The leading home loans provider in Ghana, First National Bank has launched yet another initiative following the success of the 2021 Year Of Home Ownership (YOHO) campaign, which helped many Ghanaians, both home and abroad, get onto the property ladder.
The new initiative, themed Build-Up 2022, is a follow-up to YOHO 2021. This two-part campaign is intended to help many more Ghanaians construct or complete their own homes on one hand, while giving homeowners the opportunity to build wealth off their properties on another hand.
The Executive Head of Home Loan Business, Kojo Addo-Kufuor, explained that at the end of YOHO 2021 campaign the bank realised that there were many Ghanaians who were eager to own a home built at their own pace and according to their tastes. There were others who had already started construction projects but had not been able to complete them for various reasons.
“That is why we are back with Build-Up 2022, to help people to build their own homes or complete what they’ve started. If you own a land with the necessary documentation and have all the plans ready to start off, our home construction home loan is what you need to bring the plan and drawing to life,” says Mr. Addo-Kufuor.
“If you’ve started constructing your dream home but halted it for some time, and you need funding to remodel it because there are new home designs, you can also speak to us to help you with a home completion loan.
The 2021 Population and Housing Census, conducted by the Ghana Statistical Service, indicates that, about 2.1 million housing units, representing 20% of the structures enumerated in the country are uncompleted. With the Build Up 2022 initiative, owners of all such uncompleted properties can complete them in good time with a home loan from First National Bank Ghana.
Mr. Addo-Kufuor observed that housing remains a critical need for many Ghanaians, and First National Bank Ghana is determined and unrelenting in its efforts to make homeownership a reality for both resident and non-resident Ghanaians.
“We have worked to improve many of the perceived hurdles like qualifying income, documentation, title issues and credit history. You can count on our rich experience and hustle-free process for a home loan that suites your need”, he says.
Build Up 2022 also offers property owners the opportunity to build wealth by unlocking value in their existing properties, so they can access cash to meet pressing business or personal needs.
“We have a special product for homeowners known as the equity release, which enables you to release part of the value of your home without having to move out,” Mr. Addo-Kufuor says.
“You have worked hard for your house. Now let your house work hard for you. By releasing equity in your property, you get up to 70% of the value to take care of anything you wish for without any controls or restrictions and still get to keep the home.”
Non-resident Ghanaians working in the diaspora, the self-employed, business owners and employees of corporate entities applying as groups will also benefit from special packages.
“First National Bank is here to partner with you and provide home loan solutions that will ensure a successful conclusion to everyone’s journey towards homeownership. We are demonstrating that whether you are releasing equity in your home for cash, building or completing your home to your preference, you get to build wealth. The offer of up to 1.5% reduction in interest rate is still open and it is good savings to build up 2022,” Mr. Addo-Kufuor concludes.
