The Lagos State Government says it has embarked upon the amendment of the Lagos State Mortgage and Property Law.
The Special Adviser to the Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka, according to a statement on Thursday, said this during a roundtable discussion on incorporating foreclosure law into the state’s mortgage and property law, in Ikoyi.
She said, “The Lagos State Mortgage and Property Law seeks to create conducive environment for accessible and affordable mortgage for the benefit of people of the state to acquire their own homes. They will pay a certain percentage of the cost of the unit and pay the balance over a period of years.”
Benson-Awoyinka stated that the amended law would include sale by public auction and foreclosure in default of mortgage payment.
Similarly, the Attorney-General and Commissioner for Justice, Mr Moyosore Onigbanjo, noted that once the law was passed, more banks will be encouraged to give out mortgages and consequently, more homes will be built and purchased by Lagosians.
“If banks are sure that they will get back their investment in mortgages, then more mortgages will be given, more homes will be purchased or built; and at the end of the day, it will be a win-win for Lagos State citizens and the finance industry,” he said.