The Product:
This facility is designed to enable applicants who for usually, low incomes can only acquire homes by buying land now and develop it overtime.
Description:
There are 2 features of the product. The “BUY ” land portion and the “BUILD and OWN” portion. Beneficiaries will contribute 10% of the cost of the land. The maximum amount for the “BUY” portion of the loan is USD15, 000 or the cedi equivalent.
After 50% payment on the initial loan, the customer qualifies for the “BUILD and OWN” portion of the product. The customer selects one out of six designs from the Bank to construct a house. The maximum loan amount for the “BUILD and OWN” (Construction) is USD35, 000 or the cedi equivalent.
The maximum term for each portion of the facility is 10 years making a total of 20 years. There must be clear and undisputed title to the land which must be duly registered. Development permit, Building permit and approved building plans are necessary requirements.
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Terms:
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RESIDENT GHANAIANS
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NON-RESIDENT GHANAIANS
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Maximum Loan
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BUY LAND: US$15,000 or its equivalent in Cedis
BUILD:US$35,000 or its equivalent in Cedis
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BUY LAND: US$15,000
BUILD:US$35,000
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Maximum Term
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10 years each for a total of 20yrs
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10 years each for a total of 20yrs
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Minimum Down Payment
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10% of the cost of the land
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10% of the cost of the land
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Processing Fee
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1.5% per each proposed loan
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US$250.00 per each proposed loan
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Facility Fee
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Nil
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1% per each proposed loan
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Design & Inspection Fee
(HFC Realty)
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1.0% on “Build and Own” portion of loan only.
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1.0% on “Build and Own” portion of loan only.
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Statutory Deposit
towards registration of title and security documents.
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2% of loan amount on new plots.
1% on plots where the title document at minimum has been plotted and stamped.
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2% of loan amount on new plots.
1% on plots where the title document at minimum has been plotted and stamped.
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