The Republic Bank Home Improvement Mortgage is designed to assist applicants to undertake renovation and extension works on their existing houses. The loan can also be used to acquire fixtures of chattels for the home. The target group for this product are existing homeowners and companies with properties.
Description
The maximum term for this facility is 15 years for both cedi loan and foreign currency loan.
The applicant is to provide clear and undisputed title to the property, which must be duly registered.
| Resident Ghanaians | Non-Resident Ghanaians | |
| Maximum Loan | 50% of the value of the property and not exceeding the ceiling of USD 45,000 or its equivalent in Cedis | |
| Maximum Term | 15 years | 15 years |
| Processing Fee | 1.5% of proposed loan | USD250 /GBP150 |
| Facility Fee | Nil | 1% of proposed loan |
| Legal Fee (Towards registration of legal documentation) | 0.5% of loan amount for stamp duty on Mortgage Deed and GH¢600 towards registration on the title (if document is already registered, if not GH¢1,500.00 toward registration on the title). | 0.5% of loan amount for stamp duty on Mortgage Deed and GH¢600 towards registration on the title (if document is already registered, if not GH¢1,500.00 toward registration on the title). |