Republic Bank Introduces Two New Mortgage Repayment Plans To Reduce Interest Cost By Up 40%

Republic Bank (Ghana) PLC has introduced on the market two new mortgage repayment plans that are targeted at giving homeowners more flexible forms of repayment and saving on interest paid at the end of the loan term.

This is the first of its kind in Ghana and provides customers with the ability to save up to 40% of their total interest on the mortgage loan and repay earlier without increasing the loan instalment.

Commenting on the announcement, Mr Farid Antar, Managing Director of Republic Bank (Ghana) PLC said, the Bank has over the years been deliberating on methods of making homeownership experience less stressful and value-adding for both existing and potential mortgage customers.

“As a pioneer of the mortgage business in Ghana, our focus has been on coming up with attractive value propositions to aid our diverse customer segments whilst making the entire mortgage journey easy and affordable for them,” he said.

The new repayment plans are meant to eliminate the view of mortgage acquisition in Ghana being frustrating and lengthy.

He added that the two new repayment plans reduce the number of repayment years’ customers would have to satisfy their mortgage.

Mr. Farid Antar explained that the core of the Bank is Customer Satisfaction, “we are obsessed with providing Ghanaians an incredible mortgage process through our powerful expertise, knowledge and quick processes. Customers now have many ways of repaying their mortgages no matter their salary structure. Our customers deserve the opportunity to easily choose the method that makes them most comfortable and these additional repayment options truly put the power of choice into their hands”.

The introduction of the two new repayment plans is 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.