Republic Bank Ghana will provide prospective homeowners with information on its mortgage financing options, including up to 100 per cent financing for qualified customers, at the second clinic of the Republic Bank JoyNews Habitat Fair.

The clinic is aimed at helping Ghanaians better understand the financing options available to them as they seek to acquire homes.

Speaking on Joy FM’s Super Morning Show on Friday, September 4, Head of Mortgage Banking and Customer Experience at Republic Bank, Dan Adjetey Mohenu, said qualified applicants could secure mortgage financing covering the full cost of a property.

“At Republic Bank, we are looking at 100% financing once you qualify,” he said.

Mr Mohenu explained that customers would only be required to provide additional funds if the amount approved by the bank falls short of the property's purchase price.

He said Republic Bank’s mortgage facility could run for up to 20 years, allowing customers to spread repayments over a longer period.

Existing loans affect mortgage eligibility.

Mr Mohenu said the bank considers a customer’s existing financial commitments when determining how much they can borrow.

Generally, mortgage repayments together with existing liabilities should not exceed 50 per cent of a customer’s income.

“If you have a personal loan and you are being deducted, say, 20 percent, the gap I have now to grant you the mortgage is 30 percent,” he explained.

He added that where an existing personal loan limits a customer’s ability to qualify for a mortgage, Republic Bank could consider refinancing the loan to create additional room for mortgage financing.

No fixed minimum income requirement

Mr Mohenu also clarified that Republic Bank does not have a fixed minimum income requirement for customers seeking mortgage financing.

Instead, the bank assesses an applicant’s overall financial position, including household income.

He said spouses and certain eligible family members could combine their incomes to strengthen their mortgage applications, subject to the bank’s requirements.

Self-employed persons and business owners are also eligible to apply, provided they can demonstrate their income through appropriate financial records.

Good credit history important

Mr Mohenu urged prospective homeowners to maintain good credit records, stressing that customers’ borrowing and repayment histories are captured by credit bureaus and may influence their ability to access financing.

He encouraged Ghanaians interested in homeownership to engage with the bank early to understand their eligibility and explore suitable financing options.

Habitat Fair clinic

The next Republic Bank JoyNews Habitat Fair mini clinic is scheduled for September 11 to 13 at Marina Mall.

The clinic will allow prospective homeowners to obtain further information on mortgage financing and other aspects of homeownership.

Republic Bank’s mortgage services are available nationwide, and the bank is encouraging prospective homeowners to engage its mortgage team to determine suitable financing options based on their individual financial circumstances.