Buying a home? Down payment is optional

Acquiring a home is one of the long-term investments people make in life. Though one of the basic necessities of life, many people are unable to acquire a home either because of their income levels.

Applying for a home loan, and paying back over time, has therefore become a preferred route for many to acquire their dream property. According to the Minister of Works and Housing, Francis Asenso-Boakye, about 60% of Ghanaians will require some form of support to access housing.

Executive Head, Home Loans Business at First National Bank, Kojo Addo-Kufuor said: “Banks generally lend up to about 80% of the price of the property and require the borrower to contribute the remaining 20%. However, raising the initial deposit can often be a challenge for prospective buyers.

At First National Bank, however, we are able to offer eligible applicants 100% of the amount required to buy their dream home. If you are a resident Ghanaian looking to buy your first home, but cannot raise the minimum deposit, you can apply for a 100% home loan from First National Bank to purchase that property. This loan covers the entire selling price of the property.”

Mr. Addo-Kufuor added, “the advantage of taking a 100% home loan is that it eliminates the months or years the applicant would otherwise require to save towards the deposit. Obviously, there are some terms and conditions to this exciting product, which can easily be explained and addressed upon enquiry.”

“Take the challenge of owning a home in 2021 by visiting any First National Bank branch and speaking to any of our experienced Home Loans Advisors. Check your eligibility and range of homes within your budget and preference and you should be a homeowner by end of 2021,” Mr. Addo-Kufuor concluded.