The Republic Bank Home Improvement Mortgage is designed to assist applicants to undertake renovation and extension works on their existing houses. The loan can also be used to acquire fixtures of chattels for the home. The target group for this product are existing homeowners and companies with properties.
Description
The maximum term for this facility is 15 years for both cedi loan and foreign currency loan.
The applicant is to provide clear and undisputed title to the property, which must be duly registered.
| Resident Ghanaians | Non-Resident Ghanaians | |
| Maximum Loan | 50% of the value of the property and not exceeding the ceiling of USD 45,000 or its equivalent in Cedis | |
| 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 Fees |
1% of property open market value for stamp duty on title 0.5% of Loan amount for stamp duty on mortgage deed GHS 3,000 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 3,000 towards registration of title |