Getting a mortgage in Ghana can be a smart way to finance your dream home or investment property. Here’s a clear step-by-step process you can follow:

Step 1: Check Your Eligibility

Before applying, make sure you meet these basic conditions:

• Be at least 18 years old (some banks require 21+).

• Have a steady income (from employment or business).

• Have a good credit history (especially if applying with banks).

• Be able to make a minimum down payment (often 10%–30% of the property value).

Banks also prefer applicants who have worked at their current job for at least 2 years.

Step 2: Research Mortgage Providers

In Ghana, you can get a mortgage from:

• Commercial banks (e.g., Stanbic Bank, Ecobank, Republic Bank, Absa)

• Specialized mortgage lenders (e.g., Ghana Home Loans)

• Some real estate developers partner directly with banks for easier financing.

Tip: Compare interest rates, repayment terms, fees, and requirements before choosing.

Step 3: Gather the Required Documents

You’ll typically need:

• Completed mortgage application form

• Valid ID (passport, Ghana card, or driver’s license)

• Recent passport-sized photographs

• Proof of income (pay slips, employment letter, tax returns if self-employed)

• Bank statements (last 6 months)

• Sale agreement or property documents

• Proof of down payment source

• Credit report (optional, some banks will check it themselves)

Step 4: Get Pre-Approval (Optional, but Smart)

Some banks offer mortgage pre-approval, meaning they tell you how much you can borrow before you shop for a home.
This helps you:

• Set a realistic budget

• Negotiate better with sellers

• Speed up the final approval process

Step 5: Choose Your Property

Find a property that fits your budget and goals:

• Residential home

• Apartment

• Off-plan property (new developments)

• Investment property

Important: Make sure the property has a clear title (no legal issues).
You may need a professional valuation done — banks usually require this.

Step 6: Submit the Application

Once you choose a property:

• Complete the formal mortgage application.

• Attach all supporting documents.

• Pay any required application or processing fees.

The bank will review your income, creditworthiness, and property value.

Step 7: Mortgage Offer and Acceptance

If your application is successful:

• The bank will send you a mortgage offer letter.

• Review the loan amount, interest rate, repayment period (often 5–20 years), and monthly repayment.

• Sign and return the acceptance form.

Step 8: Legal Processes and Documentation

The bank’s legal team will:

• Verify the property documents.

• Conduct searches at the Lands Commission.

• Prepare the mortgage deed.

• Ensure the property is properly registered in your name (with the mortgage recorded).

You will also pay stamp duty (1–3%) and legal fees at this stage.

Step 9: Final Disbursement

After all legal checks:

• The bank will disburse the loan amount.

• Funds are usually paid directly to the seller or developer.

• Your repayment schedule officially starts.

Step 10: Start Repaying

Make your monthly repayments on time!
Missing payments can lead to penalties, or even foreclosure (the bank taking over your property).

Quick Tips for Success

• Save enough for a solid down payment.

• Maintain a healthy credit record.

• Understand all the fees involved (not just interest rate).

• Plan for property insurance — it’s often mandatory.

• If you’re living abroad (diaspora), look into special diaspora mortgage options.

Source: thepressradio.com| Ogyem Solomon