How To Acquire A Home Loan Or Mortgage In Ghana

Oct / 26 / 2020

You have been saving up to buy your dream house. You may be married, almost married, looking to expand your family or you simply would like to own your home but you do not have enough capital to attain the property immediately. Not to worry, mortgage is one of the ways you can consider in financing your home in Ghana.

What is a mortgage?

Mortgage can be referred to as a claim on property. Corporations or individuals can take a loan to make real estate purchases; the buyer is expected to make payments periodically with secured collateral. In Ghana, there are a number of banks that give out home loans or mortgages. Below are some requirements you may need to provide to be eligible for a home loan.

General requirements to acquire a home loan or mortgage in Ghana

To be eligible for a home loan, you may need to submit :

  1. A completed and signed mortgage application form from your preferred bank and pay an amount of processing fee that will be dictated by the bank.
  2. A form of identification such as a passport, driver's license or national ID. Most banks may require that you bring along a passport size photograph, a personal reference form and a proof of attorney.
  3. You may also need to verify your income and employment from your employers. You may need to provide your last three salary slips that show all necessary deductions.
  4. Copies of your individual income tax returns or audited accounts for the last 3 years if you are self-employed. As well as your business profile and your last 6 months bank statements if you are not a client of the bank. The bank may also need a credit report from a recognized credit bureau.
  5. Some additional requirements entail submitting an offer letter from the Real Estate Developer, making a down payment of the total cost, title documents to the property, copies of the site plans, and approved building plans.

Top 5 mortgage banks in Ghana:

1. Republic Bank Mortgage

Republic bank aims to support both companies and individuals to acquire a residential property for investment or private purposes. The maximum amount of loan a person can take depends on the client’s credit profile. You will need to make a down payment of 20% and the maximum term is 20 years. There is also a process fee, which is 1.5% of the proposed loan if you are Ghanaian and USD250 /GBP150 if you are a non-resident Ghanaian.

Republic bank can be contacted on +233 302 429 555 / +233 302 258 106 / +233 302 242 093

2. Stanbic Bank Mortgage

Stanbic bank is one of the largest commercial banks in Ghana. The facility fee is 2% with loan repayments being between 5 to 20 years to repay. In addition, there is no limit to the amount you wish to acquire. Acquiring the home loan may depend on your income as well. Stanbic bank gives you the flexibility of repaying the loan at a pace you may be comfortable with. Stanbic bank also has 6 different mortgage products to choose from, namely:

  • Home Purchase – This is primarily meant for the immediate purchase of completed homes.
  • Developer Construction – This is perfect for individuals who are yet to complete their homes from Stanbic Banks preferred developers.
  • Equity release – With the equity release you can take a loan and use the cash released for a variety of personal needs, including the purchase of another home or prime land, business expansion or funding education.
  • Employer Group Mortgage Scheme – Developer-based home construction on your land bought under organisation block lands schemes.
  • Home Improvement – This plan allows you to renovate, remodel or expand your current home.
  • Refinancing – The refinancing mortgage is in 3 forms:
    • Internal refinancing – The internal refinancing allows you to arrange new financing terms such as the term of your existing Stanbic Home Loan, currency and amount.
    • External Refinancing – Financing is provided to help take over existing home loans from other banks.
    • Cash Refinancing – This process gives you access to extra money if the value of your property has appreciated over the years.

Stanbic Bank can be contacted on +233 302 815 789 / 080 010 009

3. Absa Bank Mortgage

Absa promises to give you a more convenient, easier and faster means of receiving a mortgage. Absa helps you to own a home, borrow against a home you own, even give your current abode an upgrade or help you take over your home loan from another financial institution. They offer up to 90% finance for home purchase and up to 70% for equity release and home improvement. With Absa, your property should be located within Accra, Kumasi and its environs.

When applying for a loan at Absa, you may need to bring along, but not limited to, the following items:

  • Your current pay slip and a form of identification.
  • 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)
  • Sale and purchase agreement

For more information, do contact Absa via email at or 0800 222333 (Toll Free) / +233 (30) 2429150 (charges apply)

4. Cal Bank Mortgage

Aside from their other functionalities as a bank, Cal Bank also seeks to assist clients to gain access to loans to purchase a home of their choice. The Cal Bank Mortgage has been designed to meet your present home loan needs. You are to be between the ages of 21 to 55 to be eligible for a mortgage from Cal Bank. It is required that you fill the Mortgage form from Cal Bank and follow the procedures detailed out. Some requirements to acquire a mortgage from Cal Bank are :

  • A completed and signed mortgage application from Cal Bank.
  • An offer letter from the Real Estate Developer
  • A form of identification
  • Income verification
  • Credit History
  • Property documents
  • Down Payment
  • Disbursement Conditions ( Pre and Post)
  • Security: personal guarantee of applicant.

You can contact Cal Bank on +233 800 500 500 or email for more information.

5. First National Bank Mortgage

First National Bank, now merged with Ghana Home Loans, provides its services in different forms when it comes to mortgage in Ghana.The home purchase mortgage includes the following:

Types of mortgages at First National Bank:
  • Home Construction Mortgage is given to individuals who need a loan to build their homes.
  • The land purchase mortgage from First National Bank helps you own a land.
  • The Home Owners Mortgage is also available for homeowners who wish to borrow for a longer period of time and use their home as collateral.
  • The Save-to-Own is perfect for young individuals who may now be starting out or self-employed individuals who may not have a steady flow of income but wish to own a home.
  • First National Bank offers various packages under the home purchase mortgage and they are as follows:
    • First-time buyer - If you are a first-time buyer, First National Bank offers this service exclusively to individuals who have never purchased a home before.
    • Buy-to-let - Interested in buying another property to rent? Allow First National Bank to help you with the process. They offer buy to let services where you can buy another property for the purpose of investment and rent it out to tenants.
    • 100% Purchase – This is similar to the first-time buyer package. If you are a Ghanaian and wish to purchase your first home, you can apply for a 100% loan from First National Bank to purchase the property if you cannot raise the minimum deposit.
    • Home Purchase Loan – The Home Purchase Loan enables home owners purchase an additional home.

NB: Mortgage rates for these banks differ from bank to bank.

Whatever your Devtraco Plus home choice, these banks will stand by you to assist your purchase.

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