Home / Responsibilities:Lagos State Mortgage Board

Responsibilities:Lagos State Mortgage Board

Functions of LMB

The functions of the board are to:

  • Generate conducive environment for accessible and affordable mortgage or charge for the benefit of citizens of the state to acquire their own homes;
  • Advise the Governor on the funding, administration and structure of the State Mortgage finance program or policy for the benefit of the residents of the state;
  • Articulate any Lagos Mortgage Scheme or Policy which the Government has or may put in place from time to time in connection with the making, processing, placing, registering or administration of mortgage lending in the State;
  • Protect the resident of the State and the stability of the State’s economy from unconscionable practices of mortgage brokers, lenders and all persons holding themselves out as offering funds on the security by way of mortgage or charge on any property in the State for development or the acquisition of homes or housing estates;
  • Implement and honour on behalf of government all obligations in any Agreement made between government and other parties with regards to the provision of funds for land ownership or development of Estates in the state;
  • Report to government any default or breach on the part of any of the parties to any obligations or requirements in the Agreement mentioned in paragraph (e) above and to inform Government with all dispatch on ways of remedying such default or breach by defaulting parties;
  • Encourage, promote and co-ordinate all forms of research concerned with the mortgage lending industry as it relates to economic well being of the State and its residents, the stamping and registration system relating to mortgages in the state, the mode of application for Governor’s consent relating to secured credit transactions, and generally to disseminate same to government and the public;
  • Ensure continued intervention of Government in the Lagos Mortgage Scheme through a formalized and institutionalized process
  • Advise the Government on the adoption of standards and policies under which property – secured credit should be provided;
  • Act in an advisory capacity to the Government with regards to the mortgage lending industry and property secured credit;
  • Ensure the continued prominence and participation of Government in the Lagos State Mortgage Scheme through the activities of the Board and those of other agencies of Government;
  • Maintain a central statistical database of mortgages and transactions secured on property in the state;
  • Perform such other functions as may from time to time be referred to it by the Governor or the State Executive Council as the case may be;
  • Secure compliance with provisions of this law and protect the interest of mortgagors of residential houses and other real estate within the State against unfair terms and unconscionable conduct of mortgage finance providers and;
  • Mediate or arbitrate in dispute between parties arising from mortgage transactions under this law.
  1. Departments/Units
  • Operations Department
  • Facilities Department
  • Legal Department
  • HR & Admin Department
  • Account Department
  • Audit Unit
  • Public Affairs Unit


Rent-To-Own is the new policy introduced by the administration of Governor Akinwunmi Ambode to make housing more readily available to thr teaming population of Lagos State. This policy is to ensure that more people that would not have been home owners are accommodated. It is a procedure 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.

The policy is aimed at bridging the gap of Lagos State Housing deficit of about 2.55 million in the next 10 years and sensitizing the citizenry to own a home with 5% of the value as equity.The schemes comprise of 11 estates of 4,355 units spread across the five administrative divisions of the State. It was formally launched by His Excellency, the Executive Governor of Lagos State,Mr. AkinwumiAmbode on Thursday, 8th of December, 2016.

Prior to this time, the mortgage option under the Lagos Home Ownership Mortgage Scheme (LagosHOMS) was the cheapest means of becoming a Lagos state Housing unit owner. This entails a deposit of 30% as equity contribution while payment of the balance in monthly installments is spread over a period of 10 years. However, it was observed that many of our young adults and low income earners were unable to come up with the deposit.



Sir Michael Otedola, Odoragunshin-Epe; Chois City Agbowa; OdoOnosaAgbowa; Oba Adeboruwa, Igbogbo-Ikorodu;Igbogbo 2B Housing Estate, Ikorodu; Hon. Olaitan Mustapha Ojokoro-IfakoIjaiye, AlhajaAdetoun Mustapha Ojokoro-IfakoIjaiye;Igando Gardens-Igando;Iponri Estate, IponriSurulere; Sangotedo Scheme, Eti-Osa; and Ajara Estate, Badagry.


  1. Applicant must be primarily resident in Lagos State and will be required to submit a copy of their Lagos State Residents Registration Card (LASRRA).
  2. Applicant must be a 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 the proof of tax payment.
  5. Applicant must be able to make the 5% commitment fee payment.
  6. Applicant must pass the Affordability Test and not more than 33% of thenet monthly income as repayment.


  1. Pick up the Application form at the following locations: Lagos State Mortgage Board (Lagos HOMS) Office; NECA House, Plot A2, Hakeem Balogun Street, CBD, Alausa, Ikeja, Lagos), or  Ministry of Housing Block 3, Secretariat, Alausa, IkejaOR download the form online.
  2. Make payment of N10,000 processing fee at First Bank Plc, Account Name: Lagos State Mortgage Board, Account Number: 2023834576. Complete the application form in accordance with the instructions.
  3. Submit application form with the payment receipt and copies of all necessary supporting documents in personat Lagos State Mortgage Board (Lagos HOMS) Office.

CONTACT US AT 07044519311, 08124817363

OR ONLINE AT www.lagoshoms.gov.ng