Lagos State Mortgage Board


A State where residents are living in affordable and decent homes with access to reasonable finance.


To bridge the gap of current housing deficit in Lagos State by providing affordable homes for the residents of the State through a sustained mortgage scheme and other home ownership finance options.

Historical Background

The Lagos Home Ownership Mortgage Scheme (Lagos HOMS) is a government initiative created to encourage and support home ownership of First-Time Buyer (FTB) residents of Lagos State to purchase decent and affordable homes through the provision of accessible mortgage finance. Lagos HOMS is administered by the Lagos State Mortgage Board (LMB).

In line with its promise to energise investment in home ownership by increasing the supply of homes and enabling wide access to home ownership through mortgage finance, the Lagos State Government introduced the Lagos Home Ownership Mortgage Scheme, (Lagos HOMS).

Lagos HOMS is a unique solution to the substantial supply gap in housing stock in Lagos State, inspired by the State Government’s resolve to bridge the housing deficit in Lagos State and ensure that the Lagos State Government lives up to its social obligation to provide affordable shelter to its citizens.

Simply put, it is a stimulus package for equity supported access to home ownership which will provide the framework for a sustained mortgage scheme in Lagos State.


Steady and increasing urbanization over the years has resulted in the phenomenal rise in population. The social responsibilities and demands associated with a growing population density that has now reached approximately 20,000 people per square metre and an estimated population growth of 8% per annum has meant that despite the best efforts of previous Administrations, the last time the Lagos State Government was able to tackle the housing problem head-on was during the Alhaji Lateef Jakande Administration from 1979 to 1983, when an estimated 21,000 units were constructed in 12 locations across the State.

Subsequent Administrations have tried to bridge this housing gap without success. The major reason was found to be the lack of access to affordable mortgage finance.

For the first time therefore, through Lagos HOMS, government has intervened in housing with a focus on affordable mortgage finance which is believed to be more sustainable than previous housing intervention policies.

What are the Benefits of Lagos HOMS?

Lagos HOMS provides an innovative and sustainable opportunity to enhance home ownership by Lagos State residents. It will accelerate growth by providing affordable mortgage finance and thereby promoting equal access to home ownership in Lagos State.

Lagos HOMS will generate employment and unlock the savings potential of Lagos State residents by giving them the opportunity to pursue other economic activities from their disposable income. In addition, appreciation in property values will increase availability of capital for home owners.

Quite simply, more and more people in Lagos State will become home owners.

Dispute Resolution

A key component of the Lagos HOMS scheme is the dispute resolution mechanism between the Lagos State Mortgage Board (LMB) and the Home Owner. The Scheme has an effective dispute resolution mechanism by arbitration through a single arbitrator appointed by the President of the Lagos Court of Arbitration (LCA). The arbitration will be conducted under specially designed Lagos HOMS Housing Arbitration Rules that are expressly incorporated in all Lagos HOMS documentation.

Contact Address

NECA House (2nd and 3rd Floor) Plot A2 NECA House, Hakeem Balogun Central Business District Alausa Ikeja.

Tel: 08124817363, 07044519311