Republic Bank Ghana is ready and set to go in introducing Affordable Loans for the Government Affordable Housing Scheme this year.
In anticipation of the new affordable houses initiative, the bank held a successful three-day Mortgage Expo in December last year, where over 60 Real Estate Developers and other companies in the housing business were in attendance.
The scheme seeks to offer public sector workers highly subsidised mortgage interest rate and loan amounts which can purchase two to three-bedroom houses within Accra and other regions.
According to the Managing Director of the bank, Mr. Anthony Jordan, the government of Ghana and Republic Bank have already signed a Management Agreement and Memorandum of Understanding for the two parties to provide funding for the Mortgage Scheme for Public Sector Employees. The bank has also held fruitful discussions with the Ghana Real Estate Developers Association (GREDA) on the Mortgage Scheme and the need to develop more affordable houses. It is instructive to note that some developers have already produced affordable housing units in anticipation of this Public Sector Loan Scheme, and Republic Bank is in close contact with them.
Republic Bank, over the years, has been providing Public Sector Home Loans in partnership with government. The Affordable Loans for Affordable Housing Scheme will come as an enhancement of the existing Scheme, with a more than hundred percent increase in the loan amount and further subsidy on the interest rate.
The Managing Director also hinted that Republic Bank will soon launch a mortgage market website. The mortgage market website will enable subscribers to access various houses from various developers, take virtual tours of available houses, get full information of the bank’s mortgage, determine their mortgage loan affordability, apply and track mortgage loans, and also interact with mortgage consultants.
The Mortgage Market Website will eliminate the need to prospect developers from location to location and from house to house. Subscribers can access a real tour or view of houses, initiate your application and get your loan and home within the shortest period of time. The Managing Director therefore urged all Ghanaians at home and abroad to take full advantage of the Website when it is launched.