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 35.5 – 40.5 percent.
It topped the ten banks that offer mortgages to their customers.
Following the Royal Bank closely is Ecobank with an interest on mortgage at 34.1 percent.
It is followed in the third and fourth positions by Prudential Bank and Energy Bank with interest on mortgage loans at 33.6 and 33.3 percent.
Cal Bank continues to place fifth while offering mortgage with interests at 31.1 percent.
The sixth and seventh positions are occupied by Fidelity Bank and HFC Bank with interest on mortgage loans at 30.3 and 26.2percent.
Stanbic Bank and Bank of Baroda took the eighth and ninth tenth positions with interest on mortgage loans at 25.5 and 22.0-28.0 percent.
Twenty two banks, according to the BoG report, do not offer mortgage loans.
They include; Barclays Bank, Access Bank, ADB Bank, Bank of Africa, BSIC, First Atlantic Bank, FBN Bank GhanaFirst National Bank and GCB Bank.
The rest are; GN Bank, Guaranty Trust Bank, Heritage Bank, National Investment Bank, Omnibank, Premium Bank, Sovereign Bank, Standard Chartered Bank, Societe General, United Bank for Africa, Universal Merchant Bank, Unibank and Zenith Bank.
By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana