Omanghana
A worker earning a net monthly salary of GH¢2,500 may qualify for a housing loan of up to GH¢143,000 under Ghana’s revised National Mortgage Scheme.
The program is managed by the National Homeownership Fund in partnership with selected commercial banks and is designed to make mortgage financing more affordable for eligible workers.
Under the financing arrangement, qualified applicants can access a concessionary blended interest rate of 8.4% per annum, which is considerably lower than conventional commercial mortgage rates.
The loan may be repaid over a maximum period of 20 years, equivalent to 240 months. For a GH¢143,000 mortgage, the estimated monthly repayment is approximately GH¢1,231.95.
This repayment represents about 49.3% of a GH¢2,500 net monthly salary, placing it within the standard 50% debt-service threshold applied by participating mortgage lenders.
Applicants must submit their requests through an approved financial institution participating in the scheme. The main partner banks include Republic Bank Ghana, GCB Bank PLC and Stanbic Bank Ghana.
Prospective borrowers are required to demonstrate a stable and verifiable source of income. Salaried employees may have to submit payslips and other employment records, while business owners may be asked to provide bank statements or financial documents covering at least six months.
Applicants must generally be at least 21 years old. The repayment period must also be structured so that the loan is fully paid before the borrower reaches the mandatory retirement age, typically 60 years.
This means an applicant’s age may affect the maximum repayment period and, consequently, the amount that can be borrowed.
The property selected for financing must form part of approved housing stock developed by an accredited estate developer recognized under the National Homeownership Scheme.
Applicants who cannot qualify for their preferred loan amount using an individual salary may apply jointly with a spouse or another eligible co-applicant. Combining verified incomes can increase borrowing capacity and provide access to a higher-priced property.
Final approval and the amount offered will depend on the applicant’s age, income, existing financial obligations, credit assessment, property eligibility and the lending requirements of the participating bank.
Source: Omanghana
