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 III 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.”