The time of dreaming about owning a home in Ghana is long gone. Now, anyone above 21 years can easily purchase their first home through the help of banks offering mortgages. With suitable documents and qualifications, you can acquire external help to purchase your first home.

To begin your mortgage search, you may want to research the different types of mortgages offered by banks in Ghana. Usually, most banks offer varying mortgage options of which the borrower can evaluate and choose the most suitable package depending on their financial situation. The next step will be to compile a list of banks that offer mortgages and find out how to get a mortgage in Ghana to begin the process.

Types Of Mortgages In Ghana

  • Home Purchase: 

Individuals and companies can acquire property for rental/investment or personal use.

  • Home Equity

If you already own property, this mortgage helps you release some equity and improve your liquidity (renovate or build another property). 

  • Home Completion

If you need help completing the construction of your property, this loan option is more appropriate.

  • Home Improvement

This mortgage option is essential for people who want to remodel and renovate their property.

Finance Rates For Mortgages In Ghana

How high are mortgage interest rates in Ghana? Ensure you are well informed on mortgage rates before you make the big decision on your mortgage provider.

Figures on mortgage rates are rarely shared online. Instead, visit a bank or financial institution, sit down with a mortgage officer, and discuss their mortgage rates.

Mortgage Interest Rates In Ghana

Data from the Bank of Ghana shows that the annual percentage rate on mortgages ranges from 18.7% to 31.7%. In 2020, mortgage rates in Ghana were at 23%.

Once you take out a mortgage for your property, you have to pay back with interest on the borrowed money. This interest paid is the percentage of the total amount borrowed. The interest aside, some additional fees and payments have to be paid during the loan acquisition. These include though it is not limited to;

  • Insurance
  • Application Fees
  • Brokerage Fees.

These fees being incurred by the borrower are included in the annual percentage rates on your mortgage. This results in an increase in total fees to be paid. You can learn more about Annual Percentage Rates for mortgages here.

Mortgage Companies In Ghana

Several banks offer mortgages in Ghana. Listed below are a number of banks that provide good mortgage rates.

Top Mortgage Providers In Ghana

Stanbic Bank
Stanbic Bank Logo

Stanbic bank is one of the premier banks in Ghana that provides home loans and mortgage facilities to Ghanaians. Home loans and mortgages are spread over a long term of 5 to 20 years depending on the amount in question. With Stanbic, the only limit on the loan amount is your income. There are six different home loan options to choose from. These are ;

  • Home Purchase

This is primarily available for the immediate purchase of a home. This loan is paid between 5 to 20 years with a 2% facility fee. Once your loan has been approved, a compulsory life insurance and property insurance needs to be taken by you.

  • Refinancing

Stanbic Bank offers two options for refinancing, mainly;

Internal Refinancing: This enables you to arrange new financing terms such as currency, amount and review the terms of your existing Stanbic Home Loan. 

External Refinancing: With this you are able to take existing home loans from other institutions

Cash-Out Refinancing: – With this you can access extra money if the value of your property has appreciated over the years you have owned it.

  • Home Improvement

This plan enables you to expand, remodel or renovate your existing property.

  • Developer Construction

With this type of loan, Stanbic Bank aids in the purchasing of residential property from any of their associate developers where a property you want to buy is still under construction. The bank pays the loan in stages to enable the developer to complete your dream home.

  • Equity Release

You are able to unlock the value that exists on your property by simply taking a loan and using the cash released for your personal needs, which can include the purchase of another home or prime land, business expansion, or funding education. 

  • Employee Group Mortgage Scheme

This mortgage is a developer-based home construction on your land bought under organization block lands schemes.

All the above mortgage options come with 5 to 20-year payment plans and a 2% facility fee.

Below are numbers you can contact if you are looking to speak with a customer support representative of the Bank.

  • Local  – +233302815789       
  • Vodafone Toll-Free Number – 080010009
  • MTN Toll-Free Number – 18080

First National Bank

FBN Logo

First National Bank in association with Ghana Home Loans, provides customers with different forms of mortgages in Ghana. The bank offers three types of home purchase mortgage products. 

Home Purchase Mortgage

  • First Time Buyer

Applicants looking to purchase their first home will find this very useful. The period for loans is up to 10 years if you take it in cedis but 15 years for dollar loans. First and foremost, prospective owners have to identify a home of their interest they look to acquire. Once that is done, you can go ahead to negotiate the terms of purchase with the homeowner to allow you to get an offer letter for the property. You can then access a purchase mortgage from the bank.

  • Buy To Let

This is for applicants who own a home but wish to buy another investment property with the aim of renting it out to tenants. 

