There is a revolution in housing finance as the State Housing Company LTD this afternoon signed an agreement with Republic Bank to provide long term mortgages for acquisition of houses.
The mortgage which is currently pegged at 20 years with the possibility of moving to 30 years, comes with a fixed interest rate of 11.9%.
“It is the expectation that this development will increase access to home ownership in Ghana. Owning a home has never been this easy”, Mr. Kwabena Ampofo Appiah, Managing Director of State Housing Company declared after signing the agreement on behalf of the Nation’s Number Builder.
The agreement is part of the bigger National Housing Mortgage scheme for government workers.
Farid Antar, Managing Director of the Republic Bank who signed on behalf of the bank, disclosed that the mortgage package is not for the exclusive enjoyment of public and civil servants “but so far as you can show proof of regular income from your business, you can also take advantage of the scheme”.