Republic Bank to offer up to 100% mortgage financing at JoyNews Habitat Fair clinic.

Republic Bank Ghana is set to offer prospective homeowners the opportunity to secure up to 100% mortgage financing at the second clinic of the Republic Bank JoyNews Habitat Fair. The event aims to assist Ghanaians in understanding the various financing options available to them as they seek to purchase homes. Dan Adjetey Mohenu, Head of Mortgage Banking and Customer Experience at Republic Bank, revealed during a recent interview on Joy FM’s Super Morning Show that qualified applicants could potentially receive mortgage financing that covers the entire cost of a property.

However, if the approved loan amount falls short of the property’s purchase price, customers would be required to contribute the remaining funds. The bank’s mortgage facility could be extended over a period of up to 20 years, enabling customers to spread their repayments over a longer duration. Republic Bank takes into account a customer’s existing financial commitments when determining their eligibility for a mortgage.

The bank’s assessment typically considers that mortgage repayments, along with existing liabilities, should not exceed 50% of a customer’s income. In cases where an existing personal loan limits a customer’s mortgage eligibility, Republic Bank may consider refinancing the loan to provide additional room for mortgage financing. Unlike some financial institutions, Republic Bank does not impose a fixed minimum income requirement for mortgage applicants.

Instead, the bank evaluates an applicant’s overall financial position, taking into account household income. Spouses and certain eligible family members can combine their incomes to strengthen mortgage applications, as long as they meet the bank’s requirements. Self-employed individuals and business owners are also eligible to apply for mortgage financing, provided they can substantiate their income through appropriate financial documentation.

Mr. Mohenu emphasized the importance of maintaining a good credit history, as borrowers’ credit records are recorded by credit bureaus and can impact their ability to secure financing. The next Republic Bank JoyNews Habitat Fair mini clinic is scheduled to take place from September 11 to 13 at Marina Mall. During the clinic, prospective homeowners will have the opportunity to gather more information about mortgage financing and other essential aspects of homeownership.

Republic Bank’s mortgage services are accessible nationwide, and the bank encourages prospective homeowners to consult with its mortgage team to determine suitable financing options based on their unique financial circumstances.