Part of Appolonia City’s plots
Appolonia City and Ghana Home Loans are offering the country’s only 10-year mortgage that allows buyers to start building their dream homes with just 20 percent deposit.
Appolonia, a city-sized development just 20 kilometers from Accra’s central business district (CBD) and Ghana Home Loans, the country’s leading home finance institution, have partnered to provide a 10-year mortgage on serviced plots at Nova Ridge, Appolonia’s “buy-and-build” neighbourhood.
Being the first of its kind in Ghana, the initiative enables buyers of Nova Ridge’s serviced plots to make a minimum deposit of 20 percent of the land value and spread the balance in monthly payments over a 10-year period.
Purchasers can also access a home construction mortgage from Ghana Home Loans.
“We understand the challenge buyers have to acquire land and cover construction costs in parallel, usually while renting a house until they build their own,” said Kojo Addo-Kufuor, Chief Operating Officer of Ghana Home Loans.
“Our 10-year mortgage spreads out the land payments, so families can start building immediately, and realise their dream of moving into their own home sooner.”
Ghana Home Loans remains the only institution that focuses exclusively on the provision of mortgage products.
It’s majority owned by the Abraaj Group, a global private equity institution with over $10 billion of assets under management.
Management of Appolonia, which is being developed by Rendeavour, Africa’s largest urban land developer, said the Nova Ridge land buyers with a 10-year mortgage would enjoy all the benefits of a new city.
“Appolonia is delivering something unique to the Ghanaian market: secure land title, high-quality infrastructure and amenities such as schools, shops, clubhouses, medical facilities, petrol stations, parks and other recreation areas,” said Bright.
Owusu-Amofah, CEO of Appolonia, commenting on the deal, stated: “We are building Ghana’s only new city in close proximity to Accra, where residents can live, work and play without the burden of commuting in traffic.”
“Appolonia City’s project is being developed for residential properties, retail and other commercial centres, as well as schools, healthcare and other social infrastructure. World-class infrastructure is currently being implemented which includes water, electricity, tarred roads with storm water drains.”
samuel10gh@yahoo.com
By Samuel Boadi