Republic Bank Ghana is set to provide prospective homeowners with insights into its mortgage financing options, including up to 100 percent financing for qualified customers, at th
The report indicates that republic Bank Ghana will provide prospective homeowners with information on its mortgage financing options, including up to 100 per cent financing for qualified customers, at the second clinic of the Republic Bank JoyNews Habitat Fair.
It further notes that the clinic is aimed at helping Ghanaians better understand the financing options available to them as they seek to acquire homes.
Speaking on Joy FM’s Super Morning Show on Friday, September 4, Head of Mortgage Banking and Customer Experience at Republic Bank, Dan Adjetey Mohenu, stated qualified applicants could secure mortgage financing covering the full cost of a property.
“At Republic Bank, we are looking at 100% financing once you qualify,” he said.
Mr Mohenu explained that customers would only be required to provide additional funds if the amount approved by the bank falls short of the property’s purchase price.
He stated Republic Bank’s mortgage facility could run for up to 20 years, allowing customers to spread repayments over a longer period.
Mr Mohenu stated the bank considers a customer’s existing financial commitments when determining how much they can borrow.
Generally, mortgage repayments together with existing liabilities should not exceed 50 per cent of a customer’s income.
“If you have a personal loan and you are being deducted, say, 20 percent, the gap I have now to grant you the mortgage is 30 percent,” he explained.
He added that where an existing personal loan limits a customer’s ability to qualify for a mortgage, Republic Bank could consider refinancing the loan to create additional room for mortgage financing.
Mr Mohenu also clarified that Republic Bank does not have a fixed minimum income requirement for customers seeking mortgage financing.
Instead, the bank assesses an applicant’s overall financial position, including household income.
He stated spouses and certain eligible family members could combine their incomes to strengthen their mortgage applications, subject to the bank’s requirements.
Self-employed persons and business owners are also eligible to apply, provided they can demonstrate their income through appropriate financial records.
