In recent times, luxury apartments and homes have been springing up all over the city and one must wonder how to afford one of these. A home loan is one of the ways to purchase such a place. In Ghana, there are a number of institutions that give out loans needed to finance the purchase of your home. We will discuss the financial institutions and methods needed to acquire such loans below.
Ghana Home Loans
Ghana Home Loans offers a service called the Purchase Mortgage. This mortgage allows you to borrow funds to finance the building or payment of your home for up to 20 years, even if it is to rent. Their mortgage period ranges between 3 to 20 years (10 years for cedi borrowers) with low interest rates. All they require is for the property to be residential and for the seller to be the owner of the property. You must be below 60 years to qualify for this loan. There is also the land purchase loan which allows you to own a serviced plot for residential use. They offer 10,000 or more which can be paid over a period of 5 years.
HFC bank has three types of loans designated to improve, purchase or use your home as equity; the home purchase mortgage, the home equity mortgage and the home completion mortgage. Each of these home loans have different terms for which a person must adhere to. The basic requirement however for obtaining these loans, is for the seller to be the legal owner of the land or building. Most of the loans given are subject to your credit profile.
Stanbic Bank has a home loan which is suitable for anyone trying to purchase a home, build, use the home as equity or make improvements to the home. Their loan terms last from 5 to 20 years and they require that you be under 60 years. Loan limits depend on your income and have no maximum limit.
All the banks and institutions listed have a number of home loans that can cater to what you need. Depending on the bank you are working with, you will need to download the form from their website or you can visit any of their branches and pick up a form in person. With most of the institutions, you can file the application alone or jointly. For all the financial institutions listed above, they have standard documents they require, such as proof-of-address forms, proof of income, two forms of personal identification, recent banking statements, credit reports, Offer Letter, Letter of Intent, Facility Letter, Professional Appraisal, and final mortgage agreement, signed and witnessed which may be done through Power of Attorney. Loaded with this information and the right documents, it should not be a problem if you ever need to apply for a home loan.