With about three million in housing deficits, the Lagos Home Ownership Mortgage Scheme (Lagos HOMS) conceived by the Babatunde Fashola administration was seen as a game-changer in home ownerships by housing experts and prospective homeowners.

However, eight years on, the scheme mooted to encourage homeownership of First-Time Buyer (FTB) to purchase decent and affordable homes through the provision of accessible mortgage finance is dogged by several challenges. The schemes include Michael Otedola estate, Odoragun, Igando, Gbagada, Ibeju-Lekki, Sangotedo and Agbowa-Ketu.

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For instance, subscribers of the completed Omole scheme situated just after the Otedola Bridge along the Lagos-Ibadan Expressway have not been able to access their homes. An allottee, told The Guardian, that after emerging winner and satisfied all basic requirements, including paying the initial deposits, he was finding it difficult to meet other financial requirements. He expressed dissatisfaction with the scheme on the ground that, the government has reneged on its promise to hand them keys to their apartments, despite satisfying all necessary requirements, including the payment of the mandatory 30 percent asset deposit.

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