This facility is designed to enable applicants who own homes or may have already invested in residential properties to release or take out the equity in those properties to build another property, renovate or improve a residential property. The target group for this product are existing homeowners and companies with properties.
Description
Loans shall not exceed a maximum of 80% of the forced sale value (FSV) of the property. The maximum term for this facility is 15 years for both cedi and foreign currency loans. There must be clear and undisputed title to the property. The title must be duly registered.
| Resident Ghanaians | Non-Resident Ghanaians | |
| Maximum Loan | 80% of forced sale value of the property or maximum loan amount. It is subject to customer’s credit profile (whichever is less) |
80% of forced sale value of the property or the maximum loan amount. It is subject to customer’s credit profile (whichever is less) |
| Maximum Term | 15 years | 15 years |
| Processing Fees | 1.5% of Loan Amount upon submission of application | 1.5% of Loan Amount upon submission of application |
| Facility Fees | 1.5% of Loan Amount upon acceptance of the offer | 1.5% of Loan Amount upon acceptance of the offer |
| Legal Fee |
1% of property open market value for stamp duty on title 0.5% of Loan amount for stamp duty on mortgage deed GHS 5,000 towards registration of title |
1% of property open market value for stamp duty on title 0.5% of Loan amount for stamp duty on mortgage deed GHS 5,000 towards registration of title |