Dubbed “Pensions Backed Mortgage”, it enables workers to acquire affordable homes through their Tier 3 pen sion contributions.

Speaking at the launch in Accra on October 7, the Head of Mortgage Banking at Republic Bank Ghana, Dan Adjetey Mohenu, said the product which offers applicants the opportunity to own a property at relatively low rates was available to workers who contribute to Tier 3 pension’s scheme for a minimum of two years.

“What we seek to do is to support customers to acquire homes leveraging on their tier three contributions, so we put a lien on your tier 3 then we advance 100 per cent mortgage financing to them so that you are able to acquire a home,” he said.

He described the mode of repayment as a flexible one adding that beneficiaries had 20 years of repayment period which could be paid weekly, monthly, quarterly.

“Our processes are seamless, straightforward, and flexible also so we entreat all prospective homeowners to visit Republic Bank to understand what the product is about then you can make a choice as to which home you want to buy.

He urged Ghanaians to take advantage of the new product to become homeowners.

Target

The Managing Director of the bank, Benjamin Dzoboku, said “we have purposely made this wonderful product and we are targeting Ghanaian salary workers. You do not need any deposits and the rate is low. We believe this is the best product in the market.”

He described the bank as the premier home mortgage institution in the country with rich and diverse mortgage products and services such as the home purchase mortgage, home improvement mortgage, home completion mortgage, home equity, and pension backed mortgage.