad- news from a three letter state close by? One is building up, the other is tearing down. One is working hard, the other is collecting chieftaincy titles, Could that be the difference between education and illiteracy?

safariman:

^^^^^
Fraud is everywhere whether computerized or not, it is just easier to minimize when computerized.  And it is a step in the right direction to try, but to say it can never work in Nigeria, I think it can.  I am also happy that Nigeria as a whole is computerizing the passport system with the e-passport

well i agree with you in that it is a step in the right direction but i see catastrophe in the offing. like i said, you need to crawl before you walk. the computerized system aside, we do not have a credit system in nigeria.
its like this, if you do not have a computerized system and a credit system you can never have a mortgage system. what you can have is a loan sharking system where you have henchmen who go knocking from door to door and beating up people who have not paid their mortgage and throwing them out. this is most likely going to be the naija mortage system. run by area boys  

I cant wait to hear more about this development, owing your own house in Lagos is a dream come through ([size=2pt]i don't want a house in Lekki, Ajah, VI oo, i heard that place might not last 20yrs before they're overtaken by the ocean [/size])

I quite agree with these last poster,We aint there yet for Mortgage,we live in a society where you get to your late or early 30 before you could secure a good JOb in NIgeria now of what good is a Mortgage to one at that age?

@honeric01
Sorry to ask oh,are you more than 35 yrs Old?cos Mortgage maybe judged by howmuch you got left to work before retirement,if you are a salary worker and also howmuch your depositm is.

erico2k2:

Sorry to ask oh,are you more than 35 yrs Old?cos Mortgage maybe judged by howmuch you got left to work before retirement,if you are a salary worker and also howmuch your depositm is.

Do i have to be 30 years before i can apply for mortgage? and do i have to be an employed worker before i can apply? what if i am an entrepreneur? I can as well buy from another person if that be the case.

5p1naz:



negativity has a big mansion in your heart, i wonder how many mansions are left to be mortgage to more negativity in your heart. . . can u just hope for the best for once? ? ?hope builds a life. . . it builds a nation. . .

Thats not being negetive, its being realistic. and saying no to blind hope. What was said is true and you know it. Being nagetive or positive doesnt change anything. Only actions by the government does.

Let all support this man for second term. He still have a lot to offer Lagosian. On this matter God will use him for many to get house in Lagos.

krazynaija:

Thats not being negetive, its being realistic. and saying no to blind hope. What was said is true and you know it. Being nagetive or positive doesnt change anything. Only actions by the government does.

This is no blind hope, it has been passed into law and Lagos state is not a state that would pass a bill and not execute it.

honeric01:

This is no blind hope, it has been passed into law and Lagos state is not a state that would pass a bill and not execute it.

Seconded, pple shld learn to appluad baby steps when u see them taken. its a great effort to put forward the ist step. fashola had taken some steps before & he made them work, many state now copy him. see this work also.