Owning a home in Ghana’s current economic dispensation is a daunting task for many prospective homeowners. It usually comes with the herculean financial burden mixed with limited accessibility to affordable financing for a home.
Amidst this gloom, Ghana’s leading mortgage bank, Republic Bank (Ghana) PLC is providing convenient and affordable financial assistance through mortgages to individuals lost in thoughts on how to access support to purchase a home.
The bank is offering low interest rates to potential homeowners and real estate developers on all their mortgage packages at the 2024 Republic Bank-Luv FM Habitat Fair, seeking to bridge the housing deficit in the Ashanti region.
The financial institution is ready to provide up to 21% fixed rate on the mortgages with up to 20 years flexible repayment plan to patrons.
Republic Bank has an array of mortgage packages depending on one’s needs.
They are offering home completion mortgages for persons anticipating completing their stunted house. For individuals who wish to upgrade their homes, the bank is providing a mortgage for home improvements.
There are home equity packages as well as diaspora mortgage packages for persons living abroad but hope to own a home locally.
Mortgage specialist at the bank, Felix Asamoah, debunked assertions of a long-lasting burden in repaying the loans.
“It’s never true that if you take a mortgage, you will never finish paying. Our mortgage package is a reducing balance. So, as you are paying, the outstanding is reducing. Even after completing payments for your mortgage by the 20th year, you can use the same facility to access another mortgage package,” he said.
The bank has opened a specialized mortgage hub in Kumasi to address the housing shortage among customers in Ghana’s northern sector.
The mortgage hub, operating for the past two years, is efficiently serving customers in Ashanti, Bono, Western, and regions of the north, facilitating stress-free home acquisition.
The bank is one of the scores of exhibitors showcasing their products and offering services at the four-day habitat fair from October 3 to 6, 2024 at the Kumasi City mall.
The 2024 edition of the Republic Bank-Luv FM Habitat Fair is on the theme: “Home Ownership…An Investment not just a Home”.