This is a special mortgage whereby instead of paying both the loan principal and the interest at the end of every month as occurs in the repayment mortgage option, you only pay the interest monthly with the loan principal to be paid at loan term via a capital/principal repayment vehicle (more on this below) or in our case, partial payment of loan principal ahead of schedule to cover any unanticipated shortfall of your projected repayment vehicle returns.
Before we show you how you can use your tier-II, tier-III and even tier-III to own a move-in ready home today with us without having to hassle for ant large deposit or down payment for a typical repayment mortgage. But, before that, we give you a simple understandble overview of the current pension regime for the Ghanaian worker, below....
Ghana Pensions Overview
Under the National Pensions Act, 2008 (Act 766), the Social Security and National Insurance Trust (SSNIT) is mandated to manage the 1stTier Pension Scheme also called the Mandatory Basic National Social Security Scheme which incorporates an improved system of SSNIT benefits, mandatory for all employees in both the private and public sectors. Under this arrangement SSNIT is also mandated to pay only monthly pension.
However workers would now receive their enhanced lump sum from the 2nd Tier Contributions which is also called 5% benefits under the Occupational or Work-Based Scheme managed by licensed Corporate Trustees. This scheme is also mandatory to all formal sector employees and designed primarily to give contributors higher lump sum benefits than previously available under the SSNIT pension scheme.