Hamzat’s Lagos Housing Plan: 10% Deposit, 25-Year Mortgage and Rent Law

At a Lagos governorship debate, Dr. Kadri Obafemi Hamzat outlined proposals on homeownership, housing supply and rent payments. He proposed a mortgage with a 10% deposit and repayment over 25 years, and said ongoing housing developments would be completed. He also pledged to enforce the state’s existing limit on advance rent payments. Hamzat cited 24 housing estates with about 18,000 units delivered over the past eight years, along with ongoing projects including Ibeshe, Ajara and Badagry. The proposed mortgage could lower the upfront cost for some buyers, but affordability would depend on interest rates, eligibility rules, monthly repayments and available homes. Lagos’ Tenancy Law restricts landlords and agents from demanding more than one year’s rent in advance from a new tenant. Hamzat’s proposal is to enforce that existing rule. The key questions are how residents could report violations and how the mortgage and housing plans would be funded and implemented.

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