Mortgage providers in ghana

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Acquiring a home is as desirable as it is a necessity to navigate life comfortably and relatively stress-free. Acquiring a home immediately however is often beyond most people’s financial ability. This means acquiring a home for many remains just that, a dream. This doesn’t have to be so long as mortgages exist.

Mortgages are simply home loans you take to finance property. Whether you want to build or buy a house, mortgage loans always have your back. In Ghana, a number of structures – in the form of banks and other financial institutions – exist to help you secure a loan to build or buy the home of your dreams.

Read on for a comprehensive and growing list of mortgage providers in Ghana you need to know about to help you acquire any home for sale in Ghana as well as land. 

An important thing to note about repayment plans for these mortgage providers, the maximum debt you can repay is 40% of your monthly salary. This is a directive from the Bank of Ghana so any mortgage provider demanding more than that is one you should avoid.

Mortgage Providers in Ghana

The mortgage providers in Ghana covered in this article are listed below. Kindly click any of the providers below to jump straight to what they have to offer the real estate industry in Ghana.

Bank Institutions as Mortgage Providers in Ghana

1. GHL Bank

GHL Bank is Ghana’s leading provider of mortgage financing. In fact, home financing is at the core of the bank, formerly known as Ghana Home Loans’ business.  GHL Bank is the dominant player and market leader in the industry, accounting for about 50 percent of the market share according to a report by Housing Finance Africa.

Mortgage Products by GHL Bank

GHL Bank offers about 11 different mortgage products collectively along with property insurance. We break down 5 key ones:

  1. Purchase Mortgages (First Time, 100% & Buy-to-Let)

    The premise of the First Time Purchase mortgage product is simple, find your dream home and GHL Bank handles the rest. The main requirements are that the property is a residential one, you should have valid evidence of ownership and you should be able to pay off the entire loan amount before your 60th birthday!

    With this product, you get up to 80% of the value of the cost of your dream property (maximum GH¢ 1.6m). This means you pay a 20% security deposit. You have up to 15  years to repay your loan – 15 years for dollar loans and 10 years for cedi loans. You also get an insurance cover for this loan.

    A slightly different product offered is the 100% Purchase Mortgage. With this, you pay no deposit at all and get full financing for your dream property. The maximum amount remains GH¢1.6m. 

    Another similar product is the Buy-to-Let purchase mortgage. If you already own a home but wish to buy another house for the purpose of renting it out to tenants, then the Buy-To-Let Mortgage is right up your alley. Savvy investors should jump on this as it’s a great way to pay back your mortgage without stress.

  2. Land Purchase Mortgage

    Buying a house is great, but sometimes, land is really what’s on your mind. This product is intended for those who need a loan to acquire serviced plots for residential use.

    You can apply for this loan once you get land that is serviced (mapped road network, water, electricity) and earmarked for residential purposes. You have a 3 – 5 year duration to pay back and are required to make monthly repayments not more than 40% of your net income.

    The maximum loan amount you can take is up to 80% of the value of the intended land. Minimum loan amount you can take is GH¢5,000.00 for cedi loans  and $10,000.00 for dollar loans. Like all the other products by GHL Bank, applicants must be able to pay off the loan before their 60th birthday. Land must have a registered indenture or land title certificate.

  3. Home Improvement & Completion Mortgages

    These products offer existing homeowners a chance to either finish a dream property that’s stalled while construction is ongoing or one which has been completed but needs some renovation and/or upgrades.

    The Home Completion Mortgage is meant to help complete the building of a home that has already been started. GHL Bank will help finance the purchase of things such as roofing materials, windows, doors, tiles, and all other finishing products… Debt Burden – Not more than 40% of net income. Repayment – Fixed Monthly Repayment.

    The Home Improvement Mortgage on the other hand is meant to renovate or extend an existing property. You get between 10 and 15 years to repay the loan amount on both products. Loan amounts are paid back on a fixed monthly cycle and not more than 40% of the beneficiary’s net income.

  4. Home Construction Mortgage

    Acquiring land is the first step to building your dream home. If you’re low on funds but have land ready for your project, this loan has you covered. The terms of this loan are just the same as the rest. You have between 10 & 15 years to pay back; loan is paid back in fixed monthly installments and it will not be more than 40% of your net income.

