GHL Bank, formerly Ghana Home Loans Limited, has introduced its new flagship ‘Save-to-Own’ mortgage product to the local market.
The product, which is uniquely designed to enable applicants acquire a personal home, will also demonstrate the prospective homeowner’s commitment and ability to make scheduled payments to service a mortgage.
GHL Bank, through this product, will observe and evaluate the behaviour of applicants with regard to payment over a first-phase period of between 12 to 24 months; after which, the bank will review the behaviour and confirm if requirements have been met to satisfaction.
Ghana’s housing deficit has seen a worrying growth, with some predicting an increase from 1.7 million units to two million by the end of 2018.
But speaking at the launch, Head of Mortgage Origination at GHL Bank Richmond Asante said the product is in response to costumers’ requests and will help reduce the housing deficit.
“The Save-to-Own mortgage is the first product launched by GHL Bank shortly after its business model transformed from a Non-Bank Financial Institution (NBFI) to a universal bank to broaden its scope of operation.
This is clear evidence of our commitment to deliver homes and serviced plots to our customers to help alleviate the country’s acute housing deficit. With over a decade of experience in providing mortgages, we understand what people want; and a lot of thought went into the development of this particular product.”
On his part, the Executive Director of GHL Bank in Charge of Business, Kojo Addo-Kufuor, is optimistic the product will be well-received by the public.
He said: “Because a number of applicants cannot access their preferred mortgage due to their inability to provide evidence of a stable source of income, the new product will help simplify the credit process and also help applicants with poor credit history to rectify their credit records”.
Mr. Addo-Kufuor further noted that the ‘Save-to-Own’ mortgage product will “provide ready buyers for upcoming GHL-related projects like Appolonia, Regimanuel Gray Ltd. and many others, which will be a clear indication that the bank has not abandoned the mortgage solutions it is best known for”.