Mortgages simply refer to loans that people take to finance a property. Many people wish to own homes but very few have the means to make an outright purchase of a property.
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To make it easier for many people to own homes, some banks and other financial institutions give out loans, which are spread over a long period of time to enable people to make monthly repayments on the property.
There are a number of mortgage providers in Ghana that make it easier for people to acquire such home loans. Let us consider five (5) of them below:
First National Bank (FNB) acquired Ghana Home Loans (GHL) in May 2020 to become one of Ghana’s top providers of mortgages. The process of acquiring a mortgage from First National Bank is quite simple and straightforward. You will need documents such as:
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- Copy of your valid identity document (ID)
- Latest 3 months bank statement
- Latest 6 months bank statement (if not banking with First National Bank Ghana)
- Introduction letter from employer if employed
- Marriage certificate (if applicable)
- Details of the property you are buying (duly signed Offer to Purchase)
Republic Bank is one of the biggest banks in Ghana. They however started off in Ghana as a home financing company and have been very instrumental in the development of the mortgage industry in Ghana.
Republic Bank boasts to have “supported many Ghanaians both home and abroad to own their homes.”
The requirements needed to secure a mortgage from Republic Bank vary depending on whether you are a salaried worker or a self-employed individual.
The full details of requirements needed for a home loan from Republic Bank can be accessed on their official website.
Stanbic Bank offers flexible mortgage loan choices depending on the customer's financial needs. Stanbic bank allows people to:
- Choose from 6 different home loan products
- Choose any loan amount of their choice depending on their income
- Pay interest rates in GHS, USD, GBP or EUR
- Choose to repay loans at a pace they are comfortable with
Société Générale (SG) offers unique home loans quite different from the traditional mortgage providers which they call Happy Home Loan. Home loans provided by Société Générale are for people who want to furnish their new homes.
They have partnerships with home ancillary providers such as Orca Deco Ghana Limited, Electroland Ghana Limited, Samsung VIP (Jobost) and Home Brand Enterprise among others.
Visit their page for eligibility and the full list of vendors who operate under their Happy Home Loan scheme.
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Apart from the ridiculous price, the property does not match up to a standard living space that can accommodate anyone.
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