Buying a home in Ghana is a major milestone, whether you are a first-time buyer, a Ghanaian living abroad (diaspora), or a real estate investor. However, choosing the right home loan (mortgage) in Ghana can be confusing due to varying interest rates, loan tenures, currency options, and eligibility requirements.
This complete comparison guide to home loans in Ghana breaks down everything you need to know, compares major lenders, and helps you decide the best mortgage option for your situation.
What Is a Home Loan in Ghana?
A home loan (also called a mortgage) is financing provided by a bank or mortgage institution to help you purchase, build, or complete a residential property. In Ghana, home loans are offered in Ghana Cedis (GHS), US Dollars (USD), or sometimes British Pounds (GBP), especially for diaspora borrowers.
Types of Home Loans Available in Ghana
1. Residential Purchase Mortgage
Used to buy a completed residential property such as:
- Apartments
- Detached houses
- Townhouses
2. Construction / Self-Build Mortgage
For individuals building a home from scratch. Funds are released in stages based on construction progress.
3. Home Completion Loan
Ideal if your building is already partially completed and you need funds to finish it.
4. Equity Release / Home Improvement Loan
Allows homeowners to borrow against the value of an existing property for renovations or other needs.
5. Diaspora Mortgages
Specially designed for Ghanaians living abroad, often offered in foreign currency with international income verification.
Key Factors to Compare Before Choosing a Home Loan
Before selecting a mortgage provider in Ghana, compare the following:
Interest Rates
- Ghana Cedi loans: typically 25%–35% per annum
- Dollar-denominated loans: typically 10%–14% per annum
Loan Tenure
- Ranges from 5 to 20 years
- Longer tenure = lower monthly payments but higher total interest
Loan-to-Value (LTV)
- Usually 70%–80% of the property value
- You must pay a 20%–30% down payment
Repayment Method
- Monthly equal installments
- Salary-based deductions (for some local employees)
Fees & Charges
- Processing fees
- Valuation fees
- Legal and documentation costs
- Insurance premiums
Full Comparison of Major Home Loan Providers in Ghana
1. HFC Bank Ghana (Republic Bank Group)
Best for: First-time buyers & diaspora borrowers
Loan Currency: GHS, USD
Loan Tenure: Up to 20 years
Interest Rate: Competitive, varies by currency
Key Advantage: Ghana’s most established mortgage provider
Website: https://www.hfcbank.com.gh
2. Stanbic Bank Ghana
Best for: High-income professionals & diaspora
Loan Currency: GHS, USD
Loan Tenure: Up to 20 years
Interest Rate: Market-based
Key Advantage: Strong digital banking & structured repayment plans
Website: https://www.stanbicbank.com.gh
3. Ecobank Ghana
Best for: Regional & international earners
Loan Currency: GHS, USD
Loan Tenure: Up to 20 years
Interest Rate: Competitive for foreign currency loans
Key Advantage: Pan-African presence
Website: https://www.ecobank.com/gh
4. Fidelity Bank Ghana
Best for: Salaried workers in Ghana
Loan Currency: GHS
Loan Tenure: Up to 15 years
Interest Rate: Higher than dollar loans but flexible
Key Advantage: Faster approval for local workers
Website: https://www.fidelitybank.com.gh
5. First National Bank Ghana
Best for: Premium clients & diaspora
Loan Currency: GHS, USD
Loan Tenure: Up to 20 years
Interest Rate: Competitive
Key Advantage: Tailored mortgage products
Website: https://www.fnbghana.com.gh
Ghana Cedi vs Dollar Mortgages: Which Is Better?
Ghana Cedi Mortgages
Pros
- No foreign exchange risk
- Easier for local salary earners
Cons
- Very high interest rates
- Inflation-sensitive
Dollar Mortgages
Pros
- Lower interest rates
- Longer tenures
Cons
- Exchange rate risk if you earn in GHS
- Requires foreign income proof
Tip: If you earn in USD or live abroad, a dollar mortgage is usually cheaper long-term.
Eligibility Requirements for Home Loans in Ghana
Most banks require:
- Proof of income (pay slips or bank statements)
- Valid ID or passport
- SSNIT number (for locals)
- Proof of employment or business
- Property documents (land title, building permit)
- Valuation report
For diaspora applicants:
- Overseas bank statements
- Employment contract
- Credit history (sometimes)
Common Challenges with Home Loans in Ghana
- High interest rates on GHS loans
- Title and land litigation issues
- Slow documentation processes
- Exchange rate volatility for foreign currency loans
Tips to Get the Best Home Loan Deal in Ghana
- Compare at least 3 banks before choosing
- Negotiate interest rates, especially for dollar loans
- Ensure the property has clean land title
- Use a real estate lawyer
- Choose shorter tenure if you can afford higher monthly payments
Final Thoughts
Home loans in Ghana are accessible but require careful comparison. The best mortgage depends on your income source, currency preference, and long-term financial plans. Diaspora buyers often benefit from foreign currency mortgages, while local earners should focus on flexible repayment terms and reputable lenders.
Taking time to compare options can save you millions of cedis over the life of your loan.