Required Documents To Begin Loan Process

  • Completed Mortgage Application Form by the Applicant
  • Photo Identification Two (2) passport pictures
  • Proof of income
  • Proof of Identity (passport, license, etc.)
  • Proof of address. You need 2 different utility bills or a tenancy agreement..
  • Offer letter from the vendor

 

Eligibility Criteria

  • The property must be residential
  • The vendor must be the valid owner of the property (ownership evidenced by Land Title Certificate or Fully Registered Indenture or any other document acceptable to First National Bank).

Home Construction Mortgage

This is for customers that have plots of land and require sponsors to undertake the construction of the home that they desire. This is a two-part loan that comprises a preliminary one-year interest-only construction loan rolled into a mortgage facility. The facility has to be indemnify over ten years for cedi loans and 15years for dollar loans

Home Completion

This mortgage facility is to help finance the completion of your dream home. The loan can be obtained for the purchase of roofing materials, windows, doors, tiles, and all other finishing products. The terms of the Home Completion facility is similar to the Home Construction Mortgage.

Required Documents To Begin Loan Process

  • Completed Mortgage Application Form by the Applicant
  • Photo Identification Two (2) passport pictures
  • Proof of income
  • Validation of Identity Two (2) forms of validation (passport, license, etc.)
  • validation of address 2 different utility bills/residence agreements etc.
  • Offer letter from the vendor
  • Building permits, planning permission, and architectural drawings
  • Sole proprietors Form A
  • 3 years company bank statement & 1-year personal bank statement (if applicable)
  • Limited liability companies- Form 3 & 4

Eligibility Criteria

  • The property must be residential
  • Applicant must demonstrate ownership of the land
  • Home completion project should be at the lintel level

Land Purchase Mortgage

This product meets the needs of claimants looking to buy serviced parcels of land delegated for residential use. Tenure of the loan is up to 3 years for cedi loans and 5 years for dollar loans. A prospective client to identify the parcel of land, gain an offer letter from the vendors after agreeing on terms of sale. The applicant can then apply for a land purchase Mortgage from the First National Bank. 

In addition to the Land Purchase Mortgage, an applicant may also apply for a Home Construction Mortgage to build on their land. This facility allows the applicant to obtain a short-term construction loan from First National Bank to build and complete their property within 12 months after purchasing the land after presenting the requisite land documentation. Upon constructing the property, First National Bank will convert the Home Construction Mortgage into a long-term mortgage of up to 10 years for cedi loans and 15 years for dollar loans.

Required Documents To Begin Loan Process

  • Completed Mortgage Application Form by the Applicant
  • Photo Identification Two (2) passport pictures
  • Proof of income
  • Proof of Identity Two (2) forms of identity (passport, license, etc.)
  • Proof of address 2 different utility bills/ tenancy agreements etc.
  • Offer letter from the vendor
  • Credit report (non-resident applicants)

Eligibility Criteria

  • The Land should be for residential purposes
  • Land must have a recorded contract or land title qualification
  • Land should be serviced (mapped road network, water, electricity)

Home Owners Mortgage

First National Bank offers two different types of homeowners mortgages

  • Equity Release & Home Improvement

Homeowners with a provable source(s) of income who wish to borrow on a long-term basis using their home as collateral can access the Equity Release Mortgage or the First National Bank Home Owners Mortgage. First National Bank

Provides existing homeowners the opportunity to release equity or other commitment or personal needs.

Save-To-Own Mortgage

The save-to-retain product is designed for individual clients who have hardship proving their income according to First National Bank’s regular mortgage standards. With save-to-retain, you have a great opportunity to service a mortgage by making monthly payments into your account during the saving period of the product. The product will have two phases:  

Savings & Mortgages

Prospective borrowers will be required to make structured payments into a saving account, parallel to the project monthly repayment under a future loan amount. These payments will be made over drift  ranging between 12 and 24 months. . 

Once a borrower satisfies the savings requirements over the agreed drift, the mortgage will be disbursed.

Drift

12 to 24 months for the savings contingent on applicant profiling and type of mortgage product; based on the Bank’s underwriting criteria. 

Up to 15 years for the mortgage after the savings period.

The amount saved during the savings period  may be used for the payment of facility fees, loan installment payments, or any other purpose as the applicant may deem fit. 

Balance of the account may be used as the essential minimum deposit for property to be purchased.

There will be no dispensation of debit cards on the account the second period of the product.

There will be a two-staged underwriting procedure as follows:

 

  •  A degree underwriting at the time of the application.
  •  A review of the first underwriting at the end of the savings period, to ensure the applicant still meets all lending criteria.

