The Lagos State Government on Monday said it had introduced the Rent-to-Own Policy to support the Lagos Mortgage Scheme for home ownership in the state.
The Commissioner for Housing, Mr Gbolahan Lawal, said at a ministerial news conference in Ikeja that the scheme had already become effective.
Lawal said that the policy was aimed at making housing more accessible and affordable, particularly to medium and low income earners in both informal and formal sectors.
According to him, individuals, under the arrangement, are required to pay five per cent of the value of the housing unit as commitment fee.
He said that the remaining payment would be spread over 10 years at six per cent interest rate.