In a country with very low salary levels, multiple income streams can be handy and make the dream of home ownership a reality. The problem is that many prospective homebuyers come with the misguided hope of owning 3/4 bedroom homes at prime locations just because they earn some few thousand Ghana Cedis per month (usually even less than $1,000 equivalent), but in reality, they lack the knowledge and discipline required for really learning the art of homeownership.
For starters, our minimum qualifying salary of GHS2,000 net per month salary is not going to get you 3/4 bedrooms in a prime area.
Joint Application - Combined Incomes
The typical borrowing amount of mortgage loan you may qualify for would be within 5X and 8X your net annual salary. So for example, if your net monthly salary is GHS2,000 (GHS24,000), you may only qualify for GHS120,000 - GHS192,000 (5x - 8X).
If you're married with valid marriage certificate to show for it, you can add your spouse's monthly income to it to expand your qualifying borrowing amount. So in the example above for instance, if your spouse can provide a verifiable monthly income of GHS2,000 or more, your qualified household income automatically doubles bring you to the region of GHS240,000 - GHS384,000.
Note: Final borrowing amount would be determined by your remaining active working years before age 60. Higher net monthly household income obviously gives you bigger buying capacity and/or options.
Bonuses & Allowances
Such incomes may not reflect in your mandatory SSNIT Statement, but it can be considered. The only way your bonuses and allowances can be verified and/or accepted and factored into the equation is with your payslip and most recent bank statement.
Investment Income
Only statements from BoG/SEC-regulated financial institutions can be accepted as additional income.
Informal Sector Income
Informal sector employees (typically not SSNIT-registered) can be a joint applicant only with a formal sector employee (Public/Private Sector). Proof of funds or income from informal sector workers can only be Bank Statement, BoG/SEC-regulated investment statement/account, Mobile Money Statement.
Business Owner Income
To use our services as a business owner, your business must be limited liability company registered and you must be a majority or principal shareholder.
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