Public Servants Housing Loan Scheme

1.0 INTRODUCTION

The Public Servants’ Housing Loans Scheme (PSHLS) was established by NRC Decree 319, in March 1975, to provide loans to Public Servants to enable them:

• Construct new residential dwelling houses
• Refurbish existing residential properties
• Pay off loans on properties already acquired
• Purchase existing residential properties.

The NRC Decree 319 Act, 1975(1) enjoins the Board to grant and recover loans and to enter contracts and carry out programs for, or incidental, or conducive for purposes of the Act.

1.1 MANDATE 

The Public Servants’ Housing Loans Scheme Board (PSHLSB) was established by NRC Decree 319, in March 1975 to provide housing loan facilities to Public Servants.  

 

1.2 VISION

To become the first option mortgage financing institution for all Public Servants in Ghana.

 

1.3 MISSION

The Board exists to assist Public Servants to construct new residential property, refurbish existing residential property, pay off loans on property already acquired, or purchase existing residential property through mortgage financing by reaching out to the public servants by employing and establishing good public relations and effective and efficient service delivery systems with them.

 

2.0 FEATURES OF THE HOUSING LOANS SCHEME

• Eligibility Criteria: Public Servants who is a Ghanaian and permanent employee of any public institution.
• Interest Rate: 2.5% p.a. on reducing balance basis
• Maximum Loan Amount Per Applicant: Amount not exceeding ten times the gross annual salary of the applicant.

 

2.1 LOAN REPAYMENT ARRANGEMENT

The period of repayment of the loan and interest shall not exceed thirty years, repayment of loan is made by monthly deductions effected on the salary of the borrower by the Employer.

 

2.3 SECURITY OF THE LOAN

The property is mortgaged to the Board, the title deeds and mortgage deeds relating to the property, duly stamped and registered, is deposited with the Board.

Borrowers are required to secure insurance protection in which the insurer will undertake to repay the entire outstanding loan upon the death or  incapacitation of the borrower to the ensure the security of the loan granted.

 

3.0 CURRENT HOUSING DEMAND

The population of workforce within the Public Service is about 1,600,000; 90% of which require housing. The Board projects to provide mortgage financing for the construction of 200,000-400,000 housing units over a span of two (2) to three (3) years.

 

4.0 HOUSING REQUIREMENT AND FEATURES

The Board seeks to assist Public Servants in the acquisition of environmentally friendly and affordable housing units in the form of:

• Apartments – Studio, 1, 2 & 3 Bedrooms
• Semi-Detached -1, 2 & 3 Bedrooms
• Self-Compound Housing Units- 1, 2, 3 & 4 Bedroom. 

5.0 PRICE RANGE

The estimated price range for each housing units is $25,000- $80,000