THE NATURE OF MORTGAGE REPAYMENT PLANS IN GHANA

Finance & Accounting Research Journal

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Field Value
 
Title THE NATURE OF MORTGAGE REPAYMENT PLANS IN GHANA
 
Creator Ampofo, Justice Agyei
 
Description Mortgage finance is one source of capital that cannot be ruled out when it comes to housing finance. It has globally aided many countries in terms of housing finance. A country’s housing finance system can work effectively if there is/are mortgage repayment plan(s) that would ensure flexibility in repayment of mortgage loans and encourage supply and demand for mortgage products. The study sought to find out the types and nature of mortgage repayment plans in Ghana. All the financial institutions which were into mortgage banking constituted the sample. The result shows that fixed rate method is the commonest method used in Ghana and other repayment plans have evolved from the fixed rate repayment plan. Exchange rate fluctuations, high interest rates and high house prices result in higher initial monthly mortgage repayment using the fixed rate repayment plan. It is recommended that mortgage lending institutions should reduce their interest rate for low middle income earners in Ghana to qualify for mortgage.
 
Publisher Fair East Publishers
 
Date 2020-09-01
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://fepbl.com/index.php/farj/article/view/150
 
Source Finance & Accounting Research Journal; Vol. 2 No. 3 (2020); 91-104
2708-6348
2708-633X
 
Language eng
 
Relation http://fepbl.com/index.php/farj/article/view/150/313
 
Rights Copyright (c) 2020 Justice Agyei Ampofo
https://creativecommons.org/licenses/by-nc/4.0
 

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