Mr. Kofi Briggs has maintained a satisfactory account with your branch for a period of 5 years. He is a mechanical engineer of 40 years old who runs a professional office engaged in considering and contacting work for the Tema development corporation, Tema, as well as for the private sector. Today Mr. Briggs calls to discuss with you his housing mortgage loan matter under your banks mortgage loan scheme for private house ownership. For the discussion he had produced a contractor’s estimate of the cost of a private house he plans to build. The cost of the house was estimated at GHȼ30million. He says he has been allocated a plot of land at Tema and he has been given all the necessary documents. He is applying for a mortgage loan of GHȼ20million repayable within a period of 10 years. He has in his house ownership savings account a total of GHȼ16million, more than the minimum savings required of beneficiaries under the scheme. You are prepared to help him. Your bank takes a legal mortgage of the property concerned. Required: What are the documents you will require from Mr. Briggs and how will you perfect your banks security.
Mr. Kofi Briggs has maintained a satisfactory account with your branch for a period of 5 years.
He is a mechanical engineer of 40 years old who runs a professional office engaged in considering
and contacting work for the Tema development corporation, Tema, as well as for the private sector.
Today Mr. Briggs calls to discuss with you his housing mortgage loan matter under your banks
mortgage loan scheme for private house ownership. For the discussion he had produced a
contractor’s estimate of the cost of a private house he plans to build. The cost of the house was
estimated at GHȼ30million. He says he has been allocated a plot of land at Tema and he has been
given all the necessary documents. He is applying for a mortgage loan of GHȼ20million repayable
within a period of 10 years. He has in his house ownership savings account a total of
GHȼ16million, more than the minimum savings required of beneficiaries under the scheme.
You are prepared to help him. Your bank takes a legal mortgage of the property concerned.
Required: What are the documents you will require from Mr. Briggs and how will you perfect your banks security.
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