Stanbic Bank has launched a Diaspora Mortgage product for Ghanaians living abroad, allowing them the opportunity to obtain mortgage loans for local housing development.

The product is the first of its kind and could be used for equity release and buy-to-let purposes, with the bank providing up to 90 percent mortgage in some cases.

According to the bank, the new product offers lower interest rates, greater flexibility, a safer and secure investment opportunity as well as a more cost effective means of keeping up with mortgage repayments.

Stanbic Bank’s Home Loans Officer, Ms Anna Owusu-Sekyere explained that there are no restrictions to accessing the product as long as the customer’s income can support the repayment schedule.

According to the CEO of Stanbic Ghana, Alhassan Andani, housing market in Ghana appreciates between 14 -20 percent annually thereby providing a good return in investment.

Similarly, the bank has also introduced the Stanbic Heartland offering to allow its customers in the diaspora cater for their primary needs.

Meanwhile the bank has also offered to work closely with certified contractors and architects to undertake the building projects to ensure that the projects are duly completed to the taste of the customers.

The real estate contractors it has agreed to work with include Imperial Homes Ghana, Devtraco and Devtraco Plus, Ital Construction, and Beaufort Properties.