Obtaining A Mortgage In Ghana
A mortgage in civil law jurisdiction known also as a hypothec loan , a loan used either by purchasers of real property to raise funds to buy real estate or an existing property.
To apply for a mortgage in Ghana, you will need to meet certain eligibility criteria and provide the lender with several documents
* Proof of income ( such as payslips or tax returns) : You will need to open a Ghanaian Bank Account and deposit at least GHC10,000
* Obtain a national identification document: To open the bank account, you will need to bring along your national identification card which you should have obtained from National Identification Bureau (NIB)
* Obtain an employment letter : You will be required to obtain an employment letter from your employer in order to get a mortgage in Ghana. To avoid any problems when obtaining this letter, it is advisable that you find out if there are any requirements for this letter before going about it and getting the document signed by your boss.
*Find out how much you can borrow and at what interest rate
*Get a home inspection before purchasing a property
Once you have a found a house that meets all your specifications, make sure to get a home inspection done on the property before signing off on.
