How to Pay For Your Home When You Want to Buy a House in Ghana

How to Pay For Your Home When You Want to Buy a House in Ghana

  • A lot of Ghanaians want to become homeowners someday but looking at property prices, it may seem like wishful thinking
  • There are a number of ways to get financing on a property that you are thinking of buying other than just paying upfront
  • Some of these payment methods make it possible for people within varying financial brackets to afford houses

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Buying a house in Ghana is not easy. There are many homes that are listed on the market in dollars with prices that one can only dream of. Luckily, there are a number of financing options for you to consider.

A couple talking to a financial advisor about financing their home
A couple talking to a financial advisor about financing their home. Photo source: Getty Images. Source: Getty Images
Source: Getty Images

Outright Purchase

This is for people who can afford it. Paying cash for a house is always the best option only when you can comfortably afford it. After paying for a house, you do not have to worry about foreclosures or interest rates from the bank if it were to be a mortgage. Many properties on sale are usually discounted when making an outright purchase.

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Rent-to-own is the process by which tenants are given the opportunity to rent a house for a period of time with the incentive to buy it before their rent period expires.

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Others prefer this option to mortgages because, under rent-to-own, the payment of your rent actually goes into paying for the place. Since you are already living there, it is a great way to know whether it will be a good place to live in the long run.


Mortgages are becoming very popular in Ghana. It gives a lot of people, especially the middle working class the opportunity to take loans from banks to buy homes and repay on a monthly basis from their salaries.

Without mortgages, many people would have never dreamed of becoming homeowners. Mortgages in Ghana are usually spread over a number of years, usually between 10 - 30 years.

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Talking about mortgages, wrote about some mortgage providers in Ghana. Each loan facility has its peculiar requirements, eligibility and what their home loans cover.


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