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12.01.2007 Business & Finance

HFC reduces interest rate

By The Statesman
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The HFC Bank Ghana Limited has reviewed its base rate downwards to 21.45 percent from 22.5 percent.

A statement in Accra on Wednesday signed by Akwete Akita, the Executive Director, asked its partners to amend the records to effect the change.

In a related development, the Bank has outdoored a product that makes it easier for Ghanaians living at home or abroad to own a decent home in Ghana.

In view of this, the bank is promoting a special savings product known as the "HFC Homesave Account,” which is the first step towards home ownership. It offers prospective homeowners the opportunity to save, in return for a down payment on a new house.

At the close of 2006 therefore, HFC launched the Homesave promotion to put a house on offer to “homesavers”.

The offer is available every year until further notice.

Edwin Randolph of the Standard Trust Bank won the first prize in the promotion. He received the keys to a $50,000 two-bedroom Regimanuel Gray estate house.

Presenting the keys, the Managing Director of HFC Bank, Ghana, Asare Akuffo said under the Homesave Account, income earners make regular savings that build up into a mortgage deposit, based on which HFC grants a long-term mortgage loan to the customer for the purchase of a property.

Homesavers who do not win a house could still borrow from HFC to buy a property from reputable developers that HFC finances.

“Sooner or later every homesaver will get a home either by winning a promotion house on offer each year or by taking a home loan to buy a house.

“If you are lucky you could win this free house and if you so wish, borrow to buy a second house and more in the future,” Mr Akuffo stated.

On his part, Mr Randolph thanked the HFC for his prize saying, “together with my family we express our sincere gratitude to the management and staff of HFC…for a gift of a life time.”