Republic Bank Ghana is positioning the JoyNews Habitat Fair as a platform to expand access to mortgage financing and help more Ghanaians navigate the path to home ownership, particularly low- and middle-income earners.

The bank, which is the title sponsor of the JoyNews Habitat Fair, says it has structured mortgage products to support customers across different income levels.

Manager in Charge of Mortgage at Republic Bank, Frank Oppong Yeboah, says the bank's offerings are designed to make home ownership possible even for people who cannot immediately afford a completed house.

“Republic Bank has structured a package for all income levels to help them acquire their property, low, middle and high income. If you have a relationship with Republic Bank, you should be able to acquire your own house if not immediately, over time.”

Mr Oppong Yeboah says earners of about GH¢3,000 can explore mortgage financing to first acquire land and subsequently access construction financing after reducing their loan balance.

“If you earn GH¢3,000, that amount may not be able to give you enough to buy a house. So what you do is that we have a mortgage that can qualify you to buy land. When you have reduced your balance significantly, we will give you another loan to purchase construction loan to start the construction of the house.”

He says the bank's collaboration with government also offers a mortgage rate of about 8.5 percent, targeted particularly at lower-income earners.

 “We are working on an interest rate of about 8.5 percent, a single-digit interest rate, in collaboration with the Government of Ghana. If somebody has GH¢3,000, you can qualify as much as GH¢170,000.”

The bank is also encouraging prospective homeowners to adopt incremental construction, allowing them to start with what they can afford and expand as their incomes grow.

“The incremental development is to help you build without stress, building with your resources. You cut your coat according to your size, and then you get something for yourself and your family. That's where you begin.”

Mr Oppong Yeboah says the bank's mortgage structure also gives borrowers repayment certainty, with the interest rate remaining unchanged once the facility is booked.

“When the mortgage is booked, your interest rate remains the same. When you rent a property, first year you pay your rent. That one-year advance, if you were paying GH¢1,000, would be GH¢12,000. That, if you went a little bit, could have been enough, but you pay the one year to the landlord and at the end of the year, that money is gone,” he said.

Republic Bank says its participation in the JoyNews Habitat Fair will provide an opportunity for prospective homeowners to engage directly with the bank on mortgage options, financing requirements and practical pathways to acquiring or building a home.

The fair is expected to bring together key players in the housing and property sector to connect prospective homeowners with financing, housing solutions and other services needed to make home ownership more accessible.