Business News of Friday, 22 December 2017
Ghana’s leading mortgage provider, GHL Bank (formerly Ghana Home Loans) has signed a Memorandum of Understanding with Regimanuel Gray Limited to collaborate in the delivery of homes and serviced plots to alleviate the acute housing situation in the country.
The signing ceremony took place at the offices of Regimanuel Gray Ltd at La, Accra, and was attended by senior executives of both GHL Bank and Regimanuel Gray Ltd.
In a significant move, Regimanuel Gray Ltd recently commenced the sale of serviced plots at Katamanso on the Accra – Oyibi road. This unique arrangement allows prospective home owners to design and build their dream homes on plots serviced by world class infrastructure delivered by Regimanuel Gray Ltd.
Under the terms of the collaboration, GHL Bank shall offer a special land purchase mortgage to prospective buyers of these serviced plots. GHL Bank shall finance up to 80% of the cost of the land and offer a repayment schedule of up to 10 years at negotiated interest rates. Once the homeowner has acquired the plot of land, GHL Bank shall then provide construction loans for the homes to be built. The homeowner may then repay the mortgage in accordance with a pre-agreed schedule.
Speaking at the signing ceremony, Mr. Kojo Addo-Kufuor, Executive Director Business, GHL Bank, stated that this programme “gives prospective homeowners the best of both worlds”.
He added that “being able to build your dream home, designed to your preference, on Regimanuel-quality infrastructure is a great and unique offer which should excite the market”.
“This MoU is clear evidence of GHL Bank’s commitment to mortgages, home ownership, and real estate developers, at a time when we have transitioned from a mortgage specialist to a universal bank”.
Signing on behalf of Regimanuel Gray Ltd., Mrs. Regina Botchway, Vice-Chairman of the company reiterated that the collaboration is in recognition of the shared aspirations of both companies to move the acquisition of homes and serviced plots much closer to Ghanaians and foreign residents.
She said that “we at Regimanuel Gray Ltd are proud to have been one of the forbearers to develop the vision and leadership of home ownership and acquisition. GHL Bank is one of the best partners in the market to work with to help push this agenda”.
The Regimanuel Gray New Territory Project at Katamanso, is on a land size of about 1,300 acres and is master planned to include 17,000 houses, commercial areas, schools, religious centres and sports facilities. The first cluster at Adom Gate, consisting of about 500 expandable houses of different variety is almost complete.