We learned about how to apply for home ownership through the Lagos State Mortgage Board and thought we should write out the brief instructions below. Although it is not a particular skill being shared here, we thought it was necessary to share this information because it gives quick steps on “how to” apply for home ownership in Lagos through the Lagos Home Ownership Mortgage Scheme.
For more details about Lagos Home Ownership Mortgage Scheme please visit
STEPS
- APPLICATION AND SUBMISSION
You complete the Application Form in accordance with the instructions, pay the prescribed processing fee and collect a receipt after submitting copies of all necessary supporting documents. The form can be submitted in person or online. Originals of supporting documents will be required for sighting if you are successful at the Draw. - PRE-QUALIFICATION
The Lagos Mortgage Board [LMB] processes your form for pre-qualification and if you meet the requirements, you will be assigned a Draw reference number. - DRAW
LMB enters you for the draws which are conducted periodically on announced dates, through a transparent, fair and well publicised process. - POST DRAW PROCESSING
LMB forwards names of successful Draw applicants to the Lagos Building Investment Company [LBIC] for mortgage processing. When you receive an Offer Letter from LBIC, you should confirm acceptance and comply with the conditions set out, including the payment of a 30% initial deposit to LBIC within the period stipulated in the Offer Letter. - CLOSING
The Contract of Sale and Deed of Mortgage are executed (signed) by you and the LMB/LBIC and the keys to your home are delivered to you. EASY!
Act quickly (or rather kpakpakpa) and don’t miss out on this opportunity.
