Take advantage of special housing scheme – Government tells public sector workers

Civil and public sector workers have been urged to take advantage of the housing scheme being offered by the government.

Government is offering its employees a special mortgage at an interest rate of 11.9% to acquire homes.

To this end, the Republic and Stanbic Bank have been selected by the state to offer Special Mortgage to the government workers in Ghana.

Real Estate Developer and Managing Director of Blue Rose Limited, Eric Ebo Acquah is therefore appealing to all government workers to subscribe to the facility.

Eric Acquah told Joy business the mortgage is attractive for government workers to acquire their own houses.

“We have something called a public sector housing scheme that is running. It’s the government that has given certain banks money to give affordable houses to public sector workers, but many people don’t know about it. It is a subsidized interest rate,” he said.

“The rate is about 11.9% whereas the normal interest rate is about 24%, but this particular one is subsidised by the government. So I’ll encourage all public sector workers to take advantage of it,” he stated.

Government in its 2007 Budget mandated Republic Bank and two other banks to provide an affordable home ownership scheme for public sector employees.

Last year, government reintroduced the scheme to offer Special Mortgage Loans to Civil Servants and Public Sector Employees in Ghana.

The Maximum Loan Tenor is 20 years. The debt Service Ratio is up to 50%.

The Scheme works in partnership with Real Estate Developers including Blue Rose Limited, Adom Estate among others to provide affordable housing units to meet the mortgage loan offer.