For many average/middle-class people, owning a home they can call their own is a dream come true. Absa, in their endless desire to assist, has devised a fantastic loaning strategy that takes advantage of this characteristic. So, this program is designed to not only make their goal a reality but also to make the process of ownership as simple as possible.
Absa mortgage loan provides you with a variety of flexible solutions to help you realize your goal. Whether you plan to become a homeowner, a home builder, or are already a homeowner, there are possibilities for you.
About Absa bank Ghana
The Absa bank is owned by the Absa Group, and Absa loans are one of the services offered by Absa banks.
In Kenya, Ghana, Botswana, Mauritius, Tanzania, Seychelles, South Africa, Mozambique (Absa and National Bank of Commerce), Uganda, and Zambia, the Absa Group owns most bank shares. Also, they have offices in Namibia, Nigeria, the United Kingdom, and the United States, among other places. In addition, the company operates insurance businesses in Botswana, Kenya, Mozambique, South Africa, and Zambia.
Absa Mortgage loan
Owning your dream home has never been easier, faster, or more convenient. Absa can help you whether you’re buying a home, borrowing against the one you already own, or improving your present one.
What are the features of the Absa Mortgage loan?
The following are the features of the Mortgage loan:
- They offer up to 90% financing for home acquisitions and up to 70% financing for equity release and home improvement projects.
- The maximum debt service they provide is a 50% ratio.
- They can lend you up to GH₵5,000,000.00 depending on your salary and the value of the house you are buying.
- Also, they have a tenor ranging from 5 to 20 years.
- They offer property and credit life insurance, which pays out in the event of death, permanent disability, or retrenchment.
What are the requirements for the Absa Mortgage loan?
Before you can qualify to access Absa mortgage loan, there are some requirements you need to meet.
- Property should be located in Accra, Kumasi, and the surrounding areas.
- To qualify for a mortgage, you don’t have to bank with Absa (after approval, you will have to move your income or salary to Absa if you are not a customer yet).
- The maximum payback duration is 20 years or until the borrower reaches the age of 60, whichever comes first (dependent on the retirement age required by your employer).
What are the documents you need for the Absa Mortgage loan?
As a salaried employee or a professional (lawyers, doctors, etc.), you’ll need the following documents to apply for a mortgage:
- Current payslip
- Identity proof (national identification card, valid passport, or valid driver’s license)
When buying a house, they demand the following documents:
- An offer of sale from a vendor
- Land title certificate
- Deed of assignment
- Site plan
- Building permit
- Ground rent
- Consent to mortgage for leasehold (if applicable)
- Sale and purchase agreement.
For equity release and home renovation, you’ll need the following documents:
- The customer’s land title certificate
- Site plan
- Building permit
- They do not require a bill of quantity for a loan amount GH₵400,000 and below.
The Benefits of an Absa Mortgage loan
There are some benefits that come with Absa mortgage loans. They include:
- A 24.90 percent interest rate is in effect.
- For home purchases, they offer up to 90% financing, and for equity release and home improvements, they offer up to 70% financing.
- A maximum debt service ratio of 50% is available.
- We can lend you up to GH₵5,000,000 depending on your salary and the value of the house you’re buying.
- They have tenors ranging from 5 to 20 years.
- They provide property and credit life insurance, which covers death, permanent disability, and retrenchment.
- With an equity release loan, you can borrow against your home.
- Make home modifications and repairs with the help of a house loan.
- They can buy your mortgage from another financial institution if you have a home loan takeover.
Read also: How to get a loan from Absa bank Ghana
Putting up and managing financial resources to buy or develop a home can be quite difficult. Particularly for ordinary and middle-class people. Therefore, Absa Bank has put together the home loan because of this clear reality. With the primary goal of providing financial support to interested individuals, they must make their dreams a reality.