Sunday, October 7, 2012

5 Simple Steps To Getting A Mortgage In Ghana

1 - Determine What Kind of Mortgage You Need

As a prospective borrower in Ghana, you have a few options that you must consider to decide which type of loan is the best for you and your situation. The primary loan options you have are:
  • First-time home buyer loan
  • Investment loan for property renting
  • Existing home-owner loan, using your home as collateral

2 - Process Overview - Taking Your First Steps

The first step to accessing a mortgage in Ghana is to submit a completed application form. Depending on the bank you can do this on-line, or download, print, then scan and e-mail a completed form. Alternately, you may prefer to submit an application in person in a bank office. You will also need to decide whether you want to file an application by yourself, or jointly with two or more people with the proper relationships.

3 - Required Documents

When applying for a mortgage in Ghana, most organizations require the following documentation from each person applying during the lending process:
  • Two proof-of-address forms
  • Proof of income
  • Two forms of personal identification
  • Recent banking statements
  • Credit reports
  • Offer letter
  • Letter of intent
  • Facility letter
  • Professional appraisal
  • -Final mortgage agreement, signed and witnessed (may be done through Power of Attorney)

4 - Mortgage Terms and Conditions

Before signing anything, be sure that you have read through the entire mortgage agreement and are familiar with all the outlined terms and conditions. Items of particular importance may include:
  • The loan amount
  • Required down payment amount
  • The loan term (this is typically about 15 -20 years for a mortgage in Ghana)
  • The installment amountThe repayment schedule
  • The payment dates
  • What constitutes a shortfall
  • Insurance requirements
  • What constitutes a default
  • Transaction fees
You can expect to pay about 20% to 25% down payment for most home loans in Ghana.

5 - Finding a Good Bank and Interest Rate

Lending rates in Ghana are extremely high at the moment, even when doing business with the best banking institutions. Current rates are ranging, on average, from about 13.5%-30% depending your credit history. In a recent study, the top rated and recommended baking institutions - to get the most for your money - were the following, in order:
  1. Ecobank Ghana
  2. SG-SSB
  3. CAL Bank
  4. HFC Bank Ghana
  5. Ecobank Transnational
Adhering to this information should greatly ease the burden of obtaining a good mortgage in Ghana.

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