Business News of 2014-07-01

Stanbic Launches Diaspora Mortgage Product

Stanbic Bank, one of the fastest growing banks in Ghana, has launched a Diaspora Mortgage product, specially designed for Ghanaians living abroad.

The new product, the first of its kind, offers lower interest rates, greater flexibility, and a safer and secure investment opportunity as well as a more cost effective means of keeping up with mortgage repayments.

Speaking at the launch in London Ms Anna Owusu-Sekyere, Home Loans Officer at Stanbic, said the product had been designed after a careful study of other products on the market. She said the Stanbic Diaspora Mortgage could be used for home completion, building of a new home, equity release and for buy-to-let purposes.

She further stated that the product has no cap on how much an individual can borrow provided their income can support the repayment schedule. The product can be tailored to meet individual circumstances with the possibility of the bank providing up to 90% mortgage in some cases.

Also because of the problems most Ghanaians abroad go through in getting qualified and certified contractors to build their homes, “Stanbic works closely with accredited contractors and architects to undertake the building projects ensuring a complete and total peace of mind for our customers.” Anna added. Real estate partners of Stanbic on the journey to deliver the best in mortgage services, Imperial Homes Ghana, Devtraco and Devtraco Plus, Ital Construction, and Beaufort Properties were part of the launch.

Also launched at the event is the Stanbic Heartland offering which offers a suite of banking products to cater for Ghanaians living and working abroad. It offers a full set of products that allow individuals to send money quickly back home to relatives, manage their money in Ghana, save to build a new home or use for the payment of their children's education, amongst others.

The accounts can be held in Cedis, USD, EUR, GBP and ZAR. For Heartland Accounts Customers, the bank gives access to a Customer Care Centre, full internet banking facilities with a personal touch through an Executive Banker whose duties are to assist the account holders and make their banking experience very convenient and easy.

Speaking at the same event, Alhassan Andani, Chief Executive Stanbic Bank Ghana, appealed to Ghanaians in the Diaspora to take advantage of the facility the bank has put in place and invest in Ghana. He told the gathering that the housing market in Ghana appreciates between 14 to 20% annually thereby providing a good return in investment.

Making reference to the first set of estates that were sold by Parakou Estate in 1984 for 4.5million cedis, (GH¢ 4,500.00), he said today those same houses are going for over GH¢ 250, 000.00 on the market. It was chaired by the High Commissioner in UK, Mr Victor Smith.