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How does mortgage loan work in Ghana?

Mortgages in Ghana are available to both Ghanaians and non-Ghanaians. They are typically available to individuals who are working

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How does mortgage loans work in Ghana?

Mortgage in Ghana: How does mortgage loan work in Ghana?

Mortgages in Ghana are available to both Ghanaians and non-Ghanaians. They are typically available to individuals who are working and can make a deposit on the property they are interested in. Mortgages are also available to companies under different terms.

When you want a mortgage, we recommend starting with your bank. You may find it relatively easier to acquiring financing because of your financial relationship with the institution. In the event where you can’t get financing at your bank, these are options available to you in Ghana:

  1. Ghana Home Loans (now First National Bank)
  2. Stanbic Bank
  3. CalMortgage (Cal Bank)
  4. Fidelity Bank

Types of Mortgages in Ghana

  1. Home Purchase: This is to help individuals or companies buy property for rental or their personal use.
  2. Home Equity: This is for individuals or companies who already own property. It gives them the ability to release equity and improve their liquidity.
  3. Home Completion: This is for those who need money to complete the construction of their property.
  4. Home Improvement: This is for those who want to renovate, remodel or expand their property.

READ: List of Real Estate Houses With Their Prices And Locations in Ghana

Usual Mortgage Terms

  1. Downpayment: Most institutions require that the borrower make a 15 to 20 percent down payment of the total cost and the institution will finance the remaining 80 to 85% percent.
  2. Loan term: Usually mortgage loans are 15 years but some institutions may offer 20 years
  3. Interest rate: The borrower can borrow in either Ghana Cedi or US dollar. The interest rate varies depending on the currency. If borrowing in Cedi the interest is between 30 to 36% and in USD 10 to 15%

Mortgage Requirements

  1. Must be between 18 to 55 years
  2. Have no history of bad debts
  3. Be able to provide adequate security for the loan
  4. Be able to pay the downpayment
  5. Be financially capable of repaying the loan. It is ideal that the repayment amount is about 40% of your earnings.
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FAQ

Get tested for an STI if you observe these symptoms

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Get tested for an STI if you observe these symptoms

Get tested for an STI if you observe these symptoms

Many people with sexually transmitted infections (STIs) do not get symptoms, so it’s worth getting tested even if you feel fine. If you think you have an STI, the earlier you’re tested, the sooner treatment can be given if it’s needed.

An STI can be passed from one person to another through sexual contact, including vaginal, anal, and oral sex.

STIs can pass between men and women, and from women to women and men to men.

Many STIs can be cured with antibiotics. Some, such as HIV, have no cure but can be treated to prevent them from getting worse.

You cannot tell by looking at someone (including yourself) whether they have an infection, so it’s important to get a check-up if you have had unprotected sex or think you might be at risk.

Symptoms

Many people do not notice symptoms when they have an STI, including most women with chlamydia.

If it’s left untreated, chlamydia can affect your ability to get pregnant.

Gonorrhea can also affect fertility. Around 50% of women and 10% of men with gonorrhoea do not have symptoms.

Left untreated, STIs can affect your health. If you have any of the symptoms listed below, get tested.

In both women and men:

  • pain when passing urine (pee)
  • itching, burning, or tingling around the genitals
  • blisters, sores, spots, or lumps around the genitals or anus
  • black powder or tiny white dots in your underwear – this  could be droppings or eggs from pubic lice

In women:

  • yellow or green vaginal discharge
  • discharge that smells
  • bleeding between periods or after sex
  • pain during sex
  • lower abdominal pain

In men:

  • discharge from the penis
  • irritation of the urethra (the tube urine comes out of)

These symptoms do not necessarily mean you have an STI, but it’s worth seeing a doctor so you can find out what’s causing the symptoms and get treatment.

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FAQ

How does quitting smoking leads to better sex?

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How does quitting smoking leads to better sex?

How does quitting smoking leads to better sex?

Stopping smoking improves the body’s blood flow as it improves the functioning of the heart and other supportive veins, so improves sensitivity.

Men who stop smoking may get better erections. Women may find their orgasms improve and they become aroused more easily.

It’s also been found that non-smokers are 3 times more appealing to prospective partners than smokers.

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FAQ

How can I increase my MoMo limit?

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How can I increase my MoMo limit?

How can I increase my MoMo limit?

Mobile Money transactions have significantly hijacked the payment ecosystem in Ghana. Almost everyone sees the need to use Mobile Money for transactions before the end of every day.

However, what most people don’t know is that there are limitations on the amount of money that can be transacted using your mobile money account. These figures are compartmentalized into daily, monthly, and total account balance limits.

The Daily limit is how much money can be sent and received within a day while the monthly is the total amount that can be received and sent through your mobile money account in a single month.

On the other hand, the account limit is the highest amount of money you can have in your account at every given time.

Fortunately, these amounts are quite considerable and okay depending on the volume of transactions you do.

The limits are further grouped into tiers.

Presently, MTN Mobile Money has 2 tiers. So, if you are on the first tier and you hope to increase your limit to a higher amount, you can request to be moved to the second tier.

In the ensuing paragraphs, we look at the various tiers, their limits and how to apply to be moved to the next tier.

Mobile Money Tiers and Their Limits

As indicated previously, there are two tiers for MTN Mobile money accounts. They are the tier 1 and tier 2.

So, here we look at the various tiers and what their limits are.

Tier One Limits

Daily limits: GHS 2,000. You can only send and receive up to GHS 2,000 every 24 hours if you are on this tier.

Monthly Limits: GHS 20,000. For an entire month, you are expected to send and receive a cumulative sum of not more than GHS 20,000 under this Mobile Money tier.

Total Account Limit: GHS 10,000. At any given time or day, your account cannot hold money or balance exceeding GHS 10,000. The highest amount you can have in your account is exactly GHS 10,000.

Tier 2 Limits

Daily Limit: GHS 5,000.

Monthly Limit: GHS 50,000.

Total Account Limit: GHS 20,000.

How To Increase Your Limit

Given that you are not pleased with the total volume of daily or monthly transactions you can easily request an upgrade on your account.

So the big question is, how do you request an account upgrade and what do you need for that?

Just follow the steps below and you’ll have nothing to worry about.

Visit any MTN office near you and request an upgrade on your Mobile money account.

They’ll ask you for some documents and the ID card you used in registering your MOMO account.
The process usually takes 24 hours to reflect after submitting the required documents.

Some of the documents required include a Bank Statement from not more than 3 months ago, a Utility Bill with your name on it, an Employer’s reference letter, or a Registered Tenancy Agreement that has your name on it.

Any of these documents together with the ID card you used in registering your account will pass for this process.

Why There Are Limits On Transactions

Limits placed on Mobile money transactions are beyond the control of the various service providers.

The Bank of Ghana – the regulatory body of financial institutions in Ghana gives quotas to every deposit-taking and withdrawal-giving institution operating in the country.

As such, Mobile Money services are also given a quota. That quota results in the limits given by the various operators – further divided into tiers.

So, in effect, apart from the two tiers of Mobile Money accounts, you cannot seek an upward review of your Mobile Money wallet under any circumstance.

This is mostly for security reasons.

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