The Mortgage Head of First National Bank (FNB, Mr Kojo Addo Kufuor has encouraged
individuals in the diaspora who are considering acquiring property to consider taking out home
loans in Ghana.
In an exclusive interview with PE TV in Accra, he emphasized that FNB regularly encourages
diaspora residents and individuals in the sub-region to utilize their services.
“When you choose us, you benefit from an additional pair of eyes that will thoroughly inspect
the property on your behalf. It is essential to have someone perform due diligence, especially
when dealing with relatives or friends. Their mistakes can prove costly for you,” he explained.
The Mortgage Head at FNB acknowledged that high interest rates, land administration issues, the
cost of property to developers, and land title registration are obstacles for those seeking mortgage
services.
He said although land administration has improved, there are still some challenges particularly
the judicial system.
” When it comes to recovery , when a loan goes bad it takes a long time. We have been in court
for some cases for 6 or seven years.
We spend a lot of time before each transaction to make sure we have the right piece of
information. If you make a mistake you will lose your money”, he stated.
He said the FBI is currently exploring options to utilize pensions for lending purposes. We have
also considered issuing dedicated bonds specifically for the diaspora to make homeownership
more affordable.
Mr Kojo Addo Kufuora also commended the PE Group for organizing the Property Awards for
the past 15 years.
“Congratulations to The director of the Ghana Property Awards, MadamIrene and her team”, I
have seen the hard work they put in, he added.
FNB is the leading institution in the country when it comes to mortgage and home financing.