GHL Bank, formerly Ghana Home Loans Limited today introduced its new flagship product “ Save-to-Own ” mortgage to the Ghanaian 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 payment to service a mortgage.
GHL Bank through this product, will observe and evaluate the behavior of applicants with regards to payment over a first phase period of between 12 to 24 months after which the bank will review the behavior and confirm if requirements have been met to satisfaction.
On his part, the Executive Director of GHL Bank in Charge of Business, Kojo Addo-Kufuor was 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 solution it is best known for.”
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 was in response to costumers’ request and will help reduce the housing deficit.
“Save-to-Own mortgage is the first product launched by GHL Bank shortly after the business 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 acute housing deficit in the country. 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.”