Documents sighted by ultimatefmonline.com, have revealed that the Director General of the Social Security and National Insurance Trust (SSNIT) Mr. Ernest Thompson who is due for pension this year, has contracted a housing loan under an alleged strange circumstances. Mr. Ernest Thompson, due for pension this year, whilst entitled to end of service benefits, including … Read more
The Minister nominee for Works and Housing, Samuel Atta Akyea has stated that the NPP government will introduce a housing fund to subsidize the cost of housing for low-income earners. According to him, financing is one critical factor that has impeded Ghana’s efforts at reducing the widening housing deficit. Mr. Atta Akyea also believes the … Read more
The Minister nominee for Works and Housing, Samuel Atta Akyea has stated that the NPP government will introduce a housing fund to subsidize the cost of housing for low income earners. According to him, financing is one critical factor that has impeded Ghana’s efforts at reducing the widening housing deficit. Mr. Atta Akyea also believes … Read more
Information available to Citi Business News indicate that demand for home loans from mortgage houses has not declined despite a drop in home loan application from commercial banks. Though the mortgage houses admit not all applications may be granted at any particular point in time, they contend demand is still satisfactory. “There is a demand … Read more
Banks, offering mortgage loans, have blamed the general slowdown in economic activities and a weak purchasing power among Ghanaians, as reasons accounting for the decline in the demand for mortgage loans. They argue, the development has also increased the cost of mortgages making it unattractive to prospective home buyers. The assertions come on the back … Read more
New figures released by the Bank of Ghana (BoG) reveal demand for loans for house purchase by customers of banks have reduced despite an ease in credit access by commercial banks. Banks in July 2016 eased their credit stance to households for house purchase and consumer credit. Despite the move demand for mortgages saw a … Read more
Ghana’s quest to reduce the almost 2 million housing deficit may take a long time as interest on mortgage loans continue to rise. According to latest average interest and Annual percentage report released by the Bank of Ghana, interest on home loans increased marginally from 30.6 to 31.5 percent between May and September this year. … Read more
Energy expert, Kojo Poku says government’s intention to mortgage Ghana’s gas reserve with China for a Chinese loan is unjustifiable. The New Patriotic Party in a press conference earlier this week alleged that government has taken a decision to mortgage its gas reserve with china. The move according to the party is to lure China … Read more
Energy expert, Kojo Poku says government’s intention to mortgage Ghana’s gas reserve with China for a Chinese loan is unjustifiable. The New Patriotic Party in a press conference earlier this week alleged that government has taken a decision to mortgage its gas reserve with china. The move according to the party is to lure China … Read more
Long-term funds could drastically reduce the cost of mortgages, Head of Commercial Banking at Stanbic Bank, Abdul-Jaleel Hussein, has said, urging his peers in the banking industry to innovate in that regard. “For decades, finance institutions have used short-term funds to finance real estate activities, which leads to the high cost of mortgages or prices … Read more
The US Department of Justice is asking Deutsche Bank to pay $14bn (£10.6bn) to settle an investigation into mortgage-backed securities, the bank has said. Deutsche Bank said it “has no intention to settle these potential civil claims anywhere near the figure cited.” The claim against Deutsche, which is likely to be the subject of negotiations … Read more
The relative high cost of properties in Ghana’s real estate industry may be reduced if Ghana stems up measures to reduce interests and regulate land acquisition processes. This is the view of General Manager of Devtraco Plus Limited, Cyril Tay. His comment comes on the back of concerns that the high cost of properties still … Read more
Competition in the housing sector is keen with estate developers jostling to out-compete one another while the average Ghanaian worker races to acquire a home for a lifetime. Home finance experts say a fundamental disparity exists between the properties many Ghanaians are trying to build or buy, and those they can actually afford. Managing Director … Read more
The Bank of Ghana has retracted its earlier report suggesting that GN Bank offers the lowest rate on mortgages in the country. The latest Annual Percentage Rates [APR] and Average Interest [AI] report released by the central bank showed that GN Bank’s 15.1 percent rate on mortgages was the lowest followed by Standard Chartered bank … Read more
The managing director of HFC Bank, Mr Robert Le Hunte, has called on the government to consider a tax credit on the interest income on mortgage to encourage more uptake of mortgage facilities by customers. Although there is currently tax incentive for customers who take up mortgage facilities, the institutions are still saddled with taxes … Read more