LAGOS STATE HOLDS 2017 STAKEHOLDERS FORUM ON FRAUDULENT PRACTICES IN REAL ESTATE TRANSACTION, GIVES DETAIL ON RENT-TO-OWN POLICY. | Shakiru Seidu. The Rent-to-Own Policy is aimed at bridging the gap of Lagos State Housing deficit of about 2.55 million in the next 10 years, Hon. Akinsola revealed.

Tuesday, 19th of December was another significant day in the history of the Ministry of Housing, Lagos State when the concerned stakeholders gathered to deliberate the prevalence of fraudulent practices in Real Estate Transaction in Lagos State at Adeyemi Bero Auditorium, Ikeja.

The programme which witnessed the presence of three Guest Speakers who spoke deeply on how to curb the incessant fraud activities among the Agents, also saw the Commissioner for Housing, Prince Gbolahan Lawal, who revealed the assiduous efforts of Gov Ambode to make Housing affordable in Lagos State.

"Since 1999, the Lagos State Government have built Houses of over 30,000 units and still willing to do more in alleviating the pain of Lagosians, Prince Gbolahan explained.

In her eloquent address, the Special Adviser to Governor Akinwunmi Ambode on Housing, Hon Adebimpe Akinsola, revealed the determination of the government to checkmate the incessant fraudulent acts of some Real Estate Agents.

On Rent-To-Own Policy, Hon Akinsola said the policy is introduced by the Administration of Governor Akinwunmi Ambode to make Housing more readily available to the teaming population of Lagos State. This Policy is to ensure that more people that wouldn't have been home owners are accommodated. It is a system whereby prospective home owners make a 5% down payment, take possession and pay up the remaining balance as rent towards the ownership of the property over a period of 10 years, she explained.

"The policy is aimed at bridging the gap of Lagos state Housing deficit of about 2.55 million in the next 10 years and sensitizes the citizenry to own a home with 5% of the value as equity.

"ELIGIBILITY CRITERIA
1. Applicant must be primarily resident in Lagos State and will be required to submit a copy of thier Lagos State Residents Registration Card.
2. Applicants must be First Time Buyer.
3. Applicant must be 21 years old and above.
4.  Only tax compliant applicants will be eligible under the Lagos State Rent To Own policy and must provide proof of tax payment.
5. Applicants must be able to make the 5% commitment fee payment.
6. Applicants must pass the affordability test and not more than 33 1/3 of the monthly income as repayment," Hon. Akinsola added.

SHAKIRU SEIDU
The Publisher, MegaXpression Magazine