The current state of Ghana’s real estate market in terms of market prices doesn’t make it easy for the average-income Ghanaian to buy or build their own houses, especially for those in urban cities like Accra and Kumasi. As a result, most average-income Ghanaians resort to renting, which isn’t a very sustainable solution in the long term and that is where a mortgage comes in.


A mortgage comes in different types and with it, people who don’t have a lot of money saved to outright buy or build their dream house or property can do so. A mortgage can be accessed from either a mortgage company or a bank. Although mortgage companies aren’t common in Ghana, there are several banks that offer mortgages to home buyers.


And in this article, we list six of these banks that help home buyers get access to the funds they need to buy or build their dream homes. 



Ghanaian Banks that help home buyers get access to Mortgages and Home Loans


1. Republic Bank

Republic Bank is one of the many banks that offer home loans or mortgages with competitive interest rates. The bank’s mortgage facility aims to help individuals and businesses outright acquire properties with a loan amount based on their credit profile. Loaners have different types of home loans to choose from, with a term of 10–15 years to pay back on cedi loans and 15 years on dollar loans. Mortgage applicants are required to make a down payment of 20% of the total value of the property, together with a processing fee of 1.5% of the proposed loan amount. 


Aside from the down payment and the processing fee, the requirements to access a mortgage from Republic Bank include:


  • A completed and signed Republic Bank Mortgage application form
  • A form of identification, e.g. Passport
  • Income verification for both salaried workers and self-employed applicants
  • A credit report from a recognised credit bureau
  • Offer letter from the real estate developer.


The bank will also require property documents like land titles, site plans, bills of quantities, valuation reports, etc. The loan requirements will depend on the type of mortgage as well as the currency. 




Here are the types of Republic Bank’s mortgages:


1. Home Purchase Loan: This home purchase loan is designed for those who wish to buy a residential property for their personal use or for investment purposes. The maximum amount that an applicant can access depends on their credit profile and a 20% down payment is required. The loan repayment term for this mortgage is 20 years and it’s accessible to both resident Ghanaians and non-resident Ghanaians.

2. Home Equity: This mortgage is available for individuals or companies who already own properties or may have already invested in residential properties to take equity on their property to buy another property or renovate their existing property in Ghana. Applicants can get up to 80% of the value of the property with a repayment term of 15 years.


3. Republic Public Sector Home Scheme: This mortgage was mandated by the government of Ghana in 2007 with the aim of providing an affordable mortgage facility to public employees. Applicants need to have been employed in the public sector for a minimum of 5 years to qualify for this loan to purchase affordable homes.


4. Home Completion Mortgage: With a home completion loan, applicants get access to a maximum of 50% of the total construction cost of the property and spread the repayment over a fifteen-year period. The bank, upon approval of the loan, will disburse it in stages to ensure that the funds are being used as agreed.


5. Build-on-Own Land Mortgage: This mortgage is designed for those who wish to buy land and build their own home from scratch. The facility first gives applicants up to $15,000 to buy a piece of land with a repayment term of 10 years and when the applicant pays 50% of the initial loan, they qualify for another $35,000 to build their home, also with a repayment term of 10 years.


6. Home Improvement Loan: This loan has been designed for homeowners who wish to renovate their homes or expand their current property. They can get a maximum of $45,000 from the bank.


2. Ghana Home Loans from First National Bank

First National Bank also offers potential home buyers and investors access to funds to finance their homes. The bank gives loans to both Ghanaian residents and non-resident Ghanaians in GHS, USD, and GBP with a 20-year repayment term. The bank offers mortgages in five categories:


1. The home purchase mortgage for those looking to buy residential properties

2. Home construction mortgage for customers who want to construct their homes from scratch or are looking to complete their homes. This loan is a two-part loan consisting of an initial one-year loan rolled into a long-term facility loan that is payable over up to 20 years

3. A land purchase mortgage that allows applicants to get funds to buy a serviced plot of land, payable in 3 to 5 years

4. A homeowners mortgage for applicants who want equity release or home improvement loans

5. A save-to-own home mortgage designed for self-employed customers who don’t have a regular flow of steady income or simply don't have all the money to make the required down payment on the loan.



First National Bank’s home purchase mortgage comes in four packages, including:


  • First-Time Buyer Home Loan, which is designed for those looking to purchase their first home and require funds to make it happen. Applicants are required to make an initial down payment.
  • Buy-to-let home loan, exclusively for real estate investors who wish to add another property to their investment portfolio.
  • 100% Home Purchase Mortgage, which helps home buyers purchase their ideal home even if they are unable to raise the required minimum deposit.
  • Home Purchase Loan, designed for homeowners who wish to purchase their next residential property. 


3. Stanbic Bank

Stanbic Bank offers six different options under their home loans for customers to choose from. The loan amount is entirely dependent on the applicant’s income and can be accessed in four currencies, including GHS, USD, GBP or EUR. Stanbic Bank’s home loans required a facility fee of 2% on the agreed loan amount.


Stanbic Bank’s home loans include: 


1. Home Purchase: This loan helps applicants buy residential properties and pay outright. The facility finances your home purchase with 100% of the property cost. Applicants have 5 to 20 years to repay the loan.

2. Developer Construction: Under this mortgage, applicants choose from the residential properties of the bank’s partner developers where the property is still under construction. The bank pays in stages to enable the developer to complete your dream home.


3. Refinancing: Refinancing allows applicants to arrange new financing terms, such as the currency, amount and term of their existing Stanbic home loan. The bank can also take over existing home loans from other financial institutions and repay them on your behalf.


4. Equity Release: Take a loan on your existing property and use the cash for personal needs like purchasing another property, expanding your business or funding your child’s education.


5. Home Improvement: Take out a loan to renovate or remodel your current home.


6. Employer Group Mortgage Scheme: Developer-based home construction on your land bought under organisation block lands schemes.


4. Cal Bank

Cal Bank aims to assist clients in gaining access to mortgages in Ghana to purchase their dream homes. The Cal Bank Mortgage in Ghana is available to applicants who aren’t over 60 years old, with a repayment term of up to 15 years. 


Cal Bank’s loan packages include:


1. Home Purchase: This loan facility is available for the outright purchase of a house for primary use or for investment purposes. Applicants can get up to 85% of the property cost to buy their dream and luxurious homes.


2. Developer or Home Completion: The developer or home completion loan lets applicants purchase residential properties from CalBank's developers where the property is still under construction and the bank pays for the developer to complete your dream home. 


3. Equity Release: Use your existing property to take a loan of up to 70% of your property’s market value and use the cash released for personal needs.


4. Refinancing: The refinancing loan facility allows Cal Bank to take over an applicant's existing mortgage from other financial institutions. 


5. Absa 

Absa promises customers who seek home loans an easy and convenient way to access home loans. The bank offers up to 5 million cedis to applicants, depending on their credit profile, with a repayment period of 5–20 years.


Absa mortgage offers:

  • Up to 90% financing for home purchase
  • Up to 70% for an equity release or home improvement loan
  • Maximum debt service ratio of 50%
  • Property insurance and credit life insurance that covers death, permanent disability and retrenchment.


With an Absa mortgage in Ghana, your salary needs to be paid into an Absa account and your dream property should be located within Accra and Kumasi and their environs to qualify for the mortgage.


6. Fidelity Bank

Fidelity Bank offers five different types of mortgage facilities for customers who wish to buy land to build their dream homes or a turnkey property. The bank offers a repayment period of up to 20 years. And applicants need to be over 21 years old and under 60 years old to be eligible for the loan. 


Fidelity Bank's Mortgage in Ghana include:


1.  Home Finance: This loan facility assists you in purchasing turnkey residential properties for personal use or investment purposes. Applicants can get a loan amount of up to 80% of the market value of the property with a repayment period of 20 years.


