Cities and Habitat, Ecobank partner to launch Rent-To-Own Boafoɔ Home Ownership Package

Cities and Habitats, developers of the Planned Cities Extension Project, and Ecobank Ghana Plc. have partnered to launch a new home ownership package called the RENT-TO-OWN BOAFOƆ HOME OWNERSHIP PACKAGE.

The package was carefully designed to actualize the theme for the year's World Habitat Day celebrations, which is “Mind the Gap. Leave No One and Place Behind”. Besides, the theme sits perfectly well with Cities and Habitats' Rent-to-Own housing scheme, which seeks to help channel resources and energies to reduce Ghana’s housing deficit and shape Ghana’s urban future.

Ghana's housing deficit is estimated at 1.8 million and the 2021 Ghana Population and Housing Census revealed that over 60% of Ghanaians live in dilapidated and uncompleted structures. Those persons have been left behind and they are the ones Cities and Habitats are targeting with the new innovative package.

The Rent-To-Own Boafoɔ Home Ownership Package is a payment method planned to ease the financial burden of home seekers by affording them early occupancy of the property within eighteen (18) months from the payment of the initial deposit.

Project Manager for Cities and Habitats of the company, Daniel Ohene Aidoo in introducing the package said it has always been the desire of the project to find sound and workable solutions to ensure that home ownership is made easy for all.

The Rent-To-Own Boafoɔ Home Ownership Package according to the project manager seeks to help home seekers fast-track access to their homes with the help of the bank by raising the 20% required under the scheme before they are given occupancy.

The other key benefit of this package is that Cities and Habitats are giving a 15% discount on the required 20% initial deposit to all home seekers who wish to be supported by Ecobank for any type of house listed under the package.

The minimum amount that clients are expected to pay as ‘monthly rent’ is about GHc1,250 for a one-bedroom apartment expandable to three bedrooms.

The properties under this package will be located within the Planned Cities Extension enclaves around the country. The first one is at Prampram in Accra, where several properties are already at different stages of completion, and about 50 are almost ready to be delivered to owners this year.