Building in Ghana – Best Mortgage Packages for building a house in Ghana 🇬🇭
Building in Ghana – Best Mortgage Packages for building a house in Ghana 🇬🇭
In this video we interview a Rep from Stanbic Bank on the various mortgage packages they provide to Ghanaians and people in the Diaspora who want ro build in Ghana 🇬🇭.
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I am very worried about people who just go in long term debt (10 to 15 years). Can we guarantee that we will still keep our jobs in the unforseen future? Look at what happened in Ghana about the collapse of many banks and financial institutions. Look at government's Domestic Debt Exchange that deprived a lot of people of their source of income. Assuming those affected had mortgages, what would have been the consequences? Mortagege in not a wise decision for a salary worker who lives pay cheque to pay cheque. Instead of going into this long term debt which you are not sure of your future income, why dont you concentrate on building financial independence of multiple sources of income so that in case you loss your job, you dont put your life and that of your family into problem. Note that these banks will have no mercy when you loss your job. They will reposess your house. I pity people working abroad. Most of them will not be able to return home because they will have no source of income when they return to Ghana. Yet, all that they think about is owning $50,000 – $100,000 house in Ghana. Do you need such a house before you can get a place to lay your head? It is crazy. Rent is only one problem in life. Why spend your forturn on rent only. What about housekeeping, school fees, utilities, transportation, medical care and other expenses? If you are in the UK, you could aim at saving GHS500,000 (£35,000). Instead of sinking all this cash into a building you will not be living in soon, you can invest it into fixed deposit for 3 months at 23% per annum. This will give you GHS31,000 every 3 months and you can rather use this interest to start your building. It will be unwise to dump this amount with one financial institution but you can spread it in 5 financial institutions. This may not work for you but my point is have a solid and secured sources of income before even thinking about mortgage. Renting is even cheaper than owning a house in Ghana. I only need an investment of GHS50,000 at a rate of 25% per annum to rent a two bedroom apartment in some parts of Accra costing GHS1,000. If I live outside Ghana, I will be renting for the period that I come to Ghana and build my house gradually with no stress.
A mortgage is debt and any one taking this on if they miss one payment these banking system will suck them dry it best to get yr house design and build one room at a time or a group of people should come together with the necessary tools and equipment to get their homes build if! there are on the same mindset
I work in the UK and i want to buy a house in Ghana for my retirement. So can i ask 200.000 dollars for a house and pay in 10 or 15 years?
But I couldn't open a bank account with them. Stanbic did offer bank accounts to people outside of Ghana when I was in the UK however when I got here, that changed. So do they only deal with Ghanaians?
Also why is dollars quoted? Do they deal in cedis?