Before Applying for a home Loan

Prior to applying for a mortgage loan

Before you apply for a mortgage, what should you do? Calculate how much you can realistically afford. It will pay off your mortgage if you die before the loan ends. You need a decision in principle (DIP) before you apply for a mortgage and often before you make an offer for a property.


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The majority of bankers provide mortgages, but each has its own needs. In order to buy a home in Ghana, the following conditions are required for people residing in Ghana and people residing abroad: 2 years employment agreement, you are eligible for a Ghana Home Loans Mortgages if you fulfill certain conditions:

Potential borrower are checked for their entitlement to advertise their favourite products. Potential candidates must be at least eighteen years old and no older than 65 years of age. 2. It is important that the duration of the hypothec does not exceed the pensionable lifetime of the claimant. If you are over 55, please be aware that potential candidates should make sure they can take out a 15-year term policy before applying for a home loan.

Aim of the loan: The loan must be used for both: ii ) Refinancing / rescheduling of an outstanding private mortgages. Financing the qualification of income: The applicant must prove his total salary by means of an Employment Agreement, Fiscal Return and the latest Salary Statements. As a rule, variables such as extra hours, bonus payments and bonus payments are not regarded as part of one' s own salary.

Independent candidates must submit a profit and loss account drawn up by a certified bookkeeper. That should be underpinned by historic information on banking account balances in order to substantiate the reported revenue. Claimants for job security must be able to produce proof of work for a minimum of three years.

Candidates who do not have official work should demonstrate sufficient proof of their capability to maintain the stated earnings levels. Capability to service the loan. Claimants should be able to supply full and precise information on their pecuniary liabilities and obligations. As a rule, the applicant's duty under the contract may not be higher than 40% of his total salary.

Should the claimant have other outstanding mortgages, the combined amount of the loan and other mortgages may not be more than 60% of his/her total earnings. Potential home purchasers are obliged to pay at least 10-25% of the value of the real estate. Borrowers must prove this amount at the moment of applying and pay it into a specific bank before paying out the loan.

The Ghana Home Loans must satisfy themselves that the claimant has a good solvency before the loan is made. You must secure the hypothec by an unsecured real estate or leased item. For leased real estate, the residual duration of the rental agreement must be at least 10 years longer than the due date of the mortgages.

If Ghana Home Loans is convinced, however, that an executable renewal right is feasible for the tenant, the renewal period will be taken into consideration when calculating the life of the loan. An assessment from an expert accepted by Ghana Home Loans, with a date not less than three month before the date of submission of the request, should be made.

As soon as a purchasing purchase has been decided, the buyer should use the assistance of an expert authorised by Ghana Home Loans to draw up a report on the assessment of the real estate on his name. The Ghana Home Loans may allow the borrower to make the assessment after receiving the first loan authorisation.

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