The Ghanaian government has restarted the National Homeownership Fund, offering state-backed mortgages to citizens earning up to GH¢2,500 per month. The initiative aims to increase homeownership among low-income families by providing loans ranging from GH¢143,000 to GH¢1 million. The interest rate for these loans is set at 8.4%, making housing more accessible for those previously unable to afford property.
The program includes detailed repayment schedules based on monthly income, allowing borrowers to plan their finances effectively. Officials emphasized that the plan is part of broader efforts to improve living conditions and reduce urban overcrowding. The fund will support both new and existing properties, with priority given to first-time homebuyers.
Participants must meet specific eligibility criteria, including a stable income and a clean credit history. The government has also partnered with local banks to ensure smooth processing of applications. This move is expected to boost the real estate sector and provide long-term financial stability for thousands of Ghanaians.
