Republic Bank (Ghana) Plc. has introduced two (2) new mortgage repayment plans to mortgage customers. These plans will be in ways such as, flexible forms of repayment and saving on interest paid at the end of the mortgage facility term to augment existing schemes.
This mortgage repayment initiative is the first of its kind that gives customers the leverage to save up to 40 percent of their total interest on the mortgage loan as well as early repayment without an increase in the loan instalment.
Mr. Farid Antar, the Managing Director of Republic Bank (Ghana) Plc disclosed that, the Bank has over the years been researching on innovative ways of making home ownership experience less stressful, and at the same time foster value addition for both existing and potential mortgage customers.
“As a pioneer of the mortgage business in Ghana, our focus has been on coming up with attractive value propositions to aid our diverse customer segments whilst making the entire mortgage journey easy and affordable for them.”
Mr. Farid Antar
According to the Managing Director, the new mortgage loan repayment plan will help eliminate any tendencies of frustrations that associates with mortgage financing access in Ghana.
Mr. Antar further revealed that the nightmare of longer mortgage tenure that has haunted customers will be addressed under the new initiative as the “plan reduces the number of repayment years customers will have to satisfy their mortgage”.
Mr. Farid Antar further explained that the customer is at the centre of any business operation, and as such the Bank has committed prudent efforts towards Customer Satisfaction.
“We are obsessed with providing Ghanaians an incredible mortgage process through our powerful expertise, knowledge and quick processes. Customers now have many ways of repaying their mortgages no matter their salary structure”.
Mr. Farid Antar
Mortgage finance/access in Ghana
Access to mortgage facilities in Ghana over the years has been a challenge to most Ghanaians, as the myths surrounding mortgage has thwarted efforts by potential customers from securing mortgage facilities.
However, mortgage experts believe that with the right calibre of education and public awareness, this ‘blindfold’ of misconceptions will be resolved, and Ghanaians will begin to view mortgages from a different perspective, as an alternative source of financing homes’ purchases, renovation etc.
Ghana’s current housing stands at a deficit of two (2) million housing units and this has attracted stakeholder concerns both domestically and internationally.
The Ghanaian government on its part has initiated numerous housing, mortgage and mortgage related schemes ranging from affordable housing scheme, Ghana Government backed mortgage schemes among others to resolve Ghana’s housing challenge.
International stakeholders such as GIZ recently partnered with the Ministry of Finance and the Ministry of Works and housing to start a comprehensive capacity building on housing and mortgage related activities for the staff of these ministries.
Additionally, the Real Estate Developers Association of Ghana, recently disclosed that assimilating new and innovative ways of constructing building will help address the current housing deficit faced by the country.
Furthermore, Mr. Antar revealed that “customers deserve the opportunity to easily choose the method that makes them most comfortable and these additional repayment options truly puts the power of choice into their hands”.
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