GHL Bank has signalled its continuous commitment to mortgage financing, even after becoming a universal bank in December 2017, with the introduction of its flagship product “Save-to-Own” mortgage unto the market.
The “Save-to-Own” mortgage product, the first after the Bank transited from Ghana Home Loans Limited, is a hybrid product uniquely designed to enable the average Ghanaian self-employed as well as salaried clients demonstrate their ability to service a mortgage in order to acquire a house.
Executive Director , Business, Mr Kojo Addo-Kufuor, explained that the Bank has leveraged the over a decade of experience in the mortgage market to re-engineer its underwriting process to allow prospective home owners demonstrate their income and qualification for mortgage to own a house.
Making “Save-to-Own” the first product to launch as a bank, we are also signalling that we haven’t abandoned the mortgage product.”
Addo-Kufuor said the launch of the new product was the first step to GHL Bank’s promise to bring innovation and excitement to the financial services sector, reiterating that, “the product is to make home ownership more accessible to the average Ghanaian.”
Head of Mortgage Origination of GHL Bank, Mr Richmond Asante, explained that the product comes in two parts; the first being the savings phase with a tenure of 12 to 24 months period; and the second, a mortgage phase with a tenure of 15 years.
The savings phase requires of applicants to make scheduled monthly payments to their accounts up to 24 months, at the end of which GHL Bank would review behaviour of applicants and confirm whether they satisfy the savings requirement for a mortgage to be disbursed.
The “Save-to-Own” Mortgage is expected to provide ready buyers to projects being undertaken by the Bank and its partners including the Appolonia and Regimanuel Gray projects.
By Godfred Tawiah Gogo