Compass Properties and Goh Betoch Bank have unveiled a joint home construction program designed to make homeownership more secure and transparent for prospective buyers.

Under the new arrangement, home seekers will first visit Compass Properties to select their preferred house type and complete an application form. They will then proceed to Goh Betoch Bank to open a personal savings account and make an initial deposit of Birr 500,000, followed by regular monthly savings.

According to the agreement, all deposits remain in the individual’s personal account throughout the construction period. The funds will only be transferred to Compass Properties once the house is completed and officially handed over to the buyer. This approach aims to protect buyers’ funds and ensure payment is tied to project completion.

Participants in the scheme will receive 15 percent interest on their savings. Withdrawals are permitted upon advance notice to the bank, and no service charges or penalties apply for withdrawal.

Customers who wish to complete payments through bank financing will also have the option to secure additional support from Goh Betoch Bank to finalize their purchase.

Officials from both institutions stated that the initiative is intended to address recurring complaints in Ethiopia’s real estate market, promoting trust and reducing risks for homebuyers through a more transparent and customer focused process.

Source (including image): Sheger FM 102.1