Mortgage Houses In Ghana
You might probably need money urgently to purchase or maintain a home or other real estate properties now or in the coming days. Mortgage houses in Ghana can get you covered. Mortgage houses usually render loans which are termed as mortgage (home loans) to their customers/clients.
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Borrowers who receive mortgages do agree with their mortgage houses to pay it overtime however, the properties acquired by the borrowers are used as collaterals up to the time they (borrowers) will pay off the mortgage amount with the accrued interest.
As we go along in this post, I will help you to discover the mortgage houses in Ghana and their terms and conditions. This is going to be a comprehensive guideline for you should incase you want to acquire a mortgage or home loan in Ghana and presumably, the best options available. Below is the list of mortgage houses in Ghana.
Mortgage Houses In Ghana
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Stanbic Bank is one the flexible commercial banks in Ghana when it comes to offering mortgages to their customers. Should in case one wants to build, purchase or renovate a home, Stanbic Bank’s Stanbic Home Loan is one of the best options available.
It takes quite a long term to pay back the Stanbic Home Loan (duration of 5—20 years of repay). Though there is no limit to the amount of Stanbic Home Loan that one can acquire, it all boil down to the income of the borrower. In essence, borrowers limitations are dependent on their incomes.
There are six (6) mortgage products made available by Stanbic Bank for their customers to choose.
- Home Purchase: Basically, this product is meant to purchase a complete and ready to be used properties.
- Developer construction: The primary purpose of this product is to purchase a residential property that is under construction by Stanbic Bank’s preferred developer. Stanbic Bank therefore, pay the developer in stages up to the time the property will be ready for the customer to claim it.
- Employer Group Mortgage Schemes: This is typically for a developer-based home construction on your land which is bought under organisation block lands schemes.
- Equity Release: With this, you are legible to take another loan and use the cash for other forms of personal needs even if, you have already acquired a property. With the new cash released to you, you can buy another home or a meridian land, expand a business or fund an education.
- Home Improvements: This is meant to to expand, reconstruct or refurbish your present property.
- Refinancing: With this, three (3) types of refinancing options are been offered by Stanbic Bank.
- The first one is internal refinancing (gives you the option to arrange new financial terms such as the term of your existing Stanbic Home Loan), the second is external refinancing (this option gives you financing to take-over existing home loans from other financial institutions) and lastly, cash out refinancing ( this option enables you to get an extra money if the value of your property revalue over the years).
Contact Information (Stanbic Bank): +233 302 815 789/ 080010009/ 18080.
Absa is another great option to look for when considering some of the convenient mortgage houses in Ghana. Absa can assist you to purchase a home or even borrow against a home you own. Absa can also assist you to upgrade your home or even buy mortgages from different financial institutions.
Absa offers to up to 90% finance for home purchase and then, up to 70% for equity release and home betterment. With respect to your income and also, the worth of the house you are buying, Absa can lend you up to GH¢ 5,000,000. Take note that, the property intended to be acquired should be located in either Accra or Kumasi.
The following items below will be required of you when applying for Absa’s Home Loan.
- For equity release and home improvement: Land title certificate in favour of the customer, Indenture, Site plan, Building permit and Bill of quantity (bill of quantity is not required for loan amounts of GHS400,000 and below).
- When you are buying a home: 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) and, Sale and purchase agreement.
- When you are applying for a mortgage as a salaried worker: Current payslip and Proof of identity (National registration card, valid passport or valid driver’s licence).
Contact Information (Absa): +233 (30) 2429150/ 0800 222333.
Cal Bank is among the best mortgage houses in Ghana. CalBank’s mortgage can be accessed to complete homes, improve homes and equity release. Only income earners who falls within age 21 – 55 years are legible to apply for Cal Bank’s home loan.
The following below, will be required of you in order to access Cal Bank’s home loan.
- A signed mortgage application form by Cal Bank.
- Real Estate Developer’s offer letter.
- Proof of income
- Credit History
- Property documents
- Down Payment
- Disbursement Conditions ( Pre and Post)
Contact Information (Cal Bank): +233 302 680 062 / +233 302 680 063.
Republic Bank is one of the mortgage houses in Ghana that you can consider. Republic Bank promises to offer their clients with competitive rates and flexible terms. Therefore, if you are looking forward to purchase a new home or refinance an existing mortgage, Republic Bank can offer you an affordable home loan.
Contact Information (Republic Bank) – 502-584-3600 / 1-888-584-3600.
First National Bank
First National Bank (FNB) is one of the best mortgage houses in Ghana. After merging with Ghana Home Loans (GHL), FNB has now become the grand players in the Industry in terms of mortgages in Ghana. FNB offers a wide range mortgage products to their customers.
Five (5) Types Of Mortgages At First National Bank
1. Home Purchase Mortgage ( FNB offers three types of Home Purchase Mortgage products).
- First time buyer: This product is meant for applicants who are looking forward to buy their first homes. After the applicant has found his/her preferred property, he goes ahead to obtain an offer letter from the vendor and then submit it to FNB for a mortgage to purchase it. The duration is 10 years for cedi loans and 15 years for dollar loans.
- Buy to let: This product is meant for applicants who own homes yet still, wish to purchase another investment property for the purpose of renting it out to tenants. After the applicant has found his/her preferred property, he goes ahead to obtain an offer letter from the vendor and then submit it to FNB for a mortgage to purchase it. The duration is 10 years for cedi loans and 15 years for dollar loans.
- 100% Purchase: Similar to the “first time buyer product”.
2. Home Construction Mortgage (FNB offers two types of Home Construction Mortgage)
- Home Construction: This is meant to assist clients who have plots of land and need financing to construct their dream homes.
- Home Completion: This is meant to assist clients to complete their dream homes. This loan can be used to purchase roofing materials, windows, doors, tiles, and all other finishing products.
3. Land Purchase Mortgage
Applicants who are looking forward to buy serviced parcels of land purposely for residential use, can opt for this product. The term of this loan is 3 years for cedi loans and 5 years for dollar loans. Again, applicants are legible to apply for a Home Construction Mortgage to build on their land.
4. Home Owners Mortgage (FNB offers two types of Home Owners Mortgage)
- Equity Release: Homeowners with verifiable source(s) of income who wish to borrow for a long term (for purposes such as paying for a college tuition, expanding a business enterprise, etc) by using their homes as collateral, can access FNB’s Equity Release Mortgage.
- Home Improvement: Homeowners with verifiable source(s) of income who wish to borrow for a long term (for purposes such renovating or extending their property) by using their homes as collateral, can access FNB’s Equity Release Mortgage
5. Save-To-Own Mortgage
This product is meant for individual clients who have difficulties in proving their income according to First National Bank’s regular mortgage standards. With this product, clients have the opportunity to service a mortgage by making monthly payments into their accounts during the saving phase. Once the borrower satisfies the savings over the agreed term, the mortgage will be disbursed.
FNB Required Documentations
- Completed Bank Mortgage Application Form by the Applicant.
- Photo Identification: Two (2) passport pictures.
- Offer letter from vendor.
- Proof of address: 2 different utility bills/ tenancy agreements etc.
- Proof of income.
- Proof of Identity: Two (2) forms of identity (passport, license, etc.)
- Building permit, 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
Contact Information (FNB): +233 242 435 050 or Email: [email protected]
Other Mortgage Houses In Ghana Includes: