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 Bank is followed at the 2nd position by Bank of Africa with 36.6 percent, the Royal Bank is the 3rd highest with 35.5 to 40.5 percent and Cal Bank the 4th highest with 35.3 percent.
Barclays Bank comes 5th with 35.1 to 39.1%, Ecobank 6th with 34.1 percent and Prudential Bank 7th with 33.6 percent.
The 8th highest interest on mortgage is offered by UT Bank at 33.1%, Sahel Sahara Bank 9th with 33.0 and FBN Ghana at 10th with 32.8 percent.
HFC Bank comes in at the 11th position with 31.1 percent followed by Stanbic Bank at the 12th position with 28.3 percent.
Bank of Baroda occupies the 13th position with interest rate on your home loans between 22.0 and 28.0 percent.
Meanwhile eighteen banks, according to the BoG report, do not offer mortgage loans.
They include; Access Bank, ADB, Energy Bank, First Atlantic Bank, Capital Bank, Fidelity Bank, First National Bank.
Others are; GN Bank, GT Bank, NIB, Omnibank, Sovereign Bank, Standard Chartered Bank, SG Bank, UBA, Universal Merchant Bank, Unibank and Zenith Bank.
By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana