Max. Rate: 12% p.a.
incl Cedi Mortgages
Repayment Period
Up to 30 years
No Upfront Fees
T&Cs Apply

Repayment Mortgage

Residential mortgages are one of most common forms of credit. The average home in Ghana now costs around $116,000, so it’s highly likely that you will need to take out a mortgage to afford to purchase your own property. Whether you’re a first-time buyer or looking to move house, a residential mortgage is the type of mortgage you will need to take out.

A residential mortgage is a mortgage for a house that you live in. It is a long term loan which helps to fund the purchase of a property. The mortgage is to be paid back over approximately 30 years. With this type of mortgage, you must be living in the home yourself. You cannot rent the house out to tenants or use the property for any commercial purpose.

 

How it works

Residential mortgages typically require a cash deposit of between 10 and 30% of the total property value. For example, the deposit you would require for a $200,000 home would be somewhere within the region of $20,000 and $60,000. Note: This deposit required for a mortgage is NOT an amount you will pay us (or any mortgage lender) upfront when you apply. This deposit is what you will need to actually pay directly to the property vendor and we pay the rest to the property vendor.

Every mortgage has an LTV (Loan-to-Value) ratio. This is the amount you borrow set against the total value of the property. So for example, If you are looking at buying a house with a value of $200,000 and you have a deposit of $40,000, then you will need to borrow $160,000 to afford the property. This would give you an 80% LTV mortgage with your deposit making up the remaining 20%.

The lower the ratio, the lower the risk to the lender and the better the interest rate you will be eligible for.

  

Features

• Maximum LTV: 95% (meaning you need to come up with 5% of the property price yourself). However, 100% mortgages available, subject to household income, repayable years left before pension at 60 years.

• Maximum Lending Rates: 12.00 % p.a. (incl Cedi mortgages)

• Borrowing currencies: Ghana Cedis for all Ghana-based Ghana Cedi income earners. All foreign currency home loans are provided by DCANS Mortgage UK (a sister company)

 

Eligibility Requirements

To qualify for an owner-occupier home mortgage with us, your net monthly salary (or total household income including that of your spouse, children, etc) as a SSNIT-registered Public or Private Sector Employee is above GHS2,000. Learn more.

 

Differences between Repayment Mortgage and Interest-Only Mortgage

With an interest only mortgage you:

• only pay back the interest

• pay the rest of what you borrowed at the end of the mortgage term

At DCANS Mortgage, we have structured Pension Mortgage as a special interest-only to allow for minimal monthly repayments and the opportunity to boost household income before mortgage term expiration at pension to accommodate any repayment vehicle (Tier-2/3 Pension) shortfall.

 

With a repayment mortgage you:

• pay part of the loan and the interest back each month

• will have paid everything back at the end of the term if you’ve made all your payments

 

So if you borrowed GHS150,000, over 25 years at an interest rate of 4% you’d pay: GHS500 a month with an interest only GHS791 a month with a repayment mortgage With interest only, you’d still owe the GHS150,000 at the end of the mortgage term.

 

 


 

Related Pages

Applying Online

Pension Mortgage

All Residential Mortgages

All Commercial Mortgages

Buy-to-Let Mortgages

How We Compare

How We Operate

Why Choose Us

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MORTGAGES ARE SECURED AGAINST YOUR PROPERTY. YOUR HOME (OR COMMERCIAL PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT - REPAYMENT ASSISTANCE PROGRAMME AVAILABLE FOR QUALIFIED CUSTOMERS. ALL APPLICATIONS ARE SUBJECT TO YOUR CREDIT PROFILE AND OUR LENDING CRITERIA - THIS MEANS THAT THE AMOUNT WE WILL LEND YOU WILL DEPEND ON YOUR INDIVIDUAL CIRCUMSTANCES, THE TYPE OF PROPERTY AND THE AMOUNT YOU BORROW.

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We are Non-Deposit Taking No Upfront Fee Direct Home Loan Providers (not brokers). All loanable funds are private patient capital from dedicated sustainable and reliable sources and not sourced funds from retailer depositors and/or investors or from the general public. We're Fully-Compliant: Our home mortgages are structured as Seller-Financed Mortgages (SFM), and where applicable as International Mortgages or Rent-to-Buy Mortgages, which do not require Bank of Ghana (BoG) regulation. Commercial Mortgages are also not regulated by the BoG. Prospective mortgage applicants are not restricted to buy a home from our internal partners: Property Buyer & Flipping Platfom DCANS Properties or Rent to Buy Provider RTB Ghana or Affordable Housing Builder DCANS Developments or any of our in-house home providers - however, restrictions may apply with some of our low-rate mortgages.

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