Business News of Wednesday, 30 January 2019
Source: Stanbic Bank Ghana
Stanbic will in the coming weeks roll out a mortgage scheme for Public Sector Employees. The scheme which is in collaboration with the Ministry of Finance will partner real estate developers to build two-bedroom houses that will not cost more than GHS 150,000.
The subsidised mortgages will be for a maximum repayment period of 20 years and at an interest rate of 12 per cent per annum.
As part of the package, the bank has engaged an insurance provider to offer subsidised property and life insurance policies for all beneficiaries.
The scheme is part of the National Mortgage Scheme which is targeted at offering subsidised mortgages to Public Sector Employees.
Explaining the rationale for the bank supporting this scheme, Mrs. Anna Panti, Manager Home Loans, Stanbic Bank said: “Apart from us being a rational business entity, we have a strong social desire to help Ghanaians acquire decent accommodation that they can comfortably afford. We see housing as a primary need which affects the total well-being of every individual.
We applaud the government for this bold intervention. We also acknowledge the effort of our estate developers who like us have agreed to cut down their margins to make this social intervention project a success. Properties that will be sold under this scheme will be of utmost quality and will come with basic infrastructure in communal settings.
As an additional layer In line with Sustainable Development Goals and the need to support the country meet its Nationally Determined Contribution (GH-NDCs) under the climate change Agreement (COP 21 Paris) in 2015, the bank has positioned itself to support the Built Environment go Green in collaboration with the world Bank (IFC). In relation with this, we will support the estate developers to focus on Energy Efficiency, Water Efficiency and Material embodiments to be used in Construction.
This scheme should help reduce the housing deficit which has been a major issue for Ghanaians.
We are excited about this scheme and are working hard to see it roll out in the coming weeks.
As part of the roll out, Stanbic Bank will organise a seminar and exhibition in the month of February where all potential beneficiaries can interact with the bank’s mortgage specialists to understand what the terms of the deal are and what they must do to get on board. The exhibition will also showcase all the property types available.