How to get a mortgage loan from First National Bank Ghana shouldn’t bother you anymore. First National Bank has several mortgage loan products that will serve you the deal that could suit your needs. They designed their mortgage loan products to meet their customers’ varying financial capacities. This article will put you through how to get a mortgage loan from First National Bank Ghana.
About First National Bank Ghana
After acquiring GHL Bank, First National Bank (FNB) has become Ghana’s top mortgage lender. In fact, the bank’s principal business is house finance. According to a survey by Housing Finance Africa, First National Bank is the industry’s key player and market leader, with around 50% of the market share.
What are the Mortgage Products by First National Bank?
Property insurance and about 11 different mortgage products are what First National Bank offers collectively. We break down 5 key ones:
1. Purchase Mortgages (First Time, 100% & Buy-to-Let)
The First Time Purchase mortgage product’s principle is simple: choose your dream property and FN Bank will take care of the rest. The key requirements are that the property be a residence, that you have acceptable proof of ownership, and that you can repay the entire loan amount before your 60th birthday.
With this program, you can get up to 80% of the cost of your dream home (maximum GH₵1.6 million). This entails putting down a 20% security deposit. You have up to 15 years to repay your loan, with dollar loans taking 15 years and cedi loans taking 10 years. This loan also comes with insurance coverage.
The 100% Purchase Mortgage they offer is a significantly different instrument. You don’t have to put down any money and can get complete financing for your dream home. The maximum sum is still GH₵1.6 million. The Buy-to-Let purchase mortgage is another similar product. If you currently own a home and want to buy another to rent it out to renters, then Buy-To-Let Mortgage is for you. Smart investors should take advantage of this opportunity because it’s a terrific method to pay off your mortgage quickly and without stress.
2. Land Purchase Mortgage
Buying a home is wonderful, but sometimes it’s the land that you’re after. This product is for customers who require a loan to purchase serviced residential plots. Once you have land that is served (mapping road network, water, and electricity) and allocated for residential purposes, you can apply for this financing. You have 3–5 years to repay the loan and must make monthly payments equal to no over 40% of your net income.
The maximum loan amount you can get is up to 80% of the value of the land you want to buy. For cedi loans, the minimum loan amount is GH5,000.00, while for dollar loans, the minimum loan amount is $10,000.00. Applicants must be able to repay the loan before their 60th birthday, like with all of FN Bank’s other products. They require a registered indenture or land title certificate.
3. Home Improvement & Completion Mortgages
Existing homeowners can use these products to either finish a dream home that has been stalled while building is underway. Or to renovate and/or upgrade a home that they have completed but needs some work.
They designed the Home Completion Mortgage to assist with the completion of a home that has already begun construction. First National Bank will assist in the purchase of roofing materials, windows, doors, tiles, and other finishing supplies. Debt Burden- Customers shouldn’t spend net income above 40% on debt. Repayment – Customers would make repayment on a monthly basis.
Home Improvement Mortgage, the purpose of the mortgage, however, is to repair or extend an existing home. On both options, you have between 10 and 15 years to repay the debt.They repay loan amounts on a monthly basis and limited to 40% of the beneficiary’s net income.
4. Home Construction Mortgage
The first step in creating your ideal home is to purchase land. If you’re short on cash but have land ready to build on, this loan can help. The terms of this loan are identical to those of the others. You have between 10 & 15 years to pay back; they pay loan back in fixed monthly instalments and it will not be over 40% of your net income.
5. Save-to-Own Mortgage
Mortgages are more difficult to get for self-employed Ghanaians than for salaried workers. The Save-to-Own Mortgage from First National Bank comes to the rescue in this situation. They designed this product for Ghanaians who are self-employed and do not have a consistent source of income or all of the funds required to put down a down payment on a home.
This is more of a goal-setting tool than a mortgage product. It’s like to a typical savings account, but with a clearer goal: to acquire real estate. After making consistent payments for up to 12–24 months, you will be eligible for a mortgage loan. Consider it as the non-salaried worker’s loan qualifiers. Non-salaried homebuyers can use this to take the first steps toward homeownership by addressing it one step at a time.
Equity Release Mortgage, Refinance Mortgage, and Quick Cash are some of the other mortgage products offered by FN Bank. These mortgage programs have interest rates that are around 30% per year. These are the fundamental features of a mortgage.
In order to qualify easily for these things, one must earn an average of GH5,000 each month.
What are the requirements for First National Bank mortgage loans?
There are some requirements that you must meet in order to get a mortgage loan from First National Bank Ghana. They include:
- A copy of your valid identity document.
- Get your latest 3 months bank statement.
- Provide your latest 6 months bank statement if you’re not banking with First National Bank Ghana.
- If you’re employed, get an introduction letter from your employer.
- If applicable, get your marriage certificate.
- The details of the property you want to buy with duly signed ‘Offer to Purchase.’
- These requirements are for you and your co-applicant wherever it’s applicable.
How can I apply for a First National Bank mortgage loan?
You must apply to access any loan offer. There are things you must do in order to apply for this mortgage loan. They include:
- From the list of requirements above, you can easily apply for a mortgage loan by emailing complete mortgage forms to email@example.com
- You can visit any of their branches in your locality and request a mortgage loan. Their representative will guide you on how to apply.
What are the contact details of First National Bank Ghana?
For more enquiries about any of their products and services, you can reach them through:
- Telephone: +23 324 243 5050, 0800 770 522
- Fax Number: +23 324 243 5202
- Email: firstname.lastname@example.org
- Head Office Postal Address: First National Bank Ghana Limited PO Box TU23, Accra, Ghana.
- Physical address: 6th Floor Accra Financial Centre Cnr of Independence and Liberia Ave Ridge Ghana.
- Digital Address: GA-107-2442.
There is nothing as comforting as coming back home after a tedious day’s work with a peaceful shelter over your head that’s yours. You would have fewer issues to worry about when you compare your privacy with that of people in a shared apartment. Having seen how to get a mortgage loan from First National Bank Ghana, it’s now left for you to decide. You have several mortgage products you can choose from and get your dream house. However, ensure you can always repay any form of loan before getting it as it will improve your credit score. This is because failure to repay your loan would make credit bureaus in Ghana to blacklist you.