How to get a mortgage loan from Fidelity Bank Ghana could be what you should assess. Especially if you want to move from your current home. There is always a time when you could really need a new environment and see fresh faces. And preferably have a home you would call yours. Therefore, in order to actualize the above, you could consider getting a mortgage loan from a credit bank in Ghana. This is because paying off a mortgage from your salary would be too much for you as you would need to cater to other financial obligations. So, getting a mortgage loan from a credible bank best makes sense.
As you read along, you’ll see how to get a mortgage loan from Fidelity Bank, Ghana.
About Fidelity Bank Mortgage
Fidelity Bank is a locally based financial organization that provides a variety of services such as Investment Banking, Personal Banking, and Mortgages. The bank offers mortgage options that are like those offered by other lenders in the country.
However, to be eligible for a Fidelity Bank mortgage, you must have been a customer for three months. You can borrow as little as $20,000 (or its cedi equivalent) and as much as GH₵400,000.
Besides that, loans might last anywhere from 5 to 20 years. The bank may cover up to 80% of the property’s entire worth. This means that recipients must put down a 20% security deposit. To qualify for a Fidelity mortgage loan, you must be between the ages of 21 and 55.
According to Fidelity’s customer service, they prefer Greater Accra properties, with Kumasi and Takoradi properties coming in second and third.
What are the mortgage products of Fidelity Bank Ghana?
Fidelity Bank Ghana offers some mortgage loan products for their customers. They include:
1. Home Purchase/Finance
This product helps to assist you purchase Turnkey Residential properties for personal use or investment purposes.
It has the following features:
- Exclusive discounts from our developer partners.
- Getting long-term financing to purchase a home.
- Loans of up to 80% of the property’s open market value are available.
- Borrowing rates that are competitive.
- Repayment lengths of up to 20 years are available.
- A debt-to-service ratio of up to 50% is possible.
It has the following requirements:
- Work for any Fidelity profiled organization or for self-employed consumers with reliable income streams they can verify.
- Employed for a period of more than a year and confirmed.
- By the end of the loan term, you must be over the age of 21 and under the age of 60.
- The employer’s letter of commitment.
- Payslips from the previous three months.
- A valid national identification card.
- The property’s title documentation (Land Title Certificate)
- FBL-recommended valuer/quantity surveyor’s valuation report.
- Vendor’s letter of offer.
- Proof of a minimum 20% down payment or equity contribution toward the property’s buying price.
- Mortgage life insurance, with FBGLs as the primary loss payee, covers the entire loan amount.
- Clean credit bureau search.
Read also: Complete list of mortgage companies in Ghana
2. Home Equity
This product will assist you in wealth creation or to meet your personal cash needs by unlocking the value of your existing property.
This product has the following features:
- It brings an opportunity to unlock the value of property to meet financial needs.
- Loan amounts of up to 70% Open Market Value of property.
- Competitive interest rates on borrowings.
- There is a flexible repayment term of up to 20 years.
- Debt Service ratio of up to 50%.
It has the following requirements:
- Work for any Fidelity profiled organization or for self-employed consumers with reliable income streams they can verify.
- Employed for a period of more than a year and confirmed.
- By the end of the loan term, you must be over the age of 21 and under the age of 60.
- The employer’s letter of commitment.
- Payslips from the previous three months.
- Documents proving ownership of the property with a valid national ID (Land Title Certificate)
- FBL-recommended valuer/quantity valuation report.
- Hazard or Allied Perils Insurance coverage on the mortgaged property against fire and other allied perils/natural catastrophes, with FBGL as Primary Loss Payee, to cover the Open Market value.
- Mortgage life insurance, with FBGL as the primary loss payee, covers the entire loan amount.
- The Credit Bureau search has to be clean.
3. Home Completion
This product will assist you in purchasing and completing your dream home. Especially from their list of developers to your own specification and taste.
Fidelity Bank Ghana designed this product to have the following features:
- They permit only Shell finished dwellings from certified FBGL Developers. They must finish the shell property within 12 months of the facility’s payout date.
- Loans of up to 80% of the sale price of the Shell House property. Or the Bill of Quantities to complete the Shell House are available.
- Borrowing rates that are competitive.
- Repayment lengths of up to 20 years are available.
- A debt-to-service ratio of up to 50% is possible.
Read also: Ghana home loans
The following are the requirements:
- Work for any Fidelity profiled organization or for self-employed consumers with reliable income streams they can verify.
- Employed for a period of more than a year and confirmed.
- By the end of the loan term, you must be over the age of 21 and under the age of 60.
- The employer’s letter of commitment.
- Payslips from the previous three months.
- a valid national identification card.
- The property’s title documentation (Land Title Certificate)
- From an FBGL recommended value, Bill of Quantities, Building Plan, and Building Permit.
- Construction timetable, estimates, and financing plan for shell property completion within 24 months after facility disbursement to vendor.
