Mortgage Financing in Ghana

One kind of financing that is expressly used to buy property or real estate is a mortgage. In a mortgage arrangement, a lender (usually a bank or mortgage lender) gives the borrower, or the person or entity purchasing the property, a specific sum of money in exchange for purchasing the property. After that, the borrower commits to repaying the loan balance plus interest over a predetermined time frame, typically between 15 and 20 years.

Since the property is used as collateral for the loan, the lender has the right to foreclose on it and sell it to recoup the outstanding sum in the event that the borrower defaults on the mortgage.

The maximum tenure for our home purchase mortgage is

• 20 years for Cedi mortgages
• 15 years for Dollar mortgages with a minimum tenure of 5 years for both.

Applied a rate:

• 5% per annum to Dollar mortgages
• 25% per annum for Cedi mortgages.

Furthermore, kindly note that the maximum loan amount an individual qualifies for is dependent on the net income using a debt service ratio of 40% and the number of years you apply for.

Kindly note that a joint application with a spouse or close relative can be considered and also the applicant need not have to be physically present to complete the application process.

Please click here to download the Mortgage Application Requirement from the Republic Bank