There are several top mortgage companies in Ghana you can run to if the need arises. However, the search can be a little tricky if you’re not sure which companies gives out the best home loans in Ghana.
For this reason, we have put together some top mortgage companies in Ghana that can come to your rescue if you need a home loan urgently. But before that, let’s briefly look at what mortgage is all about.
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What Is a Mortgage?
Mortgage is simply a loan used to purchase a home, land and other types of real estate. To get access to the loan, the borrower must apply through their preferred mortgage provider/company.
The loans are only given to applicants after meeting all their requirements. When applying for a mortgage, it is important to note that the property itself serves as collateral for the loan.
Additionally, borrowers must know that mortgages comes in different types ie. Fixed rate, adjustable rate, interest-only loans, etc. and the cost of a mortgage depends on the type of loan, term and interest rate the lender charges.
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Top Mortgage Providers In Ghana
Below is the list of top mortgage companies in Ghana that provides home loans in Ghana at affordable rates.
- Cal Bank
- Stanbic Bank
- Republic Bank Ghana
- Ghana Home Loans Limited
- Firstly, the Absa mortgage offers up to 90% finance for home purchase and up to 70% for equity release and home improvement.
- Secondly, it offers a maximum debt service ratio of 50%.
- Also, depending on your income and the value of the house you are buying, they can lend you up to GHS5,000,000.
- Additionally, they also offer a tenor of 5 to 20 years.
- They offer property insurance and credit life Insurance covering death, permanent disability and retrenchment.
- Property should be located within Accra and Kumasi and their environs.
- You don’t have to necessarily 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 retirement age required by your employer)
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The CalBank Mortgage is there to assist individuals to acquire homes or to complete the building of a home. The property should be at least at Lintel level when applying for loan to complete the construction of your home. It should also be accompanied by a land title certificate within a tenure of 5 to 15 years.
- Firstly, applicants debt burden should not be more than 45% of net income.
- Maximum Facility Limit: 85% of the value of property.
- Repayment is based on Annuity
- Access to dedicated relation officers to handle all activities in relation to mortgage facility.
- Available funds to purchase your dream home or complete your dream house.
- They have flexible terms and conditions.
- Easy access to qualified and professional valuers.
- Flexibility to purchase your building from a preferred real estate company.
- Easy access to insurance policies to secure the facility.
- Competitive charges etc.
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Ecobank Mortgage Loan
The Ecobank mortgage loan is available for persons wanting to buy a new home or renovating or refinancing the home they live in now.
Ecobank is a Pan-African banking conglomerate with subsidiaries in about 36 countries in Africa.
Visit the nearest Ecobank branch for more details on how to apply for their mortgages
Republic Bank Ghana
Below a some of the things you should know before applying for a mortgage at Republic Bank Ghana;
- Credit report from recognised credit bureau or credit reporting agency
- 6 months copy of Bank Statement if not a republic bank customer
- Title documents to the property
- Four (4) copies of site plans
- Approved building plans/ development permits for home improvement & hoke completion mortgage.
- Rates of Mortgages up to 10 years are 21% variable whereas rates of mortgages over 10 years up to 20 years are 22% variable.
Stanbic Bank Mortgages
Stanbic offers mortgages for home purchase, developer construction, refinancing, equity release, home improvement and employer group mortgage scheme.
Visit the nearest Stanbic Bank Ghana branch near you to find out more about their offers. You can also visit their website http://www.stanbicbank.com.gh to read more about their various mortgage products and how you can apply.
Ghana Home Loans Limited
The Ghana Home Loans limited started operations in 2006 and has since helped alot of Ghanaians to own their dream homes over the years.They have provided loans for home improvement, home completion or home construction.
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Mortgages or simply home loans assists borrowers to buy, build or complete the construction of their dream home much quicker than they would have if they were depending solely on their income or savings.
However, applying for a mortgage does not automatically mean you will be given the loan. Lenders/ mortgage providers normally assess the income and assets of the borrower to see if they can pay back the loan within the repayment period.
Mortgages are normally considered to be too expensive to pay back by Ghanaians hence alot of people prefer not to go for one even when they badly need one. However, do not pay attention to such misconceptions. Rather, visit your bank or any of the providers listed above to find out if they offer home loans and check if their rates and terms of repayments are okay by you.