The Republic Bank Home Completion Mortgage assists applicants to complete construction of their houses. The amount required from Republic Bank to complete the house must fall within the maximum loan.
Description
Loans shall not exceed 50% of the total cost of construction of the property and the property must have reached at least the lintel level. The maximum term for this facility is 15 years for both cedi and foreign currency loans.
Applicants are required to submit duly registered, clear and undisputed title to the property. A development permit, building permit and approved building plans are also necessary requirements.
The loan is disbursed in stages. Republic Bank will inspect the property after each stage of disbursement to ensure that the funds are utilised as agreed.
| Resident Ghanaians | Non-Resident Ghanaians | |
| Maximum Loan | Subject to customer’s credit profile | Subject to customer’s credit profile |
| Minimum Contribution | 50% of cost of construction and property must have reached lintel level. | 50% of cost of construction and property must have reached lintel level. |
| Maximum Term | 15 years | 15 years |
| Processing Fees | 1.5% of Loan Amount upon submission of application | 1.5% of Loan Amount upon submission of application |
| Facility Fees | 1.5% of Loan Amount upon acceptance of the offer | 1.5% of Loan Amount upon acceptance of the offer |
| Management Fees | 2.5% of property value | 2.5% of property value |
| Legal Fees |
1% of property open market value for stamp duty on title 0.5% of Loan amount for stamp duty on mortgage deed GHS 3,000 towards registration of title |
1% of property open market value for stamp duty on title 0.5% of Loan amount for stamp duty on mortgage deed GHS 3,000 towards registration of title |