List of Banks That Give Out Home Loans in Ghana With Flexible Repayment

• Several banks in Ghana provide mortgages to help qualified customers purchase, build, complete or renovate houses
• Applicants generally need a stable income, good property documents and the ability to make monthly repayments
• Comparing interest rates, deposits, fees and repayment periods is important before choosing a home loan

Owning a house remains a major dream for many Ghanaians, but the high cost of land, building materials, and completed properties makes it difficult to pay for a home in one go.

Fortunately, some financial institutions in Ghana provide house loans, commonly known as mortgages. These loans allow qualified applicants to buy or build homes and repay the money gradually over several years.

Ghanaian banks offering competitive home loans

Republic Bank Ghana is one of the country’s best-known mortgage providers. It offers various products for purchasing residential properties, constructing houses, completing unfinished buildings, and improving existing homes.

Its home-purchase mortgage may run for up to 20 years for loans taken in Ghana cedis. Republic Bank also allows some applicants to apply jointly with a spouse, sibling, parent or child, helping families combine their incomes to improve their chances of qualifying.

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Absa Bank Ghana also provides home loans for people seeking to buy, build or renovate properties. The bank advertises financing of up to GH¢5 million, depending on the applicant’s income and ability to repay.

It may finance up to 90% of a home purchase or construction project for qualifying local-currency applicants.

Stanbic Bank Ghana provides home-purchase and construction mortgages.

Its home-purchase loan may cover up to 80% of the cost of an existing or completed property, with repayment periods ranging from five to 20 years. The final amount offered largely depends on the applicant’s income.

CalBank also offers mortgages for acquiring, completing or improving homes. Its Home Invest Account allows customers to save towards a property and potentially access a mortgage after accumulating up to 15% of the property’s value, subject to the bank’s conditions.

Requirements before applying

Applicants usually need a stable and verifiable income, Ghana Card, bank statements, payslips or business records, employment documents and properly registered property documents.

The lender will assess whether the applicant’s monthly income can comfortably cover the repayments. Buyers may also need money for a deposit, valuation, legal work, insurance and processing fees.

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Before accepting a mortgage, applicants should compare interest rates, monthly instalments and the total amount they will repay. A longer repayment period may reduce the monthly instalment but increase the overall interest paid.

House loans are available in Ghana, but approval is not automatic. Careful planning, a strong income record and genuine property documents can significantly improve an applicant’s chances.

Buying vs building a home in Ghana

In an earlier article, YEN.com.gh wrote about things people should know before buying or building a house in Ghana. Deciding between a brand-new home and a custom-built one is challenging for many people wanting to own a home.

Which of the two possibilities would be best for the property seeker will depend on a few things to watch out for.

Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.

Source: YEN.com.gh