First National Bank signs MoU to address Ghana’s housing deficit

First National Bank Ghana, the nation’s leading mortgage provider, has signed Memoranda of Understanding (MOUs) with Real Estate Developers to collaborate on the provision of homes to Ghanaians as part of the bank’s ‘Year of Home Ownership’ (YOHO) initiative.

Under the ‘YOHO 2021’ initiative, the bank is helping as many Ghanaians as possible to make their home ownership dreams a reality within this year.

“YOHO 2021 was launched in February 2021 to help Ghanaians both home and abroad to either buy a completed house or build/complete what they have already started. Through this initiative, many can change their status from being tenants to become homeowners in 2021,” says Kojo Addo-Kufuor, the Executive Head of First National Bank’s Home Loans Business.

The benefits of the signed MoU to the buyer include an average discount of 10% on the selling price of property for individuals or groups buying with a mortgage from First National Bank, waiver of the application fees and a promise to provide prompt and satisfactory response on home loans application, after satisfying all requirements.

In an interview after the signing of the MOUs, Kojo Addo-Kufuor indicated: “We are looking at helping as many Ghanaian with a holistic experience in the home ownership journey. We have enhanced our home loans offering to enable us help many who want to make that move from being a tenant to a homeowner. We have engaged with a lot of developers, who are key stakeholders in the real estate value chain, including SBJ, Saka Homes and Adom City to make the properties affordable to the average Ghanaian.”

He added: “At first National Bank, we’re here to help Ghanaians to experience the awesome feeling of having a place you can call your own, and we are here to offer all the help we can so that many more people can get to realise their dream of home ownership.”

The developers commended First National Bank for their demonstrated leadership in introducing such a great initiative as YOHO 2021 and pledged their support to the cause.