Ghana Home Loans, the nation’s leading mortgage provider has signed an MOU with A-Star Building Solutions, an estate developer, to deliver affordable homes across the country. Under the terms of the MOU, Ghana Home Loans shall provide construction mortgage financing to eligible applicants who wish to build or complete residential structures on their own parcel of land.
On their part, A-Star will first agree with the applicants on the type of property to be built and then proceed to undertake the construction to a pre-agreed standard and price. A-Star has developed an initial set of standard architectural drawings for 110 square metre detached 2-bedroom units, ranging from a basic shell to a fully completed executive home.
Mr. Ben Kumi, CEO of A-Star Building Solutions, assured prospective clients of a high standard of professionalism and reliability. He indicated that the company had an impressive list of clients they had worked for in the past. He said that in the face of rising cost of living and escalating house prices, his product offering was a very compelling alternative and encouraged the public to explore this option.
Explaining the motivation for this partnership, Kojo Addo-Kufuor, Chief Operating Officer at Ghana Home Loans observed that an increasing proportion of their target market had already acquired plots of land and were now looking to build. He said a large number of both resident and non-resident Ghanaians had invested in land and needed experienced construction and financing partners to complete their property.
Mr. Addo-Kufuor stated that “During the home acquisition process, Ghana Home Loans always served as a reliable partner, working with the homebuyer to conduct due diligence on all title documents as well as doing our best to ensure that title is successfully transferred into the buyer’s name. These services are key competitive advantages of which we are very proud”. Mr. Addo-Kufuor disclosed that public sector workers were the first group to avail themselves of this new scheme and some had already started discussions with Ghana Home Loans and A-Star to build on land they had acquired.
He suggested that this product would also be particularly attractive to non-resident Ghanaians who needed assurance that they had good title to their land and that the construction would proceed on schedule. Mr. Addo-Kufuor cautioned prospective land buyers to always conduct due diligence on their vendors and the title documents before parting with money. In the light of recent incidents of flooding he also advised them to enquire about drainage facilities in the area surrounding their land.