  5. Save-to-Own Mortgage

    It’s harder for self-employed Ghanaians to get mortgages compared to salaried workers. This is where GHL Bank’s Save-to-Own Mortgage comes to the rescue. This product is for Ghanaians who are self-employed and do not have a regular flow of steady income, or all the money needed to make a down-payment on a house.

    This is less a mortgage product than it is a saving goal aide.  It is almost like a regular savings account but with a more defined goal, to own property. You simply make regular payments for up to 12 – 24 months and then become eligible for a mortgage loan. Think of it as the loan qualifiers for non-salaried workers. With this, potential non-salaried home seekers can take the first steps towards home ownership by tackling it one chunk at a time.

Other mortgage products offered by GHL Bank include Equity Release Mortgage, Refinance Mortgage and Quick Cash. Interest rates for these mortgage products hover around 30% per annum. Realistically, one must be making an average of GH¢5,000/month to comfortably qualify for these products.

For more details, get in touch with GHL Bank.

Via phone: 0302 770 522, 024 243 6777 or 080 077 0522

Via email: info@ghlbank.com

2. Republic Bank

Republic Bank first started operations as the Home Finance Company in December 1991. The company only recently changed its name to Republic Bank in 2018 after been acquired by Republic Holdings.

In November 2007, Republic Bank (then HFC) was appointed Manager of the Public Sector Employees’ Housing Scheme which was put together by Republic Bank and the Government of Ghana aimed at providing affordable housing for public sector workers. The bank has financed over 350 mortgages under that scheme. This mortgage product is referred to as the Public Sector Employee Home Scheme (PS Home Scheme).

The maximum term of loans at Republic bank is 20 years or up to the beneficiary’s retiring age, whichever comes first is lower. The maximum loan amounts shall not be more than GH¢25, 000. Republic Bank may, however, lend at commercial rates on amounts greater than GH¢25, 000 but beneficiaries will be expected to make up the difference as a condition for the disbursement of the loan. Beneficiaries could be offered up to 100% loans subject to their ability to pay.

It is interesting to note that, Republic Bank gives loans for properties in a  40 kilometre radius within Accra, Tema, Kumasi, Sekondi/Takoradi or any of the regional capitals and any economically viable area approved by Republic Bank.

Mortgage Products by Republic Bank

Republic Bank offers similar mortgage products to GHL Bank with the difference mostly in the details regarding property insurance. We break down 6 key ones:

    1. Home Purchase Mortgage (HPM)

      The Republic Bank Home Purchase Mortgage is designed to assist individuals and companies to purchase residential properties for their own use or for investment purposes.

    2. Home Equity Loan

      This facility is designed to enable applicants who own homes or may have already invested in residential properties to release or take out the equity in those properties to build another property, renovate or improve a residential property. The target group for this product are existing homeowners and companies with properties.

      Loans shall not exceed a maximum of 80% of the forced sale value (FSV) of the property. The maximum term for this facility is 15 years for both cedi and foreign currency loans. There must be clear and undisputed title to the property. The title must be duly registered.

    3. Republic Bank Employer Assisted Loan Scheme

      It is a scheme installment loan based on an arrangement between the Republic Bank and the employer. This loan covers consumer durables (manufactured items, typically cars or household appliances, that are expected to have a relatively long useful life after purchase), furniture, land purchases and rent advance or what you might call rentgage.

      This facility is only available to salaried employees of “reputable institutions”. This is also available to both customers and non-customers of Republic Bank.

    4. Home Improvement Mortgage

      The Republic Bank Home Improvement Mortgage is designed to assist applicants to undertake renovation and extension works on their existing houses. The loan can also be used to acquire fixtures for the home. The target group for this product are existing homeowners and companies with properties.

    5. Public Sector Employee Home Scheme (PS Home Scheme)

      The Government of Ghana (GoG), in its 2007 Budget, mandated Republic Bank to provide an affordable home ownership scheme for public sector employees. All applications for the affordable home ownership scheme will be evaluated in accordance with Republic Bank’s eligibility and credit criteria.

      The PS Home Scheme is available to all current public sector employees who have been in public sector employment for a minimum of 5 years. The loan is open to applicants up to the age of 60 with special exceptions for judges.

