{
  "id": 5538202,
  "title": "Mortgage repayments and existing debts should not exceed 50% of income – Republic Bank",
  "url": "https://urgent.news/2026/09/04/mortgage-repayments-and-existing-debts-should-not-exceed-50-of-income",
  "topic": "world",
  "section": "World",
  "published": "2026-09-04T10:29:49.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/mortgage-repayments-and-existing-debts-should-not-exceed-50-of-income-republic-bank/"
  },
  "original_language": "en",
  "account": "Republic Bank Ghana has cautioned prospective homeowners that their mortgage repayments, along with existing debts, should not surpass 50% of their total income when evaluating their eligibility for a mortgage loan. Dan Adjetey Mohenu, the Head of Mortgage Banking and Customer Experience at Republic Bank, made these remarks during an interview on Joy FM’s Super Morning Show on Friday, September 4. Mr. Mohenu emphasized that the 50% limit encompasses all current liabilities, including personal loans and other financial commitments.\n\nFor example, if a customer currently has a personal loan accounting for 20% of their income, the bank would allocate only 30% of the remaining income for mortgage repayments. This assessment aims to ensure that customers can comfortably meet their financial obligations. Mohenu clarified that existing loans do not automatically disqualify customers from obtaining a mortgage. In cases where existing repayments make a customer ineligible, Republic Bank can explore refinancing options.\n\nRefinancing a personal loan could extend its repayment period, thereby reducing the monthly installments and providing borrowers with additional disposable income. Mohenu explained that Republic Bank offers mortgage facilities for up to 20 years, allowing customers to spread the repayment over a longer period and lower monthly payments. The bank does not impose a fixed minimum income requirement for mortgage applicants. Instead, applications are assessed based on the individual or household income of the applicant, and spouses and eligible family members can collaborate to strengthen the mortgage application. For instance, a parent applying jointly with a child in the final year of university could initially manage the mortgage payments while the child assumes responsibility after completing their education.\n\nRepublic Bank also welcomes self-employed individuals and business owners to apply for mortgage financing. The bank evaluates self-employed applicants’ financial records, including bank statements, bookkeeping records, and audited financial statements when available. Repayment arrangements can be customized based on the applicant’s cash flow, particularly for customers with irregular income, such as those receiving payments quarterly or bi-monthly.\n\nThe Republic Bank JoyNews Habitat Fair, an upcoming event, offers prospective homeowners an opportunity to engage directly with Republic Bank representatives to learn more about mortgage financing and other financial services. The mini clinic will take place from September 11 to 13 at Marina Mall, covering topics such as mortgages, credit cards, and Small and Medium-sized Enterprise (SME) services. Mr. Mohenu highlighted that Republic Bank has recently reduced its mortgage interest rates and encouraged prospective homeowners to attend the fair to explore the available financing options. The bank operates nationwide, including in Wa and Bolgatanga, and expressed optimism about a robust turnout at the event.",
  "summary": "Republic Bank Ghana has advised prospective homeowners to ensure that their mortgage repayments and existing financial obligations do not exceed 50 percent of their income.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}