Here’s what to know about mortgages in Ghana

Everybody knows that buying a home is better than renting, but not many have the money to make such straightforward purchases.

Here’s what to know about mortgages in Ghana

That’s where mortgages in Ghana come in. It’s always an exciting journey when you take your first step to becoming a property owner.

Having the money to do it is important, but you also need to be armed with the needed information before stepping into the world of mortgages.

Mortgages in Ghana are not always a cumbersome process like many make it out to be. You don’t even need a large down payment to get a mortgage in Ghana.


Here’s what to know about mortgages in Ghana

Mortgage types

There are four main types of mortgages in Ghana; namely Home Purchase, Home Equity, Home Completion and Home Improvement.

The Home Purchase deals with individuals wanting financial help to buy a property for their personal use or rental.

The Home Equity allows individuals and companies who already own a property to release equity and improve their liquidity.


The Home Completion is for persons who need money to complete the construction of their property.

The Home Completion, as the name suggests, also deals with persons who want to renovate or expand their property.

Mortgage Terms

To successfully get a mortgage, you must prove that you are working and have a regular flow of money.

With this declared, you can down choose the kinds of terms you want for your mortgage. This can be either down payment, loan term or interest rate.


The down payment requires that you make a 15% to 20% upfront payment for the total mortgage cost and the institution will finance the remaining 80% to 85%.

The loan term, also known as mortgage loans, is where the bank or institution gives you the full amount to but the property, then you pay back within a specific period. The interest rate for Cedi is between 30% and 36%, while that of the USD is 10% to 15%.

Requirements for mortgage in Ghana

You must be aged between 18 and 55

You must have no history of bad debts


You must be able to provide adequate security for the loan

You must be able to pay the down payment

You must be financially capable of repaying the loan.

Banks that offer mortgages in Ghana

First National Bank


Republic Bank

Stanbic Bank

CalMortgage (Cal Bank)

Fidelity Bank



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