Possessing a household is a dream numerous of us can share. But at the main of that desire is a probable nightmare, why?
The cost of obtaining a house can be a tall order and can get a toll on an personal who isn’t’ financially prepared for that herculean task or arduous journey.
We are accustomed to tales of people who have taken mortgages and are burdened with the repayments as a substantial chunk of their disposable profits is utilised in spending these home loans.
Price of money in Ghana is higher, main to substantial rates on these mortgages as lending is long expression and appeals to particular challenges. The other component is the dollar-denominated mortgages which have reduced prices but the trade fee volatility may possibly either chunk or strengthen you, we are awfully familiar with the bites.
They sting. Enter the governing administration. By means of the Ministry of Is effective and Housing, the govt plans to roll out a countrywide home loan fund to offer inexpensive home loans to you and me.
The Ministry of Works and Housing will collaborate with the Ministry of Finance and create a nationwide home loan fund as a exclusive objective auto.
This was revealed by the Minister for Is effective and Housing, Samuel Atta Akyea at a ministry press briefing last week.
This fund will leverage personal money these types of as housing bonds, pension funds and governing administration funds as a resource of cash.
But will it work?
I took a excursion to Oyibi and then to East Legon speaking to different folks on house possession and home loans.
My 1st guest, CEO of 7G properties Kafui Bernard Ahiable, instructed me as we stood in the serene ambiance of Oyibi that I may well have to have GH¢575,000 for a 3-bedroom house in the estate. Having said that, he claims there are many others that attract a decrease cost as the residences designed cater to a number of pockets. Is GH¢575,000 dear for you?
My next guest, Nana Odeneho Kyeremanteng a authentic estate attorney with above 30 a long time working experience and CEO/President of Kyeremanteng team previously Comet Group states the part of the govt in driving a lively housing house loan market place goes without declaring.
He believes this Nationwide Mortgage loan Fund is a stage in the right path and we want to pump in far more from the govt side to make certain adequate funding and sustainability.
He posits that if we abide by laid down regulations and method, we can convert the housing and home finance loan albatross into a cloud with a silver lining. But the million Ghana cedi problem is, can we?
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