2. Home Equity assists homeowners in raising loan amounts of up to 70% of the market value of their properties.


3. Shell Home Completion: Purchase and complete your dream home from the list of Fidelity Bank’s developers to your own specifications and taste. Get loan amounts of up to 80% of the sale value of the Shell House property or bill of quantities to complete the Shell House within 12 months.


4. Home Improvement: Get up to 70% of the bill of quantities or pro forma invoice of your property to help you fund additions and improvements to an existing property.


5. Serviced Plot Finance: With Fidelity Bank’s plot mortgage, you can get up to $60,000 to acquire/ purchase serviced land to build your dream home at your own pace. With this mortgage, applicants have up to 72 months to repay.


How to acquire a stress-free mortgage and home loan in Ghana

Getting a mortgage in Ghana can be simple and straightforward, provided you meet the bank's requirements. Most mortgage banks need confirmation that the applicant has a stable income and a good credit profile before giving approval for a mortgage. That is to say that with a good credit report from a recognized credit bureau and a stable monthly income, you can walk into any bank or mortgage company to apply for a mortgage. 


And for self-employed applicants who don't have a steady flow of income, banks like Fidelity offer mortgages like save-to-own, where you can save up to a threshold to get access to a mortgage.


Also, most real estate developers have partnered with some of these banks to make their shell and turnkey properties and serviced plots easily accessible to potential homebuyers. For instance, developers like Adom City and Appolonia have partnerships with First National Bank to provide mortgages for buyers. To easily access a mortgage, finding a real estate developer with such ties with a mortgage bank will be more straightforward and hassle-free for you as a property buyer. 



General mortgage requirements:

First, an applicant needs to complete a mortgage form and provide the following documents:

  • Letter of undertaking from the employer
  • Previous payslips
  • Valid National ID
  • Title documents of the property (Land Title Certificate)
  • Valuation report
  • Offer letter from the seller
  • Proof of minimum down payment towards the purchase price of the property
  • Mortgage Life insurance 
  • Credit report from a credit bureau
  • Insurance policy on the mortgaged property against fire and other allied perils/natural disasters


Rehoboth Hills, Mortgage in Ghana
Rehoboth Hills by Rehoboth Properties where you can pay with mortgage


How to easily calculate your mortgage and home loan in Ghana

Most mortgage banks have a mortgage calculator that can easily be accessed on their website so loaners can calculate the exact amount they can borrow and pay each month for their loan. For instance, this mortgage calculator from Fidelity Bank lets you know how much you can borrow and pay each month when you input your salary. 


Mortgage calculators use the interest rate, the applicant's income, the mortgage duration, and the payment frequency (monthly, quarterly, or yearly) to calculate the amount they can access and the amount payable each month, quarter, or year.




Ready to take a mortgage to buy your dream house? Check out these modern and luxurious homes for sale.



FAQs—Mortgage in Ghana

What is the age requirement for accessing a mortgage in Ghana?

Generally, banks that offer mortgages require that an applicant be over 21 years old and under 60 years old. Some banks also have an age threshold of 55 so to be certain, you will need to contact the bank of your choice. 


What is the average interest rate of mortgages in Ghana?

Interest rates in Ghana range between 18.5% to 31% for Cedi loans. For USD mortgages interest rates fall between 11%-12.5%. Interest rates are also dependent on the duration of the mortgage.


What is the mortgage duration in Ghana?

The duration of a mortgage depends on the type of mortgage that the bank offers. For instance, land mortgages usually have a short duration, between 3-5 years, while home purchase mortgages have a duration between 10-20 years.


Can a non-resident Ghanaian access a mortgage in Ghana?

Ghanaians living abroad can have access to mortgages in Ghana provided they have a good credit score and a steady flow of income. However, depending on the policies of the bank, the interest rates and the mortgage duration might be different. Foreigners who are also living in Ghana can access mortgages from banks or mortgage companies in Ghana.





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