Lagos residents to Pay house rent monthly -Gov. Ambode

Lagos State Governor, Mr. Akinwunmi Ambode, has made it known that his Government has concluded plans to introduce monthly payment plan on its Home Ownership Mortgage Schemes, HOMS, across the state. The Governor made this known after embarking on an extensive inspection tour of projects across the state, the plan indicates that residents will pay rent monthly, not yearly as is the usual practice in the country.The Lagos State Government is doing this to mitigate the effects of the present economicrecession in the country, the administration decided to introduce monthly payment plan, a plan toscale up the rent-to- own policy, whereby people can pay monthly instead of being compelled tomake a down payment of 30 percent of the total cost or pay for one year. According to him, “Wethink the way to move forward is to allow these our younger ones to just pay one month depositand pay one month rent and move into the houses and then more or less play up our rent-to- ownscheme.“We believe strongly that people should be able to pay one month rent and live in our housingschemes.“We don’t think in a recession, we should be having a situation where we allow people to comeand buy when they don’t have money or to come and pay one year rent,” Ambode said.