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Fidelity Bank, 6 estate developers to expand mortgage

BY: Business Desk Report
  Picture credit: fidelitybank.com.gh
Picture credit: fidelitybank.com.gh

Fidelity Bank has signed a Memorandum of Understanding (MoU) with six real estate developers to enable customers access housing mortgage.

The agreement will see Fidelity and the real estate developers — Integral Associates, GHS Housing, Adom City Estates, Priority Homes, Blue Rose Developers and New Oak— collaborate in the mortgage financing sector to make acquiring homes easier.

In a release issued by the bank last Wednesday, it said the agreement followed an earlier one signed between the bank and NTHC Properties, Appolonia Development Company and Trasacco Estate Developers in 2021.

The Divisional Director, Retail Banking, Nana Esi Idun-Arkhurst who signed on behalf of the bank, said homeownership was an integral part of the Ghanaian dream, however, the cost of financing a housing project could be prohibitive.

She said “unfortunately, only a few financial institutions in Ghana offer mortgage financing and as one of the few institutions providing mortgages, this partnership will expand our mortgage financing offering so that we can help more people achieve their dream of owning a home and reducing the housing deficit in the country”.

“The signing of this MOU with our eight real estate partners is also a firm demonstration of our belief that serving our customers successfully requires collaboration with key stakeholders. Together, we will make mortgage financing more accessible for our customers and potential customers”.

Speaking on behalf of all real estate developers present at the signing, the Chief Executive Officer (CEO) of Blue Rose Real Estate developers, Ebo Acquah, said they were happy to partner with Fidelity Bank to expand the bank’s mortgage financing proposition.

“We are thrilled to take this step with Fidelity Bank in ensuring that we provide solid financial support for people who wish to own their homes.

“The obvious fact today is that the price of already constructed houses in Ghana is way above what the average Ghanaian can afford.

“But with this partnership, we are confident that mortgages will be easily accessible by all and we will contribute to make a significant dent in the challenges facing the housing sector in Ghana,” he said.