DRAW RULES WITH LAGOS HOMS MORTGAGE (Part 1)

In its quest to make affordable housing available for LAGOS State residents, the Lagos State Government established the Lagos Home Ownership Mortgage Scheme (“Lagos HOMS”) to provide access to home ownership through affordable mortgage financing.

Under this Scheme, which will be managed by the Lagos State Mortgage Board (“LMB”) in collaboration with the Lagos Building and Investment Company Plc. (“LBIC”) the Lagos State Government, through its agencies, will provide housing stock that will be released at periodic intervals to the public for sale.

Owing to the fact that there may sometimes be more applicants than available homes and that it is the State Government’s desire to give all applicants an equal opportunity to own a home, allocation of homes to successful applicants shall be by Draws held at periodic intervals.

Credit - lagoshoms.gov.ng 

A pre-qualification process has been designed whereby applicants will be carefully selected based on established pre-qualification criteria set by the Lagos State Mortgage Board including age, proof of employment, residency, income and such other requirements as the LMB may set from time to time.

The Draws shall be conducted in a transparent and fair manner at a public place to be announced and communicated to the general public and pre-qualified applicants by the Lagos Mortgage Board at least five working days prior to the Draw. This information will also be available on the Lagos HOMS website.

The Draw Rules shall be interpreted and applied in conjunction with the Lagos Homes Ownership Mortgage Scheme policy.

The Draw Rules shall be interpreted and applied to ascertain the actual outcome of a Draw selection process but shall not be interpreted or applied to unnecessarily disqualify successful applicants for immaterial irregularity.

All disputes, differences or claims arising from the operation and/or application of the Rules shall be resolved exclusively by arbitration conducted under the Arbitration Law of Lagos State 2009. Such arbitrationshall be in Lagos and shall be by a single arbitration appointed by the President of the Lagos Court of Arbitration after a request for arbitration is made to the Lagos Court of Arbitration by either of the parties. The arbitration shall be conducted under the Lagos HOMS Housing Arbitration Rules.

To be continued with DRAW RULES WITH LAGOS HOMS MORTGAGE (Part 2)

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