How Ghanaians Can Get Funds to Complete Unfinished Houses and Pay Gradually
- Ghanaians struggling to complete their unfinished houses can explore several financing options without relying entirely on personal savings
- Banks, credit unions, pension-backed mortgages and employer-supported loans are among the options available to eligible homeowners
- President John Mahama has proposed a financing arrangement to help owners of unfinished buildings complete their properties and repay the money gradually
Ghana’s top stories, now easier to find. Discover our new search feature!
Thousands of Ghanaians have invested their savings in building houses but are unable to complete them because of financial difficulties.
Source: UGC
Some properties remain at the foundation, lintel, roofing or plastering stage for several years, while their owners continue living in rented accommodation.
However, homeowners who have run out of money can explore different financing arrangements to complete their building projects without necessarily raising the entire amount at once.
These include home completion mortgages, credit union loans, pension-backed financing and other borrowing arrangements that allow qualified applicants to repay gradually.
According to Ghana's 2021 Population and Housing Census, more than 1 million structures had been roofed but were not fully completed, highlighting the scale of unfinished construction across the country.
Although not every unfinished structure is a privately owned residential house, the figures demonstrate the importance of making construction financing more accessible.
Ways to finance unfinished houses
One option available to homeowners is a home completion mortgage, which provides money specifically for finishing residential properties that have already reached a certain construction stage.
Republic Bank Ghana offers a Home Completion Mortgage for individuals and business owners whose properties have reached at least lintel level.
The bank states that qualified applicants can access financing of up to 50% of the total construction cost, with repayment periods reaching 20 years for loans denominated in Ghana cedis.
First National Bank Ghana also provides home completion financing for roofing materials, doors, windows, tiles and other finishing works. Its facility allows eligible borrowers to repay over periods of up to 20 years.
CalBank offers mortgages for home completion and improvement, subject to eligibility conditions, including income and property assessments.
Homeowners who do not qualify for traditional mortgages may consider credit unions.
For example, the Volta Lake Co-operative Credit Union provides long-term loans that members can use for building and home improvement projects.
Eligible members may borrow up to three times their accumulated savings, subject to repayment capacity, with repayment periods of up to 60 months.
Another option involves pension-backed mortgages. Republic Bank has a facility allowing qualifying individuals who have contributed to a Tier 3 pension scheme for at least two years to use part of their accumulated pension savings as security for a mortgage.
The facility can support the purchase, completion or improvement of residential properties. It does not mean applicants can automatically withdraw their pension contributions to fund construction.
Other possibilities include employer-assisted loans, savings and loans institutions, family financing arrangements and partnerships with private investors.
These alternatives depend on the borrower's circumstances and are not guaranteed funding programmes.
The table below outlines the main financing options homeowners can consider.
Financing option | How it works | Repayment arrangement |
Republic Bank | Mortgage for houses at least at lintel level | Up to 20 years in cedis |
First National Bank | Loans for roofing and finishing works | Up to 20 years |
CalBank | Home completion mortgage | Based on approved terms |
Fidelity Bank | Financing for qualifying shell houses from approved developers | Up to 20 years |
Credit unions | Loans linked to savings and membership | Depends on the union |
Pension-backed mortgage | Uses eligible Tier 3 contributions as security | Up to 20 years for Republic Bank's facility |
Employer loans | Financial assistance from participating employers | Usually salary deductions |
Family or investor support | Private agreements to fund construction | Negotiated terms |
Fidelity Bank's shell completion product is specifically restricted to properties from its approved developers, meaning it may not suit someone who has independently built a house on family land.
Government support and application requirements
Beyond financial institutions, the government has proposed a programme to assist Ghanaians whose residential buildings have remained unfinished.
Speaking at the National Conference on Housing Finance in Accra on October 7, 2026, President John Dramani Mahama suggested that the National Housing Fund and financial institutions develop a product to support owners of unfinished properties.
The President expressed concern about the number of incomplete buildings across the country.
He said:
"I travel all over the country, and anytime we are coming to land, and you see the number of unfinished houses all over, it is just mind-boggling."
Under the proposed arrangement, engineers and architects would assess unfinished properties and determine how much money would be required to complete them.
The financial circumstances of homeowners would then be examined to establish whether they could receive funding and repay it after moving into their completed houses.
The proposed scheme could allow some beneficiaries to redirect money previously spent on rent towards repaying their home completion financing.
However, the initiative remains a proposal, and a public application process for this specific programme has not been confirmed.
Meanwhile, Ghanaians seeking existing financing facilities should prepare the necessary documentation before approaching a lender.
Common requirements include proof of land ownership, approved building plans, building permits, identification documents, evidence of income and a bill of quantities showing the remaining construction costs.
Some financial institutions may also request bank statements, contractor details, property valuations and insurance arrangements.
Applicants should understand that borrowing money to complete a house comes with financial obligations.
Interest rates, processing charges, insurance costs and the repayment period can significantly affect the total amount paid.
Homeowners should therefore compare available offers and consider whether their income can comfortably support the monthly instalments.
For those unable to qualify for loans, completing construction in smaller stages, negotiating phased payments with contractors or arranging support from relatives may provide alternative ways to make progress.
With careful planning and suitable financing, homeowners who have already invested substantial amounts in unfinished buildings may be able to complete their properties rather than leave them abandoned for several more years.
Building a 2-bedroom storey house in Ghana
Previously, YEN.com.gh reported that a decent 2-bedroom storey house in Ghana could cost about GH¢500,000 to GH¢850,000 to complete in 2026, depending on its size and finishing.
Storey houses normally cost more than similar bungalows because they require stronger foundations, columns, beams, a staircase and an upper floor.
The estimate does not include the price of land, fence wall, gate, paving, borehole or solar system.
Don't miss out! Get your daily dose of sports news straight to your phone. Join YEN's Sports News channel on WhatsApp now!
Source: YEN.com.gh
