But now there is a solution that makes homeownership more accessible and stress-free:
Developer-Backed Mortgage. This special mortgage initiative, spearheaded by Golden Coast Developers, offers local buyers in Ghana or people part of the diaspora an innovative, affordable and flexible way to own a home in our flagship development, Heritage 100.
The program is a collaborative arrangement between Golden Coast Developers and CalBank where the developer provides a financial guarantee to the bank, allowing buyers to access mortgage financing at competitive rates with fewer barriers than traditional methods. Here’s a step-by-step breakdown of the process:
How Does Developer-Backed Mortgage Work
The buyer deposits a minimum of 30% of the total cost of the unit they choose.
Down Payment:
The remaining 70% is structured as a mortgage by CalBank, with a repayment term spread over 5 years. Buyers will enjoy a competitive interest rate of 8.75% which is currently lower than the the industry average.
Mortgage Arrangement:
Once construction is complete (within two years), the buyer can take possession of the property. The property can be rented out to a third party. Owners can then offset their mortgage commitments with rental income.
Occupancy and Rental Income:
After the mortgage is fully paid, the bank transfers the property title to the buyer. Throughout the repayment period, the property title remains with the bank as security, ensuring the buyer's investment is protected.
Full Ownership
Benefits for Home Buyers
01
Stress-free application processing
02
Competitive interest rates of 8.75% compared to 12% of traditional mortgages
03
Flexible repayment terms with a maximum of 5 years
04
Generate rental income to help cover mortgage repayment.
Apartment Types
Heritage 100 apartments are designed to be original and expressive. We have pushed architectural limits to offer larger sizes than the competition at the best value for money.
With ocean views on the higher floors at the south, city views at the north and east and pool views on the west, every apartment is designed to have the best views on the Labone sky scape
With ocean views on the higher floors at the south, city views at the north and east and pool views on the west, every apartment is designed to have the best views on the Labone sky scape
Sign Up for Developer-Backed Mortgage