Ghana’s leading mortgage provider, GHL Bank (formerly Ghana Home Loans) has signed a Memorandum of Understanding with Regimanuel Gray Limited to collaborate in the delivery of homes and serviced plots to alleviate the acute housing situation in the country.
The signing ceremony took place at the offices of Regimanuel Gray Ltd at La, Accra, and was attended by senior executives of both GHL Bank and Regimanuel Gray Ltd.
In a significant move, Regimanuel Gray Ltd recently commenced the sale of serviced plots at Katamanso on the Accra – Oyibi road. This unique arrangement allows prospective home owners to design and build their dream homes on plots serviced by world class infrastructure delivered by Regimanuel Gray Ltd.
Under the terms of the collaboration, GHL Bank shall offer a special land purchase mortgage to prospective buyers of these serviced plots. GHL Bank shall finance up to 80% of the cost of the land and offer a repayment schedule of up to 10 years at negotiated interest rates. Once the homeowner has acquired the plot of land, GHL Bank shall then provide construction loans for the homes to be built. The home owner may then repay the mortgage in accordance with a pre-agreed schedule.
Speaking at the signing ceremony, Mr. Kojo Addo-Kufuor, Executive Director Business,GHL Bank, stated that this programme “givesprospective homeowners the best of both worlds”. He added that “being able to build your dream home, designed to your preference, on Regimanuel-quality infrastructure is a great and unique offer which should excite the market”.
“This MoU is clear evidence of GHL Bank’s commitment to mortgages, home ownership, and real estate developers, at a time when we have transitioned from a mortgage specialist to a universal bank”.
Signing on behalf of Regimanuel Gray Ltd., Mrs. Regina Botchway, Vice-Chairman of the company reiterated that the collaboration is in recognition of the shared aspirations of both companies to move the acquisition of homes and serviced plots much closer to Ghanaians and foreign residents.
She said that “we at Regimanuel Gray Ltd are proud to have been one of the forbearers to develop the vision and leadership of home ownership and acquisition. GHL Bank is one of the best partners in the market to work with to help push this agenda”.
The Regimanuel Gray New Territory Project at Katamanso, is on a land size of about 1,300 acres and is master planned to include 17,000 houses, commercial areas, schools, religious centres and sports facilities. The first cluster at Adom Gate, consisting of about 500 expandable houses of different variety is almost complete.
About GHL Bank
GHL Bank is a home finance institution which operates under Bank of Ghana supervision as a non-bank financial institution. At present, the company is the largest provider of residential mortgage products in Ghana. The Company is majority owned by the Abraaj Group, a global private equity institution with over $10 billion of assets under management.
The International Finance Corporation, the investment arm of the World Bank Group, and the U.S. government’s Overseas Private Investment Corporation have provided long term financing to GHL Bank.
Since its inception in 2006, GHL Bank has disbursed mortgages of about $200 million through its financing products which include Home Purchase Mortgages, Home Equity Mortgages, Home Completion Mortgages and Home Construction Mortgages.
The Company recently received a universal banking license from the Bank of Ghana and has commenced operations as GHL Bank.
About Regimanuel Gray Limited
Regimanuel Gray Limited was incorporated in 1991 with real estate development and home building as its core business. The company has over the years acquired a great deal of expertise in turnkey project site development including roadwork, drainage, water and electrical distribution networks. Regimanuel Gray Limited represents a notable successful example of private sector joint-ventures in Ghana with over 18 major projects executed so far.
Regimanuel Gray Limited represents a notable successful example of private sector joint-ventures in Ghana. The Company is a strategic partnership between Regimanuel Limited, a Ghanaian Company, STI Global Limited of Houston Texas and The ABRAAJ GROUP, a regional venture capital firm. Ever since its inception, the company has had an assemblage of dedicated top caliber local and expatriate personnel managing its affairs resulting in its emergence as the leading private real estate developer and home builder in Ghana. The Company’s well-known hallmarks are the timely construction and delivery of high quality, reasonable-priced housing units at prime locations which are adequately provided with social amenities and well developed infrastructure.