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How To Get Home Loan Or Mortgage In Ghana

Are you searching for how to apply for a mortgage in Ghana? Getting a mortgage loan in Ghana can be quite challenging.

There are many factors to consider when you want to know how to acquire a mortgage in Ghana, and they are: Which bank offers mortgages? What are the current mortgage rates?

Another important question is how much of a down payment will be needed.

Mortgage in Ghana is easy, but you will need to prove your income and assets to get a home loan or Mortgage in Ghana.

You’ll also need to know what you can afford to spend on your house – this will help you choose the best mortgage product.

The mortgage business has been growing at a rapid pace. People are looking for ways to purchase their dream homes, but they also want to ensure they get the best deal possible.

There are several benefits to owning a home. When you buy a home in Ghana, it will be impossible to do so without a mortgage, because paying all in cash might be difficult for you (but some people can pay in cash, I know that, but the majority of us mostly depend on mortgages).

Most banks in Ghana offer mortgages and mortgage loans. However, certain banks are easier than others to deal with when it comes to appraisals, paperwork, and loan approvals.

The best way to know if you have a good chance of getting approved for one of these mortgages is by comparing bank rates and being prepared for the process ahead of time.

Before we dive into how to get a mortgage in Ghana, we first have to cover everything you need to know about mortgages in Ghana. We will

We will also cover the types of mortgages we have in Ghana and answer all the questions surrounding mortgages in Ghana.

What Is A Mortgage In Ghana?

A mortgage is a loan payable over an extended period, and then you can use the money for various purposes, including home improvements or funding property purchases.

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How Does Mortgage Work?

Here is how a mortgage works: A businessman or individual uses a mortgage to buy a house in real estate or buys real estate without the need to settle the entire purchase price.

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The buyer will then repay it in a loan form with interest within a specified time frame. The buyer will then be given access to the real estate while still making payment.

Requirements For Mortgage In Ghana

Here are the requirements before getting a mortgage in Ghana
A completed and signed application form from your preferred bank
Processing Fee
1 passport-size photograph
ID (Copy of Identification) e.g. Passport, Drivers license,
Power of Attorney
National ID

How To Get A Home Loan Or Mortgage

Here is the mortgage process in Ghana. 

  1. Search for your preferred real estate and make negotiations with them.
  2. You will then contact one of the mortgage lenders.
  3. The lender will request evidence to be sure you can pay the loan.
  4. After approval, the bank or the lender will then give you the amount with its interest.

Some banks make payments to the real estate directly, and you don’t have to do anything, all you have to do is sign the agreement form and let the bank handle the rest.

You will then move in and start paying the bank on how you choose to make the payment when signing the agreement form.

Types Of Mortgages In Ghana

There are 4 types of mortgages in Ghana, and each of them comes with its terms and conditions, here are the four types of mortgages in Ghana:

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Fixed-Rate Mortgages

With this type of Mortgage, the interest rate does not increase throughout the loan. You will still be paying the agreed interest rate amount even after years.

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Adjustable-Rate Mortgage

With the adjustable-rate Mortgage, the interest rate is not fixed entirely but rather for a certain time frame. For example, the interest rate will be the same for five years, and then there will be a little increment after five years if the loan is not settled.

Interest-Only Loans

These are the types of mortgages in which the borrower is asked to pay only the interest on the loans within a certain period.

After paying the interest, the borrower will then have some time to pay the principal in a subsequent form.

Reverse Mortgages

A reverse mortgage involves a homeowner above 62 borrowing against the value of their home. The borrower will then receive funds as a lump sum.

Mortgage Loan Interest Rate In Ghana

The normal interest rate for all banks is 11% if you intend to settle the payment within 10 years, but you will have to pay 21% interest if you intend to settle the payment within 20 years.

General Requirements To Acquire A Home Loan Or MortgageIn Ghana

Before getting a home loan or Mortgage in Ghana, there are some requirements that the loan providers will request from you.

To be eligible for a home loan or Mortgage in Ghana, you need to submit your records or documents, and they are:

  • A mortgage application form
  • An identification card such as a driver’s license, voter’s I.D., passport, or Ghana card
  • You will need to verify your income. You will have to let the bank know your source of income, the number of your workers, and how you intend to settle the home loans
  • The bank will also request a form for your income tax report and bank statement
  • Some banks will also request you submit an offer letter from the real estate company that you are planning on buying the land
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This is needed for some banks that will be paying the real estate company directly.

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What Is The Current Mortgage Rate In Ghana?

Mortgage rates in Ghana depend on the type of Mortgage that you want, either fixed or adjustable and also the years you are willing to use in settling your loan.

The normal interest rate for all banks is between 3% – 11% if you intend to settle the payment within 10 years, but you will have to pay between 5% – 21% interest if you intend to settle the payment within 20 years.

Which Banks Offer Mortgage In Ghana?

These are banks that give mortgage loans in Ghana:

  • Fidelity Bank
  • UBA Africa
  • Bond Financial Services
  • Omni Bank
  • Stanbic Bank
  • Dalex Financing
  • Societe Generale Ghana
  • First National Bank
  • Republic Bank

Each bank comes with its terms and conditions, and also in Ghana, every mortgage provider has its interest rates.

Which Banks Give Home Loans Easily?

All banks make getting home loans easy, but the banks that make it easy to get home loans or mortgages are loans are:

  • Fidelity Bank
  • Stanbic Bank
  • Dalex Financing
  • Republic Bank


When you decide to buy a house from any real estate, you tend to check if that particular real estate will allow you to make payments through a mortgage.

If you want to buy a house in Ghana, paying through a mortgage is one of the easiest things to do.

Almost all the popular real estate companies in the country allow you to buy their houses through a mortgage. In this article, we covered how to get a home loan or Mortgage in Ghana, the requirements needed before you can be given a home loan and also, we covered banks that give home loans.

For those that have no idea about mortgages, I also made sure to cover everything you need to know about mortgages in Ghana, the types, and the mortgage process.

Many real estate companies allow you to buy their houses through a mortgage, some of them are Adom City Real Estate, Appolonia City, and many more.

You can also check out HFC house prices if you are looking for one of the cheapest real estate houses for sale in Ghana.

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Lead Editorhttps://mekabi.com
Mekabi is a blog that provides verified information in Ghana surrounding building and construction, real estate, food and travel, Ghana pricing, how-tos and general articles.

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