Securing a mortgage is a significant step towards owning a home. Whether you’re a first-time buyer, building your dream house, or renovating your property, choosing the right mortgage provider is crucial. Ghana has several banks that offer competitive mortgage products to help you achieve your homeownership goals. Let’s take a look at the top six mortgage providers in Ghana and what they offer.
1. Republic Bank
Republic Bank stands out for its comprehensive range of mortgage products, catering to both individuals and businesses. The bank offers tailored solutions for purchasing homes, releasing equity, and more. Their home purchase mortgage is perfect for buying residential property, with a 20% down payment required and a repayment period of up to 20 years for Ghanaians. For non-resident Ghanaians, the loan term extends to 15 years, with a minimum down payment of 20%. Processing fees vary, with resident Ghanaians paying 1.5% of the loan amount, while non-residents pay USD250 or GBP150.
Republic Bank also offers a home equity mortgage, which allows homeowners to tap into their property’s value for additional projects. For those looking to gradually build their homes, the “Buy, Build and Own a Home” program is ideal, with a 10-year maximum for each portion of the loan. Additionally, the bank provides specific products such as the Home Completion Mortgage, which aids in finishing construction, and the Public Sector Home Scheme, designed for public employees.
To learn more about Republic Bank’s mortgage services, you can contact them at +233 302 429 555 or +233 302 258 106.
2. Stanbic Bank
Stanbic Bank is a major player in Ghana’s mortgage sector, offering six diverse mortgage options to cater to different needs. Their products include home purchase loans for completed houses, developer construction loans for unfinished homes, and equity release options that allow homeowners to access funds for personal projects, such as starting a business or buying another property.
Stanbic Bank also offers an employer group mortgage scheme, perfect for individuals looking to construct homes on lands bought through organization block land schemes. For those interested in renovations, the home improvement mortgage is designed to help with remodeling and expanding existing homes. Refinancing options are also available, including internal refinancing for adjusting the terms of a Stanbic home loan, external refinancing to take over loans from other banks, and cash refinancing, which allows you to borrow against the appreciated value of your property.
For more details, Stanbic Bank can be reached at +233 302 815 789 or 080 010 009.
3. Absa Bank
Absa Bank offers a convenient and streamlined mortgage process aimed at making homeownership easier for Ghanaians. Absa provides up to 90% financing for home purchases and 70% financing for home improvement or equity release. However, your property must be located in Accra, Kumasi, or nearby areas.
To apply for a mortgage with Absa, you will need to provide various documents, including your payslip, proof of identity, land title certificate, and building permits. Absa makes the process straightforward, guiding you through the documentation requirements and assisting with your application. Absa’s mortgage services also include taking over existing loans from other banks, making it a flexible option for homeowners.
You can contact Absa at service.excellence.GH@absa.africa or by calling 0800 222333.
4. Ecobank Ghana
Ecobank Ghana offers a user-friendly approach to mortgages, with a calculator on their website that helps you estimate your monthly payments. This tool makes it easier for prospective homeowners to plan their finances before committing to a mortgage. Ecobank has also partnered with the Devtraco Group to provide exclusive mortgage financing for those looking to purchase luxury or middle-income homes.
Ecobank’s mortgage products are easily accessible, and you can start the process by visiting one of their branches. They guide clients through the application, helping you understand all necessary steps, from submitting documents to selecting the right mortgage plan.
For further inquiries, visit any Ecobank branch or check their website for more information.
5. First National Bank (formerly Ghana Home Loans)
First National Bank provides a broad spectrum of mortgage solutions that cater to various needs. Their home purchase mortgage includes different options, such as first-time buyer packages, buy-to-let services for rental properties, and 100% purchase mortgages for Ghanaians who cannot afford a down payment. This bank is particularly accommodating for young individuals and self-employed persons through their Save-to-Own mortgage, designed for those who may not have a steady income but still aspire to homeownership.
Additionally, First National Bank offers mortgages for land purchases and home construction loans. Whether you’re building from scratch or purchasing land, First National Bank provides flexible financing solutions that adapt to your needs.
For more details, contact First National Bank at 024 243 5052 or 024 243 5057.
6. Cal Bank
Cal Bank supports homebuyers by providing mortgage loans tailored to their specific needs. Eligible clients must be between 21 and 55 years old, and applicants are required to submit various documents, including a completed mortgage application form, proof of income, identification, and property documents. Cal Bank also assesses credit history and requires a down payment as part of the mortgage process.
Once all conditions are met, Cal Bank disburses the loan in stages, ensuring that funds are appropriately utilized for property development. They also offer personal guarantees as a security option for applicants.
For more information, Cal Bank can be reached at +233 800 500 500 or by email at customercare@calbank.net.
With several competitive mortgage options available in Ghana, it’s essential to choose a provider that aligns with your financial situation and homeownership goals. Whether you are looking for a bank that offers flexible refinancing options, low down payment requirements, or exclusive homeownership schemes, Ghana’s leading banks have something for everyone. Before making a decision, be sure to research and compare the various mortgage products offered by these top institutions.
