Hamzat Proposes 10% Deposit and 25-Year Mortgage Plan for Lagos Homebuyers

Lagos Deputy Governor and 2027 APC governorship candidate Kadri Obafemi Hamzat proposed a mortgage plan that would let eligible buyers pay a 10% deposit and repay the balance over 25 years. He presented the proposal during the Lagos governorship debate on November 8, 2026, as part of his manifesto, The Lagos Promise (Ìlérí Èkó). For a ₦30 million home, the proposed deposit would be ₦3 million, with the remaining ₦27 million financed through a mortgage. The manifesto also promises single-digit interest rates and longer repayment periods. The actual cost and affordability would depend on the final interest rate, fees, eligibility rules and repayment terms. Hamzat also cited 18,000 housing units delivered across 24 estates over eight years and named projects under construction or planned for completion. He said the state would work with private developers to expand housing supply. The mortgage plan’s impact would depend on both accessible financing and enough suitable homes for buyers.

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