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Tag Archives: mortgage

HFC Bank upbeat of competition in mortgage offers

Anthony Jordan HFC 1

HFC Bank has ruled out any fears of losing to competition in the mortgage industry with the coming on board of GHL Bank. Managing Director of HFC Bank, Anthony Jordan explains that the vast housing needs of customers make it necessary for more players to come on board to address the issue. Considered as one of the leading mortgage centered ...

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GHL Bank eyes top 5 banks’ slot by 2020

GHL 1

GHL Bank has stressed that its strategy will dwell on providing competitive banking services to meet clients’ needs. The former mortgage company is seeking to assume a slot among the top 5 banks within the next five years. GHL bank becomes the 35th bank in Ghana. The Board Chairman for GHL Bank, Albert Essien gave the assurances at the inauguration ...

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Cost of home loans drop to 30.6 %

HOUSES

The average interest rate on mortgage loans offered by commercial banks has dropped to 30.6 percent as at August 2017. This is down from the 31.2 percent recorded in July 2017. According to the Bank of Ghana (BoG)’s Annual Percentage Rate (APR) and Average Interest (AI) report, the Royal Bank now offers the highest interest on mortgages which is between ...

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Banks reduce mortgage loans over high NPLs – BoG

bog microfinance

Banks have begun tightening their stance on mortgages due to the rise in their Non-Performing Loans (NPLs). At least according to the Bank of Ghana’s latest banking sector report, the commercial banks decreased their loans for house purchases by some two percentage points from 8 to 5 percent as at June this year. The position by the commercial banks according ...

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Average mortgage rate stays at 33.1%; Bank of Africa offers highest

housing

The average interest rate for mortgage loans among commercial banks remained at 33.1% as previously recorded in June. According to the Bank of Ghana’s Annual Percentage Rate (APR)and Average Interest (AI) report, Bank of Africa still offers the highest interest on mortgages at 36.6 percent. Bank of Baroda however offers the lowest interest on mortgage loans with interest rates between ...

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Average mortgage interest increases to 33.8% in March

HOUSES

The average interest rate for mortgage loans among commercial banks reached 33.8 percent in March 2017. The figure recorded a 2 percent increase as compared to the 33.6 percent recorded at the end of February 2017. According to the Bank of Ghana’s Annual Percentage and Average Interest report, GCB Bank still offers the highest interest on mortgages at 40.3 percent. GCB ...

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Average interest on mortgages is 33.6 percent – BoG report

house

The average interest rate for home loans among commercial banks is 33.6 percent. The figure which is according to the Bank of Ghana’s Annual Percentage and Average Interest report, indicates a marginal increase compared to the 33.3 percent recorded as at the end of January 2017. According to the report, GCB Bank offers the highest interest on mortgages. Potential home ...

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Funding mortgages: NPRA to allow Tier 2&3 funds by end of year

HOUSES

The National Pensions Regulatory Authority (NPRA) has disclosed to Citi Business News that workers should be able to access mortgage loans with their tier 2 and 3 pension benefits by the end of this year. It follows numerous reservations by some players in the mortgage industry that the Authority has not worked satisfactorily to get mortgage loans for some Ghanaian ...

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Mortgage houses dismiss report on low demand for home loans

house

Information available to Citi Business News indicate that demand for home loans from mortgage houses has not declined despite a drop in home loan application from commercial banks. Though the mortgage houses admit not all applications may be granted at any particular point in time, they contend demand is still satisfactory. “There is a demand side and a supply side ...

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Banks blame economy for drop in demand for home loans

home

Banks, offering mortgage loans, have blamed the general slowdown in economic activities and a weak purchasing power among Ghanaians, as reasons accounting for the decline in the demand for mortgage loans. They argue, the development has also increased the cost of mortgages making it unattractive to prospective home buyers. The assertions come on the back of a recent Bank of ...

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