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How to Get a Mortgage in Ghana

June 10, 2022

How to Get a Mortgage in Ghana

Getting a mortgage in Ghana is an option that is becoming very popular and is also encouraged especially if due to income level, an individual is unable to personally buy a house. Are you seeking to buy your very own dream house without breaking your bank? A mortgage is an option that can help you achieve that.

This article will help you learn what a mortgage is, the lists of trusted lenders, and their general requirements that will help you make an effective decision.

What is a Mortgage?

A mortgage or home loan is a loan from a bank or mortgage lender to an individual. This loan enables the individual to buy a property or a home. However, the individual is expected to pay the loan amount within the agreed time. This agreement is reached between the bank or mortgage lender and the individual. Generally, banks or mortgage lenders secure collateral by holding the value of the property and that will be lifted when the individual has paid off the mortgage amount in addition to any accrued interest.

List of Mortgage Lenders in Ghana

There are several mortgage lenders or banks that give out mortgages in ghana. The top lenders include:

Stanbic bank

Republic bank

First national bank



Ecobank Ghana

Type of Loans

Each of these banks provides one or more categories of loans below:

Home Equity Loan;

This loan is a loan for individuals or companies that own homes or residential properties to use the equity of their homes as collateral to build or renovate a residential property. This mortgage is for only targeted individuals or companies that own fully paid properties. This maximum loan that can be issued varies from bank to bank and the interest rate is not fixed. The maximum loan duration is 15 years.

Home Improvement Mortgage;

This program is for individuals that undertake home renovation or extension projects on their homes. This loan is mainly for individuals and companies with already existing homes or properties. The maximum loan duration is 15 years and the interest rates are not fixed.

Home Purchase Mortgage;

This loan helps individuals and companies to buy their property for use or rent. The bank or mortgage lender provides a loan that is equivalent to 85% maximum of the purchase price while a minimum of 15% down payment is made by the borrower. The maximum loan duration is 15 years and the interest rates are also not fixed.

Home Completion Mortgage(HCM);

This loan is for borrowers needing a loan to finish the construction of their homes. Just like with the other loan options, the maximum loan duration is 15 years and the interest rates are not fixed. Generally, the maximum loan-to-value is 50%.

Mortgage for Savings;

Mortgages are more difficult to get for self-employed Ghanaians than for salaried workers. This is where mortgage banks come in. This product is intended for Ghanaians who are self-employed and do not have a consistent flow of income or all of the funds required to make a down payment on a property. This is more of a savings tool than a mortgage option. It’s similar to a typical savings account, but has a more specific purpose in mind: to purchase a property. The individual simply makes consistent payments for up to 12 – 24 months to qualify for a mortgage loan.

Individual Banks and Mortgage Packages

These banks also provide additional mortgage packages not mentioned above. We will be looking at these packages in addition to the ones already mentioned.

Stanbic Bank

Mortgage Packages

  • Refinancing

This is divided into 3 aspects:

Internal Refinancing

External Refinancing

Cash-out refinancing

Internal Refinancing:

This allows you to negotiate new financing arrangements for your existing Stanbic Home Loan, such as currency, amount, and duration.

External Refinancing:

This type of financing allows you to take over existing house loans from other financial organizations.

Cash-Out Refinancing permits you to obtain more funds if the value of your home has increased over time.

  • Employer Group Mortgage Scheme

Developer-based house development on land purchased through organization block lands programs.

  • Developer Construction

The bank purchases residential properties from recommended developers if the property is still under construction.

Stanbic bank pays in phases so that the developer can finish your ideal house.

  • Home equity loan
  • Home improvement mortgage
  • Home Purchase Loans

Republic Bank

Mortgage packages

  • Republic Employer-assisted loan system:

It is an installment loan system based on an agreement between the Bank and the employer.

This loan is for made objects, generally vehicles or home appliances, with a long usable life after purchase.

This loan is also for rent, land acquisitions, and furniture.

  • Home Equity Loan
  • Home Improvement mortgage

First National Bank

Mortgage Packages

  • Home Purchase Mortgage
  • Land Purchase Mortgage
  • Homeowners Mortgage
  • Save-to-own scheme

For more details, contact ZeaHomes


Mortgage Packages

  • Home Equity Loan
  • Home Improvement Loan
  • Home Purchase Mortgage
  • Home Completion Loan


Absa can help you buy a home and borrow against a home you own or upgrade your current home. Absa makes it convenient for you.

Absa offers up to 90% finance to help you purchase a home. They also offer up to 70% finance for equity.

Ecobank Ghana

Ecobank Ghana makes mortgage loan decisions easy and stress-free by providing a mortgage calculator to help individuals know how much to pay in installments.

Their mortgage Packages are similar to other Banks.

General Requirements

There are general requirements that you need to secure a loan. However, it is also important to note that there are specific requirements according to each bank.

Let’s have a look at the general requirements;

  • A mortgage form that is completed and signed plus a dictated processing fee.
  • The last 3 salary slips from your employer with all necessary subtractions already made.
  • Business profile, bank statement, and tax returns.
  • Passport, national ID, driver’s license, or any other valid form of identification.
  • Offer letter from a real estate developer.

Securing a mortgage is a wise decision and will help prevent the risk of bankruptcy due to self-financing.

Therefore, know the mortgage lenders or banks in Ghana and their requirements and make a good decision. We work with these lenders and can help you secure a mortgage to finance your home purchase. Tal to us today!

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