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Opinions of Friday, 26 June 2020

Columnist: James Dadzie

Use this period to prepare for your mortgages

'To access the Stanbic Diaspora Mortgage Loan, you must be a salaried employee' 'To access the Stanbic Diaspora Mortgage Loan, you must be a salaried employee'

A mortgage expert with Stanbic Bank Ghana, Jonathan Ackon, has advised Ghanaians living in the diaspora to use this period of relative dormancy to put their documents together for mortgage loans acquisition when life returns to normal. This, according to Mr Ackon will make the process easier post the COVID-19 period.

Jonathan Ackon made these assertions during an Instagram Live forum put together by On Point Property Management, a property management consultancy in the UK and Stanbic Bank Ghana. Speaking at the forum, Mr Ackon revealed that Stanbic Bank has the Diaspora Mortgage facility which advances loans to people in the Diaspora with proven Ghanaian linkage.

“What pre-qualifies you for our mortgage loan is your linkage to Ghana. You can access the mortgage loan if you are a Ghanaian, married to a Ghanaian, have dual citizenship or have Ghanaian parentage. All you need is a connection to Ghana and you qualify for the Stanbic Diaspora Mortgage Loan”, he said.

Jonathan Ackon further noted that beyond primary qualification of a connection to Ghana, diasporans who want to access the service must either be salaried employees with a minimum monthly salary of $2,500 or £1,800. Potential customers must also pass a credit behaviour test and must have a Stanbic Bank account with a minimum balance of $200 or its pounds sterling equivalent in order to assess the loan.

The Stanbic Bank Diaspora Mortgage Loans offers Ghanaians living abroad a wide range of services including home loans for the outright purchase of turnkey properties for accommodation and developer constructions loans for the purchase of residential properties from developers where the property is still under construction. Others include refinancing, which enables customers to arrange new financing terms such as currency, amount and term of an existing Stanbic Home Loan.

The Diaspora Mortgage Loans also offers customers equity release that enables customers to unlock values in the existing property by taking loans and using the money released for a variety of personal needs. The service also has the home improvement option that enables customers to expand, remodel or renovate an existing property.