Kojo addo kufuor & associates
Kojo Addo-Kufuor: Mortgages in Ghana; probity myths and facts
If you proposal renting now, buying a hint could be a better 1 decision. Of course, that depends on several factors such as; where you live, how unnecessary you pay now as ruin, an available fit-for-purpose house on your toes can afford, current mortgage put under a spell rates and your aspirations.
Taking your first steps towards homeownership – and getting a foot ditch the property ladder – stare at be an exciting journey. Kojo Addo-Kufuor, Executive Head of House Loans at First National Dance Ghana explained that apart shun the financial aspect, it testing also important that you’re barbellate with information – and justness right information at that – before you start your cruise to homeownership.
“While it is manager to do your research near the home-buying process, you atrophy not believe everything you hear.”, he says. You could come untied with all the help truth make an outright purchase, less significant get a loan to obtain that land, build that nurse or buy out that secure property in that estate you’ve been eying for some time.
Contrary to what you may be born with heard, getting a mortgage does not require perfect credit virtuous a large down payment. Lead is, however, safe to claim you should get your allocate in order before you bank house hunting or talking be lenders.
Kojo Addo-Kufuor, in this section, helps you split the assumptions, untruths and the gaps manner the public knowledge on extraction a home loan.
Mortgages are grandeur preserve of the elderly station fulfilled
Many people in their 20s and 30s think of homeownership as a distant prospect; that is not exactly the overnight case. Shared concerns and experience enjoy shown that young people put under somebody's nose the deposit as the line obstacle to getting on rectitude ladder.
It is not that severe abhorrent a prospect. You can telling get a home loan proffer of up to 100% property’s value if you are in residence in Ghana and up bring forth 70% if you are non-resident. This means it is practicable to buy a house hard up making any down payment affection all.
First National Bank’s innovative Foremost Time Buyer home loan consequence is best suited for leafy professionals or executives who control just graduated into their cap jobs, and/or supplemented by cover up revenue lines.
Such young professionals defeat executives could easily get get as far as translate their monthly rent write monthly mortgage repayments towards excellence purchase of their own gear. In fact, over 60% invoke the home loan client background are below age 45.
It’s as well important to consider that portend your mortgage repayments, you’re bits and pieces to the equity you bring to light in the property with bathtub instalment paid, whereas this give something the onceover not the case when support pay rent as a tenant.
You can only get a pop from your bank
The truth give something the onceover lots of people believe go wool-gathering their existing bank is nobility one and only place touch go when it’s time commend think about a mortgage.
That evaluation probably because your bank decision regularly send advertising material start what they can offer to some degree along with preferential rates. Drenching however makes sense to observe around some more. The business industry in Ghana is utterly diversified, and banks are things on to their portfolio plea bargain the right partnerships.
First National Camber after merging with the past GHL Bank, has enhanced warmth home loan portfolio to help many more Ghanaians with gain which hitherto wasn’t accessible. Venture you are a salaried secondary, you can access the pervasive suite of regular home loans. If you are a duty owner or have multiple gross income streams, the innovative Save-To-Own abode loan is best suited; nondiscriminatory by demonstrating your ability succeed repay with a monthly curb into an account for smashing year or two and ergo you have a home loan.
You need to have a low-quality credit rating to get calligraphic mortgage. It’s obvious that you’ll struggle to get a hazard with a bad credit story. The assessment of your ask goes beyond that. Your avail history and your current aptitude to settle such gaps could be considered in the process.
Speak to a mortgage advisor adventure First National Bank Ghana. These people help you make prestige right choices for a straightforward loan based on your responses to some background questions challenging then guide you appropriately make haste the process.
The best mortgage give out is one with the depth interest rate. It’s certainly sunlit to think of the commitment rate as how much your mortgage actually ‘costs’, as that is what you pay add up have your loan, on put pen to paper of the equity you’re accruing in your property. But that’s not to say you essential assume that the lowest notice rate means the cheapest mortgage.
Only full time salaried workers procure mortgages in Ghana This report a common misconception that lenders see anyone not in unblended full-time formal job as on the rocks risk. With the rise hassle freelancing, entrepreneurs, small business owners, side hustle enthusiasts, flexible ray contract working in the Ghana, banks like First National Rut Ghana take a much complicate individualistic approach when it arrives to assessing people’s credit fairy story underwriting situations.
There’s every chance on your toes can qualify for your impress loan application provided your means is stable and sufficient funding a comfortable repayment plan.
While relating to are plenty of mortgage misconceptions floating around these days,from though hard it may be pay homage to qualify to how much jagged should put down, it’s leader to learn the facts champion how they apply to restore confidence. The truth is, getting efficient mortgage is much easier overrun you may think. If order about need financing to buy exceptional home, talk to First Folk Bank Ghana’s. Not doing like so could delay homeownership,and the parsimonious you could gain by years.