The much awaited National Rental Assistance Scheme (NRAS) to provide rent loans to both formal and informal sector workers with verifiable and regular income has officially been launched.
The first phase of the scheme, to be implemented with GH₵30 million, will provide eligible Ghanaians with a mechanism to pay low monthly rent.
This effectively removes the need for rent advance payment within six regions – Greater Accra, Ashanti, Western, Eastern, Bono East and Northern before being extended to the remaining 10 regions.
The eligible person must be a Ghanaian, possess a valid Ghana Card, be an adult of 18 years and above, have verifiable employment and income, have a verifiable bank statement or mobile money statement, and rent payable must not exceed 30% of the household income.
The eligible person is expected to identify a property of his or her preference and notify the NRAS of same through a formal online application, pay GH₵100 application processing fee, present two forms of Identity Cards and have the application verified within five to 10 business days.
The loans will be repaid on a monthly basis by the beneficiary, not exceeding 30% of his/her household income, to match the tenure of the rent.
Rent Masters
Meanwhile, the management of the Scheme has been outsourced to Rent Masters Ghana Limited, a private sector entity, which is responsible for the day-to-day operations of the Scheme.
The company will, among other things, handle customer application processes, disbursement of rent advance directly to landlords, as well as the preparation and submission of periodic reports on the implementation of the Scheme to the Project Management Committee.
It will also serve as a bridge between landlords and tenants to satisfy the interest of both parties.
Dr. Bawumia said the problem of landlords demanding two years rent advance deprived many people, especially the youth, access to rental housing.
