Buying a home in Ghana is a big dream for many people — whether you’re a young professional in Accra, an entrepreneur in Kumasi, or even part of the diaspora looking to settle back home. But let’s be honest: property prices in Ghana can be intimidating. With land and houses appreciating quickly, especially in cities, most people can’t afford to just pay upfront in cash.
That’s where mortgages in Ghana come in. A mortgage gives you the chance to buy a home and pay for it gradually, just like people do in other parts of the world. But the process in Ghana isn’t always straightforward. Which banks offer mortgages? What documents do you need? How much salary must you earn to qualify? And what should you watch out for before signing on the dotted line?
Let’s walk through everything you need to know in a clear, step-by-step way.
What Exactly is a Mortgage?
A mortgage is essentially a home loan. A bank or financial institution lends you money to buy a house or build one, and you agree to pay back the loan in monthly installments, usually spread over 5 to 20 years. The bank uses the property itself as security — meaning if you default, they can legally take over the house.
In Ghana, mortgages are still not as widespread as in Europe or the U.S., but they are steadily growing. According to the Bank of Ghana and reports by the Ghana Real Estate Developers Association (GREDA), more urban residents are applying for mortgage facilities to cope with rising property costs.
Why Mortgages Are Becoming Popular in Ghana
- Rising House Prices – Land and houses in Accra, Tema, Kumasi, and Takoradi are skyrocketing. For example, a 3-bedroom house in East Legon can easily cost upwards of $120,000.
- Increasing Middle Class – With more young professionals in tech, finance, and business, banks are seeing a growing base of mortgage-eligible customers.
- Diaspora Interest – Many Ghanaians abroad now prefer mortgages instead of sending lump-sum remittances to relatives to build houses.
- Bank Competition – More banks are entering the mortgage market (like Stanbic, Fidelity, and CalBank), which gives customers more choices.
Types of Mortgages in Ghana
Before you apply, it’s good to know the main types of mortgage products banks offer:
- Home Purchase Mortgage – For buying a ready-built home from developers like Devtraco, Regimanuel Gray, or Trasacco Valley.
- Home Construction Mortgage – For building on land you already own. The bank releases funds in stages (foundation, roofing, finishing).
- Equity Release Mortgage – If you already own a property, you can “release” some of its value as cash for investment or renovations.
- Buy-to-Let Mortgage – For purchasing property to rent out, common in Accra’s prime areas.
- Diaspora Mortgage – Tailored for Ghanaians living abroad, where repayment can be structured in foreign currency (USD, GBP, EUR).
Requirements: What You Need to Qualify for a Mortgage in Ghana
Here’s what most banks and mortgage providers will ask for:
- Proof of Income – Salary slips (last 3–6 months) or business financial statements if self-employed.
- Employment Contract – Especially if you’re a salaried worker.
- Bank Statements – Typically 6–12 months, showing consistent cash flow.
- Valid ID – Ghana Card, passport, or driver’s license.
- Tax Identification Number (TIN) – Mandatory for all financial transactions.
- Down Payment – Usually 15% to 30% of the property price.
- Collateral (sometimes) – For self-employed applicants, banks may require additional collateral.
💡 Pro tip: Most banks want your salary account domiciled with them. So if you apply for a mortgage at Stanbic Bank, expect to open or move your salary account there.
Step-by-Step Guide: How to Get a Mortgage in Ghana
Step 1: Assess Your Financial Situation
- Calculate your monthly income and expenses.
- Most banks want your mortgage repayment to be no more than 40% of your net income.
- Example: If you earn GHC 15,000 per month, your repayment shouldn’t exceed GHC 6,000.
Step 2: Research Banks and Compare Rates
The major banks offering mortgages in Ghana include:
- Ghana Home Loans (now First National Bank Ghana)
- Stanbic Bank Ghana
- CalBank
- Fidelity Bank
- Ecobank
Interest rates in Ghana are relatively high (around 18% – 25% as of 2025), though lower than they were a decade ago thanks to reforms and cooling inflation (Reuters, 2025).
Step 3: Get Pre-Qualified
- Visit the bank, provide documents, and they’ll give you a pre-qualification letter stating how much you can borrow.
- This step helps you shop for a property within your budget.
Step 4: Find Your Property
- Work with a registered real estate agent or developer.
- Ensure the land or property has valid title and no litigation.
- Banks will do their own due diligence, but don’t take chances yourself.
Step 5: Submit Full Application
- Fill out mortgage forms.
- Attach property documents (site plan, indenture, title certificate).
- Pay processing fees (usually 1–2% of loan amount).
Step 6: Bank Valuation & Legal Checks
- The bank sends a valuer to assess the property’s worth.
- Their legal team also checks the title deed.
Step 7: Approval & Signing
- Once approved, you’ll sign a mortgage agreement.
- Expect insurance requirements (property insurance, life insurance).
Step 8: Disbursement
- Bank pays the developer/seller.
- You move into your new home and start monthly repayments. 🎉
Challenges You Should Know About
- High Interest Rates – Mortgages in Ghana can be expensive. For a $100,000 home, monthly payments may stretch many people.
- Land Disputes – Some properties have multiple claimants. Always check with the Lands Commission.
- Hidden Charges – Watch out for processing fees, legal fees, valuation fees, and insurance costs.
- Currency Risks (for diaspora mortgages) – If you’re earning in dollars or pounds, changes in exchange rates can affect your payments in cedis.
Tips to Improve Your Chances
- Improve Your Credit History: Pay off debts and keep a good banking record.
- Save for a Bigger Down Payment: The more you pay upfront, the smaller your loan and interest.
- Choose a Reliable Developer: Banks prefer well-known developers with proper documentation.
- Consult Mortgage Advisors: Firms like GHL Bank (FNB Ghana) offer advisory services.
Mortgages vs. Self-Build: Which is Better?
- Mortgage: Faster, structured, less stressful (bank handles legal checks).
- Self-Build: Flexible, can be cheaper in rural areas, but prone to land disputes and project delays.
Many experts recommend mortgages if you want peace of mind and plan to live in urban areas like Accra or Kumasi.
Valuable Sources
- Bank of Ghana Reports – for updates on interest rates and policy.
- Reuters – on Ghana’s economic context and inflation trends.
- Ghana Real Estate Developers Association (GREDA) – for real estate industry news.
- DataReportal – Digital 2025: Ghana – shows internet penetration and financial adoption.
- GHL Bank (First National Bank Ghana) – leading mortgage provider.
Conclusion
Getting a mortgage in Ghana is definitely possible, but it requires preparation. From understanding your finances to choosing the right bank and property, each step matters. The process may feel daunting at first, but with the right information and guidance, you can turn the dream of owning a home in Ghana into reality.
So, whether you’re in Accra dreaming of East Legon, in Kumasi eyeing Ahodwo, or abroad planning your retirement home, remember: a mortgage can make homeownership achievable, one installment at a time.
