How to buy house in Ghana and pay monthly?

Pretty simple, you can buy a house in Ghana and pay monthly using mortgage banks. But you have to qualify for the loan. You can also buy and pay in installment in Ghana by selecting a payment plan with a developer but it depends on your purchase contract with the builder.

One thing you will have to consider first is your budget. What is your financial strength like? What type of house do you want to buy? How many bedrooms do you want? Where in Ghana are you considering to buy? All these will influence the price of the property. Homes in Accra price tend to be pricey compared to other regions. I will discuss into details in a bit. Without wasting time, let’s get started.

Home Financing Options

It doesn’t matter if you are first-time homebuyer or someone looking to purchase an investment property in Accra, there are several financing options available when buying a house in Ghana.

a) Mortgage Loans:
Ghana mortgage banks provide mortgage loans to eligible individuals. The major mortgage banks in Ghana are: Fidelity Bank, Cal Bank, Stanbic Bank, Absa Bank, Republic Bank, EcoBank, First National Bank and Universal Merchant Bank. All these banks requires a down payment, which is usually around 20-30% of the property’s value. The remaining amount which is 70%- 80% of property value will be fiancé by the bank. Banks are there to make money by offering you their loans with interest. You are required to pay back in monthly installments over a specified period, normally 10-20 years. Interest rates and loan terms may vary, so it’s important to compare offers from different lenders to secure the best deal. To get started you can contact mortgage officers or visit in person to work out a loan that best fit you.

Real also: How Much is a Downpayment on a House in Ghana?

b) Developer Financing:
If you are considering buying a home in a new development, the common home financing is developer financing in Ghana. Most property developers offer in-house financing options, by allowing buyers to pay for the house in monthly installments directly to the developer. This option have different terms and interest rates compared to traditional mortgage loans. Developers usually require a down payment, and the remaining balance can be paid over an agreed-upon period, often with interest or no interest.

If you decides to buy from a developer, you can become home owner in our luxury gated community called La Margo Villas, you will have options to choose a payment plan that best suit your current financial circumstance. Here is best there is ZERO INTEREST RATE over your installment period.

c) Rent-to-Own:
Another way to buy a house and paying monthly is rent-to-own. This works only for existing homes not pre-construction homes. In rent-to-own agreement, you rent the property with the option to buy it at a predetermined price after a specific period. It could be in 12months or 5years time depending on your agreement with the owner. A portion of your monthly rent may go towards the eventual purchase price. This option can be beneficial if you don’t have enough savings for a down-payment .However, it’s essential to carefully review the terms and conditions of the agreement to ensure they align with your short-term or long-term goals. This option is not so common in Ghana, but it is available. Depending on the seller’s motivation, you can always negotiate for better price and terms and mitigate any risk.

Final thought

The most important thing is to stick to your budget so that you don’t buy what you can’t afford. Ghanaians are very flexible when selling their homes because cash is tight, not everyone can afford outright purchase. So the seller will always entertain your installment arrangements. Banks tend to have a rigorus pre-approval process . Be prepared to provide them with all documents required to approve your loan. And have your down payment ready.

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Are you a foreigner considering investing in Ghana’s real estate market? Or are you a Ghanaian or African diaspora planning to buy your dream home in Accra, Ghana? We have got you covered and would love to connect and serve you. Buying your dream home in a new development project by a real estate developer gives you flexibility with regard to payment plans to choose from. You don’t have to go through all that stress to get building permits and regulations checked. We have done all the hard work. Your only job is to own it by reserving your home now. Get in touch with us today, tomorrow might be too late.

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La Margo Villas Neighbourhood Snapshot

Kwabenya is a residential community located in the Ga East Municipal District of the Greater Accra Region. The area is well connected to major roads and highways, making it easily accessible from other parts of the city. It is an ideal area for real estate investment and an emerging sub-market for those who want to escape excessive noise of Accra. Get in touch with us to reserve your dream home today right here. Read also: The 9 Advantages Of Living In A Gated Community In Accra

Take Away

Are you Ghanaian in the diaspora or a foreigner national interested in Ghana real estate? Perhaps you are a busy person looking for real estate service provider in Accra Ghana to handle your real estate needs hands-off? Villashark’s one-stop-shop diaspora services has got you covered. Check out our services packages and choose the plan that best fit you. If you have any questions feel free to contact us.

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