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Best Mortgage In Ghana: Real estate Mortgages in Ghana

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Mortgage In GhanaEverything you need to know.

A mortgage is a loan that is applied for by individuals who lack the adequate amount of capital needed to purchase a property or individuals who choose to avoid paying for the property with outright cash. In Ghana, mortgages are available to both Ghanaians and non-Ghanaians. Individuals can request mortgages from institutions such as Ecobank, Calbank, Stanbic bank, GHL( Ghana Home Loans), and HFC bank.

There are various aspects of a mortgage an individual has to view before obtaining it: such as the type of mortgage the person wants, the requirements needed to obtain it, and the terms that come with a said mortgage.

Mortgage Companies In Ghana
mortgage in Ghana.

Types of Mortgages in Ghana

Firstly there is a home purchase mortgage. This type of mortgage is for individuals or companies that want to buy properties to either rent or use for their own personal use.

Another type of mortgage is a home equity mortgage. It is when individuals perform equity release, which is basically selling the rights of their property to another entity while still being able to use the said property. On a later date, individuals will have to repay the debt.

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Home completion mortgage is a type of mortgage that is targeted towards people that want or need money to complete the construction of their property.

The final type of mortgage is the home improvement mortgage. This mortgage is made for people who want a loan in-order to either refurbish or expand their property.

Mortgage Requirements in Ghana

You’ll need to provide a couple of documents to apply for a mortgage in Ghana. In-order to apply for a mortgage, the individual needs to have a valid form of ID such as a passport or the Ghana card.

The person applying for the loan should not have a history of bad debts, this can be proven by providing the institution which the person is soliciting a loan for with a bank statement.

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Individuals will be required to have insurance in-order to protect the property, preferably from the same insurance company that is used by the financial institution from which the individual is getting their loan.

Applicants applying for the loan usually have to be between ages18-55, but this can vary depending on where the person is applying for the mortgage.

When applying for the loan, individuals have to prove that they will be financially capable of paying back the loan. This means showing proof of employment and showing proof of income. The mortgage repayment scheme should be at least 40% of the individuals’ net income.

Lastly, people that apply for the loan should be able to make a down payment and also put up adequate security incase they default on their loan payment.

Mortgage terms in Ghana

Mortgages usually take an interest rate of between 10%-13% when the loan is given in dollars but 30%-36% when it is given in cedis.

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Most financial institutions that offer mortgagesusually place a requisite of 15%-20% as a down payment, they then sponsor the rest of the mortgage until repayment is made.

The common consensus among most of the financial institutions is that mortgages should have a repayment period of about 15 years.

A mortgage appraisal will be carried out by an independent surveyor in-order to get an unbiased estimate of the property on which the mortgage will be carried out.

Reference
Royal Palm Estates, Mortgage Requirements, https://www.royalestatesgroup.com/online_application/mortgageRequirements.html

Meqasa, 4 Basic Steps to Acquiring a Mortgage Loan in Ghana, https://meqasa.com/blog/4-basic-steps-acquiring-mortgage-ghana/

O. A Kwao, Mortgage in Ghana, https://www.westfieldsrealestate.com/news/mortgage-in-ghana/

Use our Free Mortgage Calculator.

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Frank Oteng known professionally as Ghlagatin is a Ghanaian celebrity blogger, freelance journalist, and reporter.He is the founder of Ghlagatin.net, an entertainment website. He graduated from Accra Technical University, ATU with a National High Diploma in Interior Design.

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