    6. Buy, Build & Own a Home (BHome)

      This facility is designed for low-income applicants who can only acquire their own home by acquiring land and developing it over time. There are 2 levels to it: 

      1. The “BUY” land portion; and
      2. The “BUILD and OWN” portion.

        Beneficiaries will contribute 10% of the cost of the land. The maximum amount for the “BUY” portion of the loan is $15, 000 or the cedi equivalent.After 50% payment on the initial loan, beneficiaries qualify for the “BUILD and OWN” portion of the product.  The customer selects one out of six designs from the Bank to construct a house.

        The selection of the house is done at the time of the initial loan application for the “BUY” land portion. The maximum loan amount for the “BUILD and OWN” (Construction) is $35, 000 or the cedi equivalent.The maximum term for each portion of the facility is 10 years making a total of 20 years. There must be clear and undisputed title to the land which must be duly registered. Development permit, Building permit and approved building plans are necessary requirements.


The bank also offers Home Completion and Construction mortgages much like other mortgage providers in Ghana.

For more details, get in touch with Republic Bank.

Via phone: 030 2 242090/4 or 055 654 3212 (WhatsApp)

Via email: email@republicbank.com

3. CalBank

CalBank offers a home financing service known as CalBank Mortgage or simply CAL Mortgage. It is a retail product tailored to meet the mortgage needs of clients. Qualified clients have the opportunity to access loans to acquire their preferred homes.

Mortgage Products by CalBank

CalBank doesn’t offer products in the same sense as other mortgage lenders. Regardless of your need for the loan, so long as it has to do with property, the terms are the same with very few variations.

The only noticeable variation is for the Home Completion package which requires that the property should be at lintel level in order to be considered and should be backed by a land Title Certificate with a tenure of 5 to 15 years.

  1. Home Purchase
  2. Home Completion
  3. Home Improvement
  4. Equity Release

There are age limits for accessing CalBank’s mortgage facilities. These are minimum 21 years and maximum 55 years. Also, the maximum facility limit anyone can receive is up to 85% of the value of the intended property. Repayments are done in annuity, ie. a fixed amount paid annually. The repayment cannot be more than 45% of the beneficiary’s net income.

For more details, get in touch with CalBank.

Via phone:  0302 680 062, 0302 680 063 or 024 434 4713

Via email: customercare@calbank.net

5. Stanbic Bank

Stanbic Bank offers a personal mortgage for customers who want to buy or build their dream home and pay back their loan over a long term. Stanbic’s mortgage facilities are collectively referred to as Stanbic Home Loan.

Loan duration for facilities under the Stanbic Home Loan range between 5 and 20 years and there is no defined maximum limit. Your limit is dependent on your income.

Mortgage Products by Stanbic Bank
  1. Home Purchase
    For the outright purchase of turnkey properties for primary accommodation.
  2. Developer construction
    For the purchase of residential properties from Stanbic’s preferred developers where property you want to buy is still under construction. The bank pays in stages to enable the developer to complete your dream home.
  3. Employer Group Mortgage Schemes
    Developer-based home construction on your land bought under organisation block lands schemes. For instance, land bought by a workers union to be developed by a developer.
  4. Equity Release
    Enables you to unlock the value in your existing property by taking a loan and using the cash released for a variety of personal needs, including the purchase of another home or prime land, business expansion or funding education.
  5. Home Improvements
    Enables you to expand, remodel or renovate your existing property.
  6. Refinancing
    Stanbic offers 3 types of refinancing options:
    i. Internal Refinancing: Enables you to arrange new financing terms such as currency, amount and term of your existing Stanbic Home Loan.
    ii. External Refinancing: provides financing to take over existing home loans from other financial institutions.
    iii. Cash-Out Refinancing: enables you to access extra money if the value of your property has appreciated over the years.

6. Fidelity Bank

Fidelity Bank is a home-grown financial institution offering a range of financial services including Investment Banking, Personal Banking, and Mortgages. The bank offers similar mortgage products to other mortgage facilities in the country.

To qualify for a Fidelity Bank mortgage facility, you must be 3 months old with the bank as a customer. The minimum loan you can take is $20,000 (or its cedi equivalent) and the maximum is GH¢400,000.

