It's unacceptable that only about six (6) of the 23 banks in Ghana offer home mortgages - a few others offer loan products that can be used for any asset aqcuisition purpose, but not named as a home loan or mortgage. Only one local bank of the 23 offer mortgages. Whilst almost all the foreign-owned banks in Ghana offer home mortgages in their home countries, but stay away from such product offerings in Ghana, admittedly as a result of the long repossession processes in our courts.
The comparison table below are for Residential Mortgages Only.
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Upfront Fees
Closing Costs
Closing Cost Mortgages
Repayment Period
Typical Lending Rates
Interest-Only
Minimum Loan Amount
Maximum Loan Amount
Maximum LTV
Maximum Debt Service Ratio
Prior Bank Account Opening
Pension Mortgage
Early Repayment Charges (ERC)
Repayment Assistance
Regulation / Compliance
DCANS
No
GHS5,000 + 1.25%
Up to 30yrs
Up to 12.00% p.a.
Yes
Up to GHS6m
100%
50% (up to 70% can be considered for joint applications)
Not a bank, and non-deposit taking
Available (No Prior Assignment Required)
No
Yes
No, Not Required. Structured as Seller-Financed Mortgages (SFM)
ECOBANK
Yes
1.50%
Up to 15yrs
19.00% p.a.
No
$350,000
100%
Yes
Yes. Qualifies if your Tier2/3 crosses 20% of home price. Prior Assignment Required.
Yes, Required because they take deposits an retail investments.
REPUBLIC
Yes
1.50% +1.50%
Up to 20yrs
No
80%
Yes
Yes, Required because they take deposits an retail investments.
FIRST NAT.
Yes
Up to 20yrs
No
100%
50%
Yes
Yes, Required because they take deposits an retail investments.
STANBIC
Yes
2.00%
Up to 20yrs
No
No limit. Depends on your income
50%
Yes
Yes, Required because they take deposits an retail investments.
CAL
Yes
No
Yes
Yes, Required because they take deposits an retail investments.
ABSA
Yes
Up to 20yrs
No
Up to GHS5m
90%
50%
Yes, Required because they take deposits an retail investments.
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