Required Documents To Begin Loan Process

  • Completed Mortgage Application Form by the Applicant
  • Photo Identification Two (2) passport pictures
  • Validation of income
  • validation of Identity Two (2) forms of identity (passport, license, etc.)
  • validation of address 2 different utility bills/ tenancy agreements etc.
  • Offer letter from the vendor
  • Credit report (non-resident applicants)

Eligibility Criteria

  • The property must be residential
  • The vendor must be the valid owner of the property (ownership evidenced by Land Title Certificate or Fully Registered Indenture or any other document acceptable to First National Bank)

These are the options available to you for your home loans and mortgages at First National Bank. A solution to all your housing needs.

Below are numbers you can contact if you are looking to speak with a Customer support representative of the Bank.

  • +23 324 243 5050
  • 0800 770 522

Cal Bank

Cal bank logo

Cal bank is another banking unit that looks to aid individuals with mortgages that will help them buy the home of their desire. If you are within the ages of 21-55 years you are eligible for a Mortgage at cal bank. The purpose of the Cal Bank Mortgage is to help individuals in acquiring homes. ( For H0me Establishing, the property should be at  the lintel level to be considered for a loan. The applicant must submit a land Title qualification within a tenure of 5 to 15 years to prove this.

Loan Requirements

There are some requirements from the bank you need to make available before you can acquire a mortgage

  • A complete and signed Cal Bank Mortgage Application
  • Offer Letter from a Real Estate Developer
  • Some form of identification (Passport, National ID, Driver’s license)
  • 1 Passport Size Photograph (1 each for concerted Applicant)
  • Power of Attorney for non-resident Ghanaians, NRG. (Must be witnessed by a Notary Public)
  • Confirmation of income and employment from your employers
  • Pay slips from last 3 months
  • Last 3 years qualified audited accounts or last 3 years copies of individual income tax returns for NRG (for self-employed applicants)
  • Business Profile, Registration, and Certificate to Commence Business. (for self-employed applicants)
  • Credit Report from an acknowledged credit bureau or credit reporting agency for NRG
  • Bank Statements (At least six months)
  • Base  Deposit or Down Payment to buy a Home  Mortgage Loan
  • Disbursement Conditions ( Pre and Post)
  • Security –  Personal guarantee of the applicant.

Below are numbers you can contact if you are looking to speak with a Customer support representative of the Bank.

Republic Bank

Republic Bank Logo

Republic bank is a bank that believes in building successful communities. The bank has been very instrumental in the development of the mortgage industry in Ghana.

Republic Bank offers a number of mortgage options to individuals to acquire properties and land. Some of which include;

  • Home Purchase Mortgages
  • Home Equity Mortgages
  • Home Completion Mortgages
  • Republic Bank Employer Assisted Loan Schemes
  • Home Improvement Mortgage
  • Republic Bank Public Sector Home Loan Scheme

Home Purchase Mortgage

These loans are designed to assist individuals and companies in purchasing residential properties for personal use or rental purposes. These loans are made available to both Resident Ghanaians and Non-Resident Ghanaians each with varying terms;

Resident Ghanaians Non- Resident Ghanaians
Maximum Loan Subject To Credit Profile Subject To Credit Profile
Minimum Down Payment 20% 20%
Maximum Term 20yrs 12yrs
Processing Fee 1.5% of the proposed loan $250 / £150
Facilitation Fee N/A 1% of the proposed loan

 

Home Equity Mortgage

This loan facility is made available to applicants that already own their homes or may have already invested in residential properties to take out equity on said properties. Individuals looking to build another property, renovate or improve an old residential property are advised to go for this facility.

This loan usually does not exceed a maximum of 80% of the forced value of the said property. Loans are given for a maximum of 15 years, and this applies to both cedi and foreign currency loans.

Should you be looking to acquire such a loan, you must ensure there are no ongoing disputes on the property.

Home Completion Mortgage

Home completion mortgages are to assist individuals with capital to complete the construction of their homes. Any amount requested by an individual must fall within the maximum loan offered by Republic Bank.

All loans applied for should not exceed 50% of the total cost of putting up the said property. This loan comes with a maximum term of 15 years. 

When applying for a home completion mortgage loan, you will have to make available an undisputed title of the property, a development permit from the appropriate bodies, as well as approved building plans.

After the loan request is approved, the bank will disburse all funds in stages. The bank will inspect the property regularly to ensure proper use of funds.

Republic Bank Employer Assisted Loan Schemes

The bank requires you to have an account or account relationship to qualify for a loan from the assisted loan schemes. Loans of this type are reserved for individuals that need assistance with rent, school fees, medical bills, and not speculative and vague purpose such as online investments and business startups.

