How a Worker Earning GH¢2,500 Can Qualify for a GH¢143,000 Home Loan

• According to the National Homeownership Fund, a worker earning GH¢2,500 net monthly could qualify for a mortgage of up to GH¢143,000
• Per figures cited by the Ghana News Agency, the repayment could be about GH¢1,231.95 monthly over a maximum period of 20 years
• Applicants would still have to meet the requirements of a participating bank before the mortgage is approved

Owning a home may appear difficult for a worker earning GH¢2,500 a month, especially with rising property prices in Ghana.

However, figures from the National Homeownership Fund suggest that some workers within this income bracket could still qualify for a mortgage under the revised National Mortgage Scheme.

According to the Ghana News Agency, which reported remarks by NHF Chief Executive Officer Prosper Hoetu, a worker earning a net monthly income of GH¢2,500 could qualify for a mortgage of up to GH¢143,000.

The arrangement forms part of efforts to make home financing more affordable for low- and middle-income earners who may struggle to access conventional mortgages.

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How the GH¢143,000 mortgage works

Per the figures cited by GNA, the revised National Mortgage Scheme comes with an interest rate of 8.4%.

For a worker earning GH¢2,500 net monthly and taking the GH¢143,000 mortgage, the estimated monthly repayment would be about GH¢1,231.95.

According to the same NHF figures, repayment could run for a maximum period of 20 years.

This would mean that almost half of the worker’s GH¢2,500 monthly income could go into servicing the mortgage, based on the example provided by the Fund.

The National Homeownership Fund says the lower mortgage rate is supported through a financing structure involving the Fund and participating financial institutions.

The NHF provides funding at a concessionary rate, helping participating banks to offer mortgages at rates that are lower than many standard commercial housing loans.

How workers can access the loan

Qualifying for the GH¢143,000 amount is not automatic simply because a person earns GH¢2,500.

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According to the National Homeownership Fund, prospective applicants are expected to go through a participating bank, where their finances and ability to repay the loan will be assessed.

The current National Mortgage Scheme has worked with financial institutions including Republic Bank, GCB Bank and Stanbic Bank.

Applicants may therefore be required to provide documents such as proof of income, identification and other information requested by the bank before approval.

The final mortgage amount may also depend on the applicant’s financial position and the property being purchased.

For workers earning around GH¢2,500 monthly, the NHF example shows that homeownership may still be possible through long-term financing, although approval will depend on meeting the conditions set by the participating bank.

What GH¢50,000 can cover when building

Previously, YEN.com.gh reported that GH¢50,000 can provide a meaningful start to a modest building project in Ghana if the land is already secured.

Current 2026 estimates put cement around GH¢75 to GH¢101 per bag, while concrete blocks can average about GH¢6.20 each.

The amount may cover a foundation and some blockwork on a small house, but labour, transport and site conditions can quickly change the total cost.

Source: YEN.com.gh