How to get a mortgage loan from CalBank

How to get a mortgage loan from CalBank 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 CalBank.

About CalBank Mortga

CalBank offers a home financing service known as CalBank Mortgage or simply CAL Mortgage. It is a retail product tailored to meet the mortgage needs of clients. Qualified clients can access loans to get their preferred homes. However, designed CalBank Mortgage to assist people in purchasing homes. Because of this, eligible consumers can get loans to purchase the homes of their dreams. CalBank Mortgage is a retail product that helps to fulfill their clients’ mortgage needs. Because of this, clients can also use it to complete a home, improve a home, or release equity.

What are the Mortgage Products of CalBank?

CalBank doesn’t offer products in the same sense as other mortgage lenders. Regardless of your need for the loan, so long as it is property, the terms are the same with very few variations.

The only noticeable variation is for the Home Completion package, which requires that the property should be at lintel level for them to consider it. And you should back it up by a land Title Certificate with a tenure of 5 to 15 years. They offer:

1. Home Purchase
2. Home Completion
3. A Home Improvement
4. Equity Release

What are the features of CalBank Mortgage Loan?

The features of CalBank Mortgage Loan are:

1. For them to consider it for Home completion. The property must be at lintel level and you must support it by a land title certificate. Besides that, you must complete it within a 5 to 15-year period.
2. Debt Burden: Not over 45% of net income.
3. Maximum Facility Limit: 85% of the value of property.
4. Repayment: Annuity payment
5. Access to dedicated relation officers to handle all activities in relation to the mortgage facility.
6. Available funding for the purchase or completion of your dream home.
7. It has customizable terms and conditions.
8. You can easily access qualified and professional valuers.
9. You will have the flexibility to purchase your building from a real estate company you prefer.
10. The insurance policies are easy to access to secure the facility.
11. There are competitive charges and so on.

What is the eligibility for CalBank Mortgage Loan?

The eligibility for CalBank Mortgage Loan includes:

1. As an income earner, you must be 21 to 55 years old.

What are the requirements for CalBank Mortgage Loan?

The following are the requirements for CalBank Mortgage Loan:

1. Get a CalBank Mortgage Application that is complete and signed.
2. Get an offer letter from a real estate developer or vendor for a home purchase mortgage.
3. Identification:
   • 1 Passport Size Photograph i.e 1 each for joint Applicants.
   • A power of attorney for non-resident Ghanaians, NRG. A notary public must witness it.
   • Provide a valid national identification card which could be; voters, national ID, passport, driver’s licence.
4. Income verification:
   • Get a confirmation of your income and employment from your employers.
   • Provide the latest six (6) months’ salary slips/pay which shows all deductions.
   • For self-employed applicants: Recent 3 years certified audited accounts or recent 3 years copies of your income tax returns for NRG.
   • For self-employed applicants: Provide your business profile, registration and certificate to start a business. 
   • Your bank statements.
5. Credit History
   • Your credit report from a recognized credit bureau or credit reporting agency for NRG.
   • Your bank statements for at least six months.
6. Down Payment
   • Make a minimum deposit or down payment for Home Purchase Mortgage Loan.
7. Other Documents
   • The Valuers CalBank recommends will create a valuation report for Home Equity Release Mortgage, Home Completion Mortgage or if buying from a private vendor.
   • Proof that a developer has registered title to the property.
   • Show evidence that the developer has taken insurance for work in progress.
   • You will clear land title documents with copies of the site plan.
   • If you are a foreigner, attach a contract, work permit and resident permit.
8. Pre-Disbursement Conditions:
   • The developer will get cheques directly.
   • The bank will write to the developer and arrange for a document swap on the spot with direct payment.
   • Proof of a life insurance policy with the bank as the loss payee.
9. Post Disbursement Conditions:
   • You have to insure the property with a bank they noted as a loss payee.
   • Provide ground rent and property rate
10. Security:
    • You have to place a mortgage on property you will purchase.
    • Personal guarantee of applicant.
11. CalBank’s designated valuers include:
    • Valuation and Appraisal Consult
    • Assenta Properties
    • Valuation and Investment Associates.

Are there limits for CalBank Mortgage Facilities?

There are age limits for accessing CalBank’s mortgage facilities. These are minimum 21 years and maximum 55 years. Also, the maximum facility limit anyone can receive is up to 85% of the value of the intended property. They do repayments in annuity, i.e. a fixed amount paid annually. The repayment cannot be over 45% of the beneficiary’s net income.

What are the contact details of CalBank?

For more enquiries you can contact CalBank with:

1. Address: 23 Independence Avenue, P.O.Box 14596 Accra, Ghana.
2. Phone: +233302680062, +233302680063, +233302680065, +233302680079 +233800500500.
3. Website: https://calbank.net/
4. customercare@calbank.net

Conclusion

However, after getting the loans, ensure you use them appropriately to ease your financial burden. Besides that, ensure you comply with the terms of the loan because your lender will be eager to lend you more in the future. Again, prompt repayment of loans normally improves your credit score. Consequently, credit bureaus in Ghana will have you in their good books.

Other related articles:

Mortgage loans – meaning, types, and how to apply

Complete list of mortgage companies in Ghana

How To Get A Home Loan Or Mortgage In Ghana