- Plans, 3D impressions, and architectural drawings.
- There’s should be an insurance policy for hazard or allied perils on the mortgaged property against fire disasters. This has to cover the Open Market value with FBGL as Primary Loss Payee.
- Mortgage Life insurance covering the total loan amount with FBGL as Primary Loss Payee.
- Clean search on Credit Bureau.
- You should submit a contract between the Building Contractor and the Mortgagor.
- The contractor must provide a Certificate of Classification from the Ministry of Water Resources, Works, and Housing.
- You’ll have to submit a Building Permit from the Metropolitan/ Municipal Assembly.
- They require supporting documents confirming the contractor’s track record and ability to execute similar projects.
4. Home Improvement
This home improvement product helps to assist you in funding additions and improvements to an existing property.
Their home improvement product offers the following features:
- It has up to 70% of the Bill of Quantities or you can borrow Pro forma Invoice.
- You must complete property improvements within 6 months of the facility’s disbursement.
- Borrowing rates that are competitive.
- Repayment lengths of up to 20 years are available.
- A debt-to-service ratio of up to 50% is possible.
Related: Mortgage Loans
It has the following requirements:
- Work for any Fidelity profiled organization or for self-employed consumers with reliable income streams they can verify.
- Employed for a period of more than a year and confirmed
- By the end of the loan term, you must be over the age of 21 and under the age of 60.
- The employer’s letter of commitment
- The previous three months payslips
- Documents proving ownership of the property with a valid national ID (Land Certificate)
- An FBGL recommended valuer will provide a bill of quantities, a building plan, and a building permit.
- Construction timeline, estimates, and financing strategy to finish property improvement within 6 months after facility disbursement to vendor architecture drawings, and 3D impression
- Hazard or Allied Perils Insurance coverage on the mortgaged property against fire and other allied perils/natural disasters, with FBGL as Primary Loss Payee, to cover the open market value.
- Mortgage life insurance, with FBGL as the primary loss payee, covers the entire loan amount.
- Clean credit bureau search.
- Submit a contract between the building contractor and the mortgagor.
- The Metropolitan/ Municipal Assembly must issue a building permit.
- The contractor must provide supporting documents showing his or her track record and competence to complete similar projects.
5. Serviced Plot Finance
They designed this product to help Fidelity customers gain/purchase serviced land in well-served, secure places. To build a private dwelling. The product HELPS in the construction of your dream home at your own speed.
Related: How to get a loan from Fidelity Bank Ghana
It has the following features:
- Our partner developers provide exclusive deals and savings for you.
- Getting a serviced plot to build your dream home is a simple process.
- You’ll have a repayment term of up to 72 months.
- Affordability of a Home Completion Loan (from lentil level).
- Increase your chances of owning land in a desirable location.
- Facility fee that is reasonably priced.
- 45% installment to income ratio.
- Loan Amount: US$8,000 minimum, US$60,000 maximum (or GHs equivalent)
- Prestige Banking clients can get up to US$200,000 in cash.
It has the following requirements:
- The candidate must work for a Profiled Organization as a salaried employee.
- FBGL employees that have worked for the company for at least three years permanently.
- They require a minimum salary reduction of one month, as well as a six-month account statement.
- Those who have a valid work and residency permit.
- 30 year’s mini lease term on a serviced plot.
- Monthly equal installments are the repayment mode.
- They require a 20% equity contribution.
- Employment duration (minimum): 6 months and confirmed.
- It is necessary to provide proof of prior confirmation.
- Over serviced plots for sale, the property/estate developer must hold a Land Title Certificate.
- A GREDA member in good standing must be a property/estate developer.
- Employer’s letter of commitment (attached in the Facility application form)
- Pay stubs over the previous three months.
- Last six months’ account statement (from the previous bank)
- Invoice from an estate developer who is on Fidelity Bank’s list of approved real estate developers.
- Offer original title documents (Registered Land Title Certificate) as security on the Serviced Plot.
- Fidelity Bank keeps the signed transfer land title deed.
- Guarantor(s) must provide a photocopy of their valid National Identification (passport, driver’s license, voter’s registration card), which you must validate as an accurate image of the guarantor.
- One passport-size photo.
- Fidelity Bank Ghana Limited to receive a consent letter to mortgage land.
What are the contact details of Fidelity Bank Ghana?
To contact the bank’s customer service, for more enquiries on their loan or other products. You can do that through:
- Head office address: 1st to 4th Floor, Ridge Towers, Ambassadorial Enclave, Ridge, Accra, Ghana.
- Phone number: +233302214490
- WhatsApp number +233577735745.
Conclusion
However, once you’ve received the loans, make sure you put them to good use to relieve your financial situation. Besides that, ensure you comply with the terms of the mortgage loan from Fidelity Bank, Ghana. This is because they will be eager to lend you more in the future. Once again, timely loan repayment improves your credit score. Consequently, credit bureaus in Ghana will have you in their good books.
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