Mortgage industry leader, Republic Bank Ghana, is set to further entrench its dominance in the industry with its Mortgage Tax Incentive Plan and flexible payment options.
The Mortgage Tax Incentive Plan according to the Bank’s newly appointed Managing Director, Benjamin Dzoboku, will help mortgagors reduce home loan repayments.
Speaking exclusively to norvanreports, Mr Dzoboku noted Republic Bank through the plan will help mortgagors apply for tax reliefs on mortgages.
“Already, we have the flexible payment options where mortgagors can pay off mortgages within the shortest possible time based on our flexible payment structure.
“But there is also the Mortgage Tax Incentive Plan which is currently being driven by the bank, with the tax incentive plan, the bank helps mortgagors to access tax reliefs so they are able to pay for their mortgages stress-free,” Mr Dzoboku remarked.
Speaking further in the interview, Mr Dzoboku averred Republic Bank through the tax incentive plan is looking to do something totally different and new in the mortgage industry.
Republic Bank is a mortgage specialist bank that has developed numerous innovations in the country’s mortgage industry.
The Bank last year, introduced onto the Ghanaian market two new and additional mortgage repayment plans targeted at giving home owners more flexible forms of repayment as well as save on interest paid at the end of the loan term.
Being the first of its kind in Ghana, the two new mortgage repayment options provides customers the ability to save up to 40% of the total interest on the mortgage loan and repay earlier without increasing the loan installment.
The new repayment plan by the bank, is to eliminate the view of mortgage acquisition in Ghana being frustrating and lengthy. The repayment plan reduces the number of repayment years customers would have to satisfy their mortgage.
It is also to cement Republic Bank as the bank of choice for all mortgage or homeownership needs whilst giving its existing and potential customers options that best suit their pockets.
As the pioneer of mortgage banking with over 30 years of experience, Republic Bank has been very instrumental in the Ghanaian mortgage banking space providing thousands of home loans to Ghanaians home and abroad.
The Bank continues to be the most diversified financial institution in the country and the number one home loan provider.
The Bank is currently a partner of the National Housing and Mortgage Fund (NH&MF) where the Government of Ghana has provided funding to subsidize mortgage interest rates for public sector workers.