Ghana Home Loans (GHL), the mortgage specialists, has initiated collaborations with several public sector groups to provide their members with facilities to enable them acquire property.
The mortgage provider is partnering various public sector staff associations that have already acquired land for their members but then need financing to deliver infrastructure to site and build the houses.
Elaborating on the details of these schemes, Mr. Edward Nyarko, head of Property Services at Ghana Home Loans, indicated that executives from several associations have already been in contact to explore how a scheme could be designed to assist their members.
Ghana Home Loans offers both local currency and foreign currency loans, with repayments of up to 20 years, depending on what is required by the scheme members.
Again, depending on the size of the group, the lender will work to streamline the costs associated with title searches, valuation and other due diligence required for mortgage transactions.
He also advised that staff associations may choose to appoint their own service providers, such as road contractors, engineers, and architects. They could also work with Ghana Home Loans to resolve any financing or structuring issues.
Mr. Nyarko stressed that while Ghana Home Loans has already written mortgages for hundreds of public sector employees and civil servants, the company was excited to also work on schemes which represent thousands of members.