The Build Now Pay Later service in Ghana can be used by two main categories of prospective customers: Individuals and Businesses / Corporates / Organisations.
STEP 1: Searches
We do three (3) main searches: Land Title Search, Bank of Ghana Collateral Registry Search and Court Search. But we may do a Power Of Attorney (POA) verification for applications where the name(s) on the land and applicant are different.
We do a land title search to verify and confirm the ownership of this land the project is to be developed on. We do a collateral search to confirm ourselves if the land the project to be developed on has been used as collateral for any loan or not. We do a court search to verify ourselves if the land is subject of any litigation pending in the courts.
The search processes can take anywhere between 4 weeks and 12 weeks, but we always expedite it to make it faster. And to enable us do these searches, we need you to send us the land title documents and proof of id (can be any of these: passport, voter's, driver's licence, ssnit card).
We take a minimum upfront fee of GHS500 for residential construction and GHS1,000 for commercial construction (full fees for residential projects is GHS1,000 and that of commercial project is GHS2,000) before we initiate any searches, so if you doubt the propriety of your land (as in it being free from litigation), you may want to stay away from this service because we are going to find out and you would have lost a minimum of GHS500, but if you believe that your land is all clear of any unresolved litigation issues then you are free to proceed and make payment for this search.
STEP 2: Onsite Visit
We only do a site visit after the searches have been completed. This will help us in costing the project and architectural drawings
STEP 3: Architectural Drawings + Costing
We would present to you our drawings for approval together with our proposed project cost estimations.
STEP 4: Signing of paperwork
You read and sign our paperwork, before we can proceed. The repayment option will also have to be agreed. You can choose to make one bulk payment within 2 weeks of completing project and handing over, or you could also agree to our instalment payment that can allow you to repay within 10-20yrs (or less).
STEP 5 – After signing the paperwork
We proceed to prepare to site to start and complete construction. Construction will start within 4 weeks of getting approved building permit. Construction period will typically be between 6 months and 18 months, but with a project to fit the size of a 100ft by 80ft land we can do it under 12 months (if not even far less).
STEP 6 : BANK ACCOUNT SWITCH?
There is no requirement for you to switch your current salary or business bank account from your current to another BoG-regulated universal bank. However, you may be required to switch your salary or business bank account to a preferred BoG-regulated bank if/when we (including the property and funding partners) decide to sell our loan book portfolio to any of the existing Bank of Ghana regulated existing banks or a newly approved bank affiliated to The DCANS Group Limited. Such loan book sales usually takes place after 60 months, and the terms and conditions will remain the same and not varied to your disadvantage.
This bank account switch may only happen after delivery of the project. But your outstanding loans automatically becomes due if you refuse to switch your bank account to another BoG-regulated bank if it is required of you to do so.
TERMS AND CONDITIONS:
A detailed terms and conditions are always provided with this service, but the highlight of this service is: Your land serves as a partial collateral for this project and if you default on repayment to the last cedi or make mutually-agreeable repayment plan we reserve the right to sell off this project to recoup our capital and/or investments.
HOW DO I START?
It's obvious costs are going to be incurred right from the outset (searches, onsite visits, architectural drawings, cost estimations, building permit, etc) even before we start digging your site for the construction, so take note of applicable fees and charges when completing our digital onboarding platform to kickstart the process as elaborated above.