Golden Coast Developers, a leading name in Ghana's real estate market, proudly hosted the Ghana Real Estate Investment Summit on the 27th of September, 2024, spotlighting critical developments in the sector. The event, themed “Ghana’s Real Estate: Is It a Bubble?”, drew key players from across the industry to engage in insightful discussions, unveiling new initiatives aimed at transforming the landscape of real estate investment in Ghana.
Golden Coast Developers Introduce Developer-Backed Mortgage
A groundbreaking announcement was made by Neil Oku, CEO of Golden Coast Developers, in partnership with CalBank. Both parties introduced a financing product called Developer-Backed Mortgage which offers, unparalleled benefits for home buyers at Heritage 100. These benefits include:
How Does Developer-Backed Mortgage Work?
Golden Coast Developers provides a financial guarantee to CalBank, allowing buyers to access mortgage financing at competitive rates with fewer barriers than traditional methods. The steps are as follows:
Golden Coast Developers Introduce Developer-Backed Mortgage
A groundbreaking announcement was made by Neil Oku, CEO of Golden Coast Developers, in partnership with CalBank. Both parties introduced a financing product called Developer-Backed Mortgage which offers, unparalleled benefits for home buyers at Heritage 100. These benefits include:
- An attractive interest rate of 8.75% from the traditional 12%
- A stress-free application process
- Flexible repayment terms within 5 years, and
- The option for homeowners to generate rental income to cover mortgage payments.
- This innovative and special mortgage product is designed to make homeownership more accessible, particularly for the diaspora community looking to invest in Ghana.
How Does Developer-Backed Mortgage Work?
Golden Coast Developers provides a financial guarantee to CalBank, allowing buyers to access mortgage financing at competitive rates with fewer barriers than traditional methods. The steps are as follows:
- Down Payment: The buyer deposits a minimum of 30% of the total cost of the unit they choose.
- Mortgage Arrangement: 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.
- Occupancy and Rental Income: 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.
- Full Ownership: 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.
