I checked a real estate company for a two-bedroom unit and the cost was $35,000. I then checked with the home financing company and the best I could get was to deposit 20% of the amount with the bank and they will pay 80% and spread over a maximum of 15 years. And 10 years if I wanted the facility in Ghanaian cedi. At the end of the day I was to pay something around 600 dollars or so a month. I could not afford.
Now there is a proposal to invest $ 5 billion into 100,000 units of houses. That may translate into something about $ 50,000 per unit of house without land and interest.
I have heard the experts say it is not affordable. I wish it comes down further but it is in my view good. I checked with a bank about two weeks ago and all that an individual needs to get registered is to have regular monthly income more than Ghc 1000 in an account. You will deposit nothing and your unit will be put up. You will have 30 years to pay even at a reducing interest.
The $50,000@Ghc 5.3 gives > Ghc 265,000 spread over 30 years? This is not affordable? The real estate people should not go and lobby for this to make them expensive oooooooo. Comparimg this to rent advance every two years, it is even juicier.
Even at Ghc 50.00, not all can afford so they should let it be as we keep our fingers crossed hoping it does not end up like the previous onesđđđđ
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