Kojo Addo Kufuor addressing guests at the launch
GHL Bank yesterday launched Save-To-Own, its maiden mortgage product since it became a bank on December 6, last year.
Save-To-Own is uniquely designed to enable average Ghanaian self-employed and salaried clients demonstrate their ability to service mortgages in order to acquire houses.
With over a decade of experience in the mortgage industry, GHL Bank is partnering a lot of developers to roll out affordable housing schemes.
Kojo Addo-Kuffuor, Executive Director of GHL Bank, who officially launched the product, said a sizeable number of applicants were often unable to access the mortgage facilities of their choice often due to the fact that they could not provide evidence of a sustainable source of primary or secondary income to support their mortgage request.
“This product is designed to simplify the credit process for such applicants, particularly self-employed, as well as some in salaried occupations. And this testifies that we have not abandoned the mortgage solutions we have been known for.”
Richmond Asante, Head of Mortgage Origination at GHL Bank, in a comment, noted that the benefits of Save-To-Own include providing mortgage access to self-employed applicants who, though eligible, had difficulties in providing evidence of all their various earnings.
The product is in two parts. Part 1 is the savings phase where the applicant has tenor of 12 to 24 months depending on their profiling and type of mortgage product.
Part two is the mortgage phase where applicants have a tenor of up to 15 years for the mortgage after the savings phase.
At the end of this period, GHL Bank said it would review the behaviour of applicants and confirm whether they satisfy the savings requirements over the agreed tenor after which the mortgage would then be disbursed.
Self-employed applicants, who have challenges with GHL Bank’s current underwriting standards, can now apply while non-resident Ghanaians who might have had relatively poor credit history now have a chance of rectifying that.
Also the product offers ready buyers for upcoming GHL-related projects at Appolonia and Regimanuel Gray Ltd, etc.
A business desk report