The increasing cost of building materials has hindered the desire of people to own houses.
As Ghana’s population grows, mortgage packages have been introduced to make house ownership affordable and easy to access.
This initiative was started by Republic Bank Ghana, formerly HFC Bank.
The bank has introduced a financing mechanism that is flexible and pragmatic.
Formal and informal sector workers with a regular stream of income are eligible for a mortgage loan application.
Head of Mortgage Banking at Republic Bank, Daniel Mohenu, says the bank finances up to 80% while the customer contributes a minimum of 20%.
“For the home purchase mortgage, Republic Bank finances up to 80%. The customer contributes a minimum of 20%. There is also a home equity mortgage. This is when you have an existing property and want to make money out of it. Be it investment or acquiring another property, Republic Bank has products for you. We offer you funds to do what you want to do using the existing property.
“We have the home completion mortgage. This where you have built to the lentil level. If you are cash-trapped and you need a mortgage institution to help you complete the property. With Republic bank, you pay over 15 years, He said.
Republic Bank is poised to provide solutions to all housing needs, at the 2022 edition of Luv FM Habitat Fair.
The 2022 Luv FM Habitat Fair will take off on the 30th of September to the 2nd of October, at the Kumasi City Mall.
The 3 day, is on the theme ‘Homeownership: Where you live matters’ and is expected to attract 100 expected to showcase their offerings (products and services) to the teeming patrons who will throng the fairgrounds.
From land acquisition, sale, starting to build, using the right materials, completing the building to paintings and fitting all that is needed, the Habitat will be a one-stop-shop for all your housing needs.