Ecobank Ghana, in partnership with Enterprise Trustees, has rolled out a mortgage scheme that provides up to 100% financing for a beneficiary's property of choice.
The package forms part of Ecobank's Home Mortgage programme which unlocks homeownership for tier 2 and 3 pension contributors. It also gives contributors the opportunity to own their own homes, during their working years.
Speaking at a webinar to launch and throw more light on the various packages, a representative from the Consumer Banking Department of Ecobank, Winston Wobil, explained that the Ecobank Pension Backed mortgage is available to persons whose accumulated tier 3 pension contributions is up to 20% of the value of the property they intend to purchase.
"Beneficiaries of this package have a maximum of $350,000 and 15 years to pay back the loan," Mr Wobil added.
The Pensions Backed Home Mortgage comes at an interest rate of 19% and a processing fee of 1.5% of the loan amount. Debt service of 50%, according to the bank, will be applied, taking all other loans of members into consideration.
Also, Ecobank is offering another package, which is the Pensions Short-Term loan. This package will provide up to 90% of the member's accumulated tier 3 contributions with an interest rate of 18.5% per annum. The short-term loan will have a duration of up to three years to be repaid. The debt service ratio for this package is 50%.
Persons who wish to apply for any of the aforementioned packages should have their pensions fund, including future contributions and interests to be assigned to Ecobank for the tenor of the mortgage.
Also, applicants should have an Ecobank account and salary domiciliation of a minimum of two months. Employer confirmation that the customer is eligible under employers vesting rules, is required.
In addition, applicants must provide confirmation from their employer that their pensions fund is not encumbered. Trustees must also confirm that their pensions fund is not encumbered, among other terms.
Persons who wish to apply can do so by visiting any Ecobank branch across the country for more information.
Latest Stories
-
Man remanded for uploading nude videos of a lady he lured into a relationship
3 hours -
Explainer: What is the Cash Waterfall Mechanism?
3 hours -
Survivors of child trafficking overcome adversity, excel in tertiary education
4 hours -
Confront the barriers to your progress – Professor Lydia Aziato challenges the youth
4 hours -
Expertise France leads EU-funded initiative empowering African Journalists to combat human trafficking
4 hours -
Ghana Grows Programme empowers Ghanaian youth through Youth Policy Dialogue
4 hours -
Eastern NDC raises GHS5.4m to support Mahama’s 2024 campaign
4 hours -
Kumawood actress Akyere Bruwaa condemns death rumours
5 hours -
Ghana Institution of Engineering calls for proactive measures to prevent flood disaster
5 hours -
Who pays for the extra cost? – COCOBOD CEO questions EU on new regulations
5 hours -
‘Dumsor’ will be over by end of May – Former NPP MP assures
5 hours -
Power crisis is not about money – NPP Manifesto Committee member
5 hours -
Education Minister urges graduates to embrace opportunities
5 hours -
UN rights chief ‘horrified’ by mass grave reports at Gaza hospitals
5 hours -
We need more resources to deal with flooding – NADMO
6 hours