How To Acquire A Mortgage In Ghana

One of the first obligations most people face when they enter adulthood is fulfilling their desire to purchase their own homes. While some people may find it simple to achieve their dreams, the bulk of people finds it more difficult, especially when you consider Ghana’s income levels. 

The financial commitment needed to purchase or obtain a property is not a small change. 

If you were to assume that you would want to consider directly financing the home purchase, this might be a lifetime’s worth of savings for some. 

The good news is that you can consider financing the purchase of your dream property without breaking the bank by obtaining a mortgage in Ghana. 

What is a mortgage?

A mortgage is a loan that a person gets from a bank or another mortgage lender so that they can purchase a house or other property.

Requirements Of Mortgage In Ghana

  • A completed and signed mortgage application form from your preferred bank, together with payment of the bank’s specified processing charge.
  • A document serving as identification, like a passport, license, or national ID. Most banks might ask you to bring proof of attorney, a personal reference form, and a passport-sized photo.
  • You might also need to ask your employers to confirm your employment and income. Your most recent three pay stubs with all required deductions may be required.
  • Copies of your most recent three years of audited accounts, or if you are self-employed, copies of your individual income tax filings. Additionally, if you are not a bank customer, your business profile and the past six months’ worth of bank statements. A credit report from a reputable credit bureau may also be required by the bank.
  • A Real Estate Developer’s offer letter, a down payment of the whole price, the title deeds to the land, copies of the site designs, and authorized building plans are a few further criteria.
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