Home Financing Here is how much banks in Ghana charge on mortgage loans

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Ghana's mortgage rates have heightened for the month of March, sending home-loan costs to an average of 33.8 percent.

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The majority of home owners in Ghana over the years have had to grapple with the growing cost of interest charged by banks on home loans.

In March 20147, the average base rate for mortgage loans among commercial banks stood at 33.8 percent.

This represents a 0.2 percent increase as compared to the 33.6 percent recorded at the end of February 2017.

READ ALSO: Why big banks in Ghana are fleeing the mortgage market

In Ghana, there are thirteen banks that offer mortgage loanS.

Figures from the Bank of Ghana’s Annual Percentage and Average Interest report say, GCB Bank offers the highest interest on mortgages.

GCB Bank play

GCB Bank


The bank offers home loans as much as 40.3 percent.

Meanwhile, Bank of Baroda still offers the lowest interest rate on home loans with a charge of between 22.0 and 28.0 percent.

GCB Bank is followed closely by Bank of Africa with 36.6 percent, the Royal Bank with 35.5 to 40.5 percent and Cal Bank with 35.3 percent.

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The British Bank, Barclays Bank is 5th with 35.1 to 39.1%, Ecobank 6th with 34.1 percent and Prudential Bank seventh with 33.6 percent.

The eighth highest interest on a mortgage is offered by UT Bank at 33.1%, Sahel-Sahara Bank 9th with 33.0 and FBN Ghana with 32.8 percent.

Mortgage rate play

Mortgage rate

However, Bank of Baroda will offer you the lowest interest rate on your home loans which is between 22.0 and 28.0 percent.

Stanbic Bank follows closely with 28.3 and HFC Bank with 31.1 percent.

According to the BoG report, eighteen banks do not offer mortgage loans.

They include; Access Bank, ADB, Energy Bank, First Atlantic Bank, Capital Bank, Fidelity Bank, First National Bank.

Others are; GN Bank, GT Bank, NIB, Omnibank, Sovereign Bank, Standard Chartered Bank, SG Bank, UBA, Universal Merchant Bank, Unibank and Zenith Bank.