Basic Steps For Acquiring Mortgage In Ghana

Basic Steps For Acquiring Mortgage In Ghana

In Ghana, there are several institutions that offer mortgage loans. Cal Bank, EcoBank Ghana, SG-SSB, Ghana Home Loans, HFC Bank Ghana, Stanbic Bank among others are institutions that offer a mortgage. Currently, apart from delivering the forms in person, institutions like Ghana Home Loans and Royal Estrade Group also allow applicants to apply for the loans online.

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Below are the four steps to getting a mortgage loan in Ghana:

1. Pre-Qualification: As a potential borrower before you head out to the bank, here are some of the basic requirements:

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  •    You will be required to get a life insurance and or protection for the property you are acquiring from the bank’s preferred insurance company.
  •    The tenure of the property should be five to 15 years.
  •    Proof of identification.
  •    Applicants must be in the range of 18-55 years.
  •    Letter of intent.
  •    Current bank statement.
  •    Personal guarantee of the applicant.

However, these requirements vary from different institutions.

2.Select the type of mortgage: There is a wide range of mortgages available to prospective borrowers. It can also be accessed for home acquisition, home furnishing, equity lease.

3.The Interest rate: If you are borrowing in dollars, the interest rate ranges between 10 to 13.5% and 30.5% to 34.5% in cedis. However, this may vary from one financial institution to another.

4.Things to look out for: According to the Head of Marketing at Cal Bank, the following should be noted:

  •    Look at the current interest rate of the institution.
  •    The ability of the institution to fund the loan.
  •    The terms and condition of the loan. It is the part that is usually written in small wordings, which is usually ignored.
  •    The credibility of the institution.

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