Stanbic launches Diaspora mortgage

Stanbic Bank Ghana has launched a Diaspora mortgage product. The product, which is the first of its kind, is specially designed for Ghanaians living abroad.

The new product offers lower interest rates, greater flexibility, a safer and more secure investment opportunity, and a more cost-effective means of keeping up with mortgage repayments.

Anna Owusu-Sekyere, Home Loans Officer at the bank said the product has been designed after a careful study of other products on the market. She said the Stanbic Diaspora mortgage can 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 percent mortgage in some cases. 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 complete and total peace of mind for our customers,” she said.

Real-estate companies partnering with Stanbic to undertake this venture include Imperial Homes Ghana, Devtraco and Devtraco Plus, Ital Construction, and Beaufort Properties.

Also launched at the event was 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 new home or use for the payment of their children's education, amongst other things. The accounts can be held in Ghanaian cedis, US$, euro, GB pounds and ZAR.

For Heartland Accounts customers, the bank gives access to a Customer Care Centre and 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.

Alhassan Andani, Chief Executive of the bank, appealed to Ghanaians in Diaspora to take advantage of the facility the bank has put in place and invest in Ghana.

He said that the housing market in Ghana appreciates between 14 to 20 percent annually thereby providing a good return on investment. Making reference to the first set of estate-houses that were sold by Parakou Estate in 1984 for 4.5 million cedis, (GH¢4, 500), he said today those same houses are going for over GH¢250,000 on the market.

Mr. Andani said some companies such as the African Development Bank that wanted to relocate to Ghana during the Ivorian crisis could not do so because they couldn't find accommodation for their workers.

The event was coordinated by the Ghana High Commission, UK, and held at the premises of the Commission's High Gate offices -- climaxing a two-week road show in the UK. It was chaired by the High Commissioner of Ghana to the UK, His Excellency Emmanuel Victor Smith.