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

Republic Bank Ghana is set to host a mortgage clinic as part of the Republic Bank JoyNews Habitat Fair, offering prospective homeowners up to 100% financing for eligible applicants. Head of Mortgage Banking and Customer Experience Dan Adjetey Mohenu revealed that customers may only need to contribute additional funds if the bank's approved amount falls short of the property's purchase price. Mortgage repayment terms can extend up to 20 years, allowing for more manageable monthly payments.

The bank considers existing financial commitments when evaluating mortgage eligibility, with repayments and existing liabilities ideally not surpassing 50% of a customer's income. In cases where a personal loan restricts mortgage qualification, Republic Bank may refinance the loan to accommodate additional mortgage financing.

Mohenu emphasized that Republic Bank does not impose a minimum income requirement for mortgage applicants, instead assessing the overall financial position, including household income. Family members, including spouses and eligible relatives, can contribute to the applicants' income to strengthen mortgage applications, provided they meet the bank's criteria. Self-employed individuals and business owners are also eligible for mortgage loans, given they can substantiate their income through proper financial documentation.

The bank advises prospective homeowners to maintain a good credit history, as credit bureau records can impact their ability to secure financing. Republic Bank's mortgage services are accessible nationwide, and the bank encourages potential homeowners to contact its mortgage team early to understand eligibility and explore suitable financing options based on their unique financial circumstances.

The next Habitat Fair mini clinic, featuring Republic Bank's mortgage services, is scheduled for September 11 to 13 at Marina Mall.