Start small and scale up gradually – Republic Bank Mortgage Manager advises Ghanaians
The Manager in charge of Mortgage at Republic Bank Frank Oppong Yeboah, has advised prospective homeowners to build according to their income and financial capacity rather than taking on large loans to construct expensive houses at once.
Frank Oppong Yeboah, the Mortgage Manager at Republic Bank, has advised Ghanaians to build their homes gradually, starting small and scaling up as their income increases. At the launch of the Republic Bank JoyNews Habitat Fair on August 11, Yeboah emphasized the importance of building homes according to one's financial capacity rather than taking on large loans to construct expensive houses all at once.
He stated that incremental housing development offers a more sustainable approach to homeownership, allowing individuals to start with a basic one-bedroom house and then add on additional rooms as their incomes grow. Yeboah advised prospective homeowners not to take on large loans to build four-bedroom, two-storey houses immediately.
Instead, he suggested starting with a one-bedroom house with all the necessary facilities and then expanding the home as their incomes increase. He explained that homeowners could begin with one bedroom and then add second, third, and fourth bedrooms until they achieve their desired house. Yeboah noted that many people dream of living in luxurious homes like those in Cantonments, but they may not have the financial means to do so immediately.
He urged individuals to prioritize acquiring a home that meets their immediate needs and to live within their means. According to Yeboah, people should "cut their coat according to their size" and get something that suits their current financial situation and their family's needs.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
