Access Bank has reduced its mortgage interest rate from 26 per cent to 18 per cent, offering relief to prospective homeowners.
The bank made the announcement at the just-ended Daily Graphic-GREDA Home Ownership Fair in Accra.
A representative of the bank, Gideon Aguti, explained that the facility was for two groups of customers — those who were building and needed extra funds for completion and those buying houses.
“The discount is actually 18 per cent. It was about 26 per cent. So it has been brought down to 18 per cent,” he added.
Mr Aguti said the move was to make mortgages more affordable and accessible.
About the fair
The annual Daily Graphic/GREDA Home Fair took place at the Accra Mall Food Court.
It was organised by the Graphic Communications Group Limited, in partnership with the Ghana Real Estate Developers Association (GREDA).
The three-day fair was on the theme: “Technology-enabled and eco-friendly housing: Now and the future.”
It has become a key platform for financial institutions, developers and suppliers to engage the public on housing solutions.
More than a dozen exhibitors took part in the annual fair which attracted people from all walks of life.
They included banks, estate developers- and suppliers of building materials.
Beyond the business, there were lots of fun-filled activities, including music and dance, food and drinks, to keep the excitement alive.
Payment requirements
Mr Aguti said customers who bought completed houses were required to make a down payment of 20 per cent before moving in.
“For example, if you have a house that costs GH¢120,000 or GH¢480,000, you will have to make a down payment of 20 per cent. Then the rest will be structured based on the interest rate of 18 per cent,” he said.
Mr Aguti also said that repayment would be spread over monthly instalments, with a maximum repayment period of 15 years, depending on the applicant’s age.
He explained that the repayment plan was designed to ease the financial pressure on families, while creating a path for more people to own homes.
Rationale
Mr Aguti further said that the bank’s mortgage packages were part of efforts to reduce the housing deficit and support families who might not have access to large sums of money.
“We support customers to own homes in a way that is flexible.
Either you are building and need support to complete, or you are buying and need us to spread the cost for you,” he said.
Mr Aguti said the bank’s involvement reflected its long-term commitment to offering financial products that responded to the realities of the housing market, and urged prospective homeowners to take advantage of the reduced rate.