If you have had a minimum net salary of GHC 100.00 or are an employee of a reputable institution or establishment, you qualify for such a loan. All interested persons are allowed to request a minimum assisted loan of GHC 500.oo and a maximum of GHC 15,000. This is paid in 24 months.

Home Improvement Mortgage

Have you put renovations or existing extension works on hold due to financial difficulties? Republic bank is here to assist you with your improvement loans.

If you are an existing homeowner that needs assistance with any of the above, you can apply and get assistance. These types of loans are spread out to a maximum term of 15years. Once you are able to provide the bank with all necessary documents and clear undisputed title deeds, you can begin with your loan application

Republic Bank Public Sector Home Loan Scheme

In 2007 Republic Bank was mandated by the Government Of Ghana to provide all public sector employees with an affordable homeownership scheme. All persons that fall under the public sector bracket are eligible for these loans and all applications will be evaluated in accordance with the bank’s eligibility and credit criteria.

Ecobank
Ecobank Logo [ Download - Logo - icon ] png svg

Whether you are buying a new home, refinancing, or renovating the one you are living in, Ecobank has mortgage plans to help you finance the project.

Ecobank, in conjunction with Enterprise Trustees, has rolled out 2 types of mortgages under the Home Mortgage Programme. These mortgages provide up to 100% financing for a beneficiary’s property of choice. They  are:

  • Pensions Backed Home Package
  • Pension Short Term Mortgage

Pension  Backed Home Programme

This facility unlocks homeownership for tier 2 and 3 pension contributors. It also allows contributors to own their own homes, during their working years. The Pension Backed mortgage is available to persons whose accumulated tier 3 pension contributions are up to 20% of the value of the property they intend to purchase. Applicants of this package have a maximum of $350,000 and 15 years to pay back the loan.

It comes at an interest rate of 19%, a processing fee of 1.5% of the loan amount, and additional debt service of 50%.

Pension Short Term Mortgage

 This package provides up to 90% of the member’s accumulated tier 3 contributions with an interest rate of 18.5% per annum. The short-term loan will have a duration of up to three years to be repaid. The debt service ratio for this package is 50%.

Loan Requirements

  • Applicants must assign pension funds, including future contributions and interests to Ecobank for the tenor of the mortgage.
  • Ecobank account 
  • Salary domiciliation of a minimum of two months
  • Employer confirmation that the customer is eligible under employers vesting rules.
  •  Employer confirmation that the customer’s pensions fund is not encumbered.

First Atlantic Bank

First Atlantic Logo

First Atlantic Bank is a universal bank in Ghana that offers a personalized private experience to customers during their mortgage acquisition process. The Purple Plus Mortgage is a credit available to the Bank’s Private Banking customers for purchasing residential properties through outright purchase or to finance an obligation through an Equity release.

The loan is available for: 

Mass Affluent:

  • Individuals with annual income between USD150,000 and USD500,000. 

High Net-worth Individuals (HNI):

  • Individuals with a minimum net worth of USD 1 million.

Ultra-High Net-worth Individuals (UHNI):

  • Individuals with investable assets valued at USD 30 million and over. 

ABSA Ghana

ABSA logo

Absa Ghana’s mortgage facility offers up to 90% finance for home purchase and up to 70% for equity release and home improvement. Depending on your income and the value of the house you want to buy, Absa can lend you up to GHS 5,000,000 to finance your project. The bank offers a maximum debt service ratio of 50% and a tenor of 5 to 20 years.

Absa Ghana also provides property insurance and credit life insurance covering death, permanent disability, and retrenchment.

MORTGAGE REQUIREMENTS 

  • Property should be located within Accra and Kumasi and their environs.
  • You don’t necessarily have to bank with Absa to qualify for a mortgage (after approval, you will have to move your income or salary to Absa if you are not a customer yet).
  • The maximum repayment period is 20 years or up to the age of 60 years, whichever is shorter (dependent on the retirement age required by your employer).REQUIRED DOCUMENTS
  • Current pay slip
  • Proof of identity (National registration card, valid passport, or valid driver’s license)
  • An offer of sale from a vendor
  • Land title certificate
  • Indenture
  • Deed of assignment
  • Site plan
  • Building permit
  • Ground rent
  • Consent to mortgage for leasehold (if applicable)
  • Sale and purchase agreement

For equity release and home improvement, the following documents are required:

  • Land title certificate in favor of the customer
  • Indenture
  • Site plan
  • Building permit
  • Bill of quantity (bill of quantity is not required for loan amounts of GHS400,000 and below)

Consolidated Bank Ghana
Consolidated Bank logo

Consolidated Bank Ghana is among the banks in Ghana that offer mortgage facilities. For more information, visit any of their branches to speak with a mortgage officer.