Ghana’s leading provider of comprehensive home financing solutions, First National Bank Ghana, has signed Memoranda of Understanding (MoU) with three more real estate developers to collaborate in the provision of homes for Ghanaians as part of the bank’s ‘Year of Home Ownership’ (YOHO) initiative.
The new YOHO partners are Vabb Homes, Green Opal and Zaddington Properties. This brings to 10, the total number of real estate developers that have partnered with First National Bank Ghana to make home ownership easier for Ghanaians both home and abroad.
The Executive Head of Home Loans Business at First National Bank Ghana, Mr Kojo Addo-Kufuor said: “Since the launch of the ‘YOHO 2021’ initiative, we have helped many who took up the challenge to become homeowners. We are, therefore, delighted to have these four new partners on board”.
The MoU offer potential home buyers varied benefits, including an average of 10 per cent discount on the selling price of property or free fittings such as a kitchen cabinet.
In addition, some participating developers have offered to pay mortgage application fees on behalf of the buyers. First National Bank has also enhanced its turn-around-time to offer prompt decisions on home loan applications, subject to all requirements being met. Furthermore, eligible mortgage applicants will enjoy a YOHO 2021 discount on their interest rates, subject to terms.
“Even though housing is considered as a basic requirement, we in Ghana have a gaping deficit estimated at about two million housing units. YOHO 2021 was, therefore, launched to help Ghanaians change their status from being tenants to homeowners before the end of 2021” Mr Addo-Kufuor explained.
The other partners on the YOHO partnership include SBJ Properties, Saka Homes, Adom City Estates, GHS Housing and Royal Prestige all in the Greater Accra Region as well as Magijan Havens in Kumasi.
The developers commended First National Bank for their leadership in introducing such an initiative as YOHO 2021 and pledged their commitment to helping to reduce the housing deficit in Ghana.