The tenure of loans ranges from 5 up to 20 years. The bank can cover up to 80% of the total value of the property. This means beneficiaries have to make a 20% security deposit.  Fidelity mortgage loan applicants must be between the ages of 21 to 55 to qualify.

According to Fidelity’s customer care, there’s a greater preference for properties in the Greater Accra region and to a lesser extent, properties in Kumasi and Takoradi.

Mortgage Products by Fidelity Bank
  1. Home Purchase
  2. Home Equity
  3. Home Completion
  4. Home Improvement

For more details, get in touch with Fidelity Bank by visiting your nearest branch or contact them via the following media:

Via phone:  3355 (toll-free)or 0577735745 (WhatsApp)

Via email: wecare@myfidelitybank.net

 

7. Société Générale Ghana

Société Générale (SG) is the most unique mortgage provider in the country. SG offers a product unlike what is traditionally associated with mortgages, ie., securing property. Instead, SG focuses on home improvement and home furnishing.

Mortgage Products by Société Générale Ghana
  1. Happy Home Loan

    1. This is similar to a home improvement loan but very unique in what it offers. Did you just move into your dream home but need help furnishing it? Happy Home Loan is just what you need. The bank has partnered with select home appliances and furniture providers in the country to help new homeowners own everything needed to spruce up the home just the way homeowners envisioned.

      Some of the ancillary home service providers include:

      1. Electroland Ghana Ltd;
      2. Orca Deco Ghana;
      3. Somotex Ghana; and
      4. Home Brand Enterprise.

    Applicants for this simply need to fill a Happy Home Loan application form along with a proforma invoice (of what they need) at an SG Ghana branch for a loan approval letter. After this step, take your loan approval letter to the vendor’s store and voila, pick up your brand new device(s)!

    The best part about this is that this is interest-free!

  2. Home Improvement Loan
    Societe Generale Ghana offers a specially designed loan that helps with home renovations. This is targeted at salaried workers and offers up to GH¢400,000 in loans. The only requirements are that:
    1. be a salaried worker from a listed company or a company with an institutional agreement with Societe Generale Ghana;
    2. have a minimum banking relationship of 1 month supported by a 6 – month statement from your previous bankers or 3 months relationship;
    3. Have collateral.

For more details, get in touch with Societe Generale Bank.

Via phone: +233-(0)302-214 314

Via email: sgghana.info@socgen.com

7. Omni Bank

OmniBank’s mortgage facility, OmniHome  is built on the premise that many families struggle to fully repay their mortgage loans either because they are too expensive or because they are priced in foreign currency. OmniBank’s Home Ownership Made Easy (HOME) loan is designed to solve these challenges.

Because of this angle, all OmniHome loans are priced, disbursed and repaid in Ghana Cedis. Additionally, home prices start from as low at GH¢80,000.00 and beneficiaries pay back as low as 10% of the mortgage value. To make this possible, homes that qualify for OmniHome loans are built by special developers who “understand the concept of affordable, quality housing.” This means luxury property will not be covered by Omni Bank’s mortgage facility.

Mortgage Products by OmniBank
  1. Home Purchase
    1. A loan for the outright purchase of your own home.
    2. Home Construction (Developer based).
    3. Purchase of residential properties from OmniBank is preferred.

      With this package, OmniBank funds the construction in stages to enable the completion of your dream home.

  2. Home Improvement/Completion: Get funding for expansion works, remodeling or renovation of your existing home.
  3. Refinancing: Are you struggling to repay your existing mortgage due to currency mismatch or inappropriate structuring? OmniBank can take over and restructure it to become more appropriate and flexible for you.
  4. Mortgage Schemes: Constructed homes on your own land acquired under organisational block lands schemes.

For more details, get in touch with OmniBank.

Via phone: 0307 086 000

Via email: info@omnibank.com.gh

Non-Banking Mortgage Institutions in Ghana

The following non-banking financial institutions do not, specifically, offer mortgages, or at least, don’t refer to their loans as such. Instead, they offer general loans with numerous applications some of which include construction. For these institutions, you can find more information on their home-related loans by visiting their various branches.

  1. Bond Financial Services
  2. Dalex Financing (Construction Finance)