10 year mortgage plan introduced for Appolonia City serviced plots
Appolonia City and Ghana Home Loans are offering the country’s only 10-year mortgage that allows buyers to start building their dream homes with just a 20% deposit.
Appolonia, a city-sized development just 20km from Accra CBD, and Ghana Home Loans, the country’s leading home finance institution, have partnered to provide a 10-year mortgage on serviced plots in Nova Ridge, Appolonia’s “buy-and-build” neighbourhood.
The mortgage, the first of its kind in Ghana, enables buyers of Nova Ridge serviced plots to make a minimum deposit of 20% of the land value and then spread the balance in monthly payments over a 10-year period. Purchasers can also access a home construction mortgage from Ghana Home Loans.
“We understand the challenge buyers have to acquire land and cover construction costs in parallel, usually while renting a house until they build their own,” said Kojo Addo-Kufuor, Chief Operating Officer of Ghana Home Loans. “Our 10-year mortgage spreads out the land payments, so families can start building immediately, and realise their dream of moving into their own home sooner.”
The management of Appolonia, which is being developed by Rendeavour, Africa’s largest urban land developer, say that Nova Ridge land buyers with a 10-year mortgage will enjoy all the benefits of a new city.
“Appolonia is delivering something unique to the Ghanaian market: secure land title, high-quality infrastructure and amenities such as schools, shops, clubhouses, medical facilities, petrol stations, parks and other recreation areas,” said Bright.
Owusu-Amofah, CEO of Appolonia. “We are building Ghana’s only new city in close proximity to Accra, where residents can live, work and play without the burdens of commuting and traffic.”
About Ghana Home Loans
Ghana Home Loans is a home finance institution, which operates under Bank of Ghana supervision as a non-bank financial institution. At present, the company remains the only such institution that focuses exclusively on the provision of mortgage products. Ghana Home Loans is majority owned by the Abraaj Group, a global private equity institution with over $10bn of assets under management. The IFC, a member of the World Bank Group, is also a prominent shareholder of Ghana Home Loans. Since it’s inception, Ghana Home Loans has disbursed loans in excess of $150 million through housing products, including Home Purchase Mortgages, Home Equity Mortgages, Home Completion Mortgages, Home Construction Mortgages, Land Purchase Mortgages and Quick Cash.
About Appolonia (www.appolonia.com.gh)
Appolonia City is a 2,325-acre (941-hectare) mixed-use and mixed-income urban development just 20km from the CBD. The project is being developed for residential properties, retail and other commercial centres, as well as schools, healthcare and other social infrastructure. World-class infrastructure is currently being implemented which includes water, electricity, tarred roads with storm water drains. Residential sales are underway with the option of purchasing a plot to build your own house in Nova Ridge or an existing house at the Oxford development. Appolonia Business Park offers 70 acres (30 hectares) of modern commercial areas with world-class infrastructure and estate management services. The park is designed to accommodate a range of uses including manufacturing, processing, storage, logistics and service companies.