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Banks with top three highest mortgage loans

The latest Annual Percentage Rate (APR) and Average Interest (AI) report by the Bank of Ghana has shown that GCB Bank offers the highest interest on mortgages as at the end of February. Potential home buyers would be charged as much as 40.3 percent on loans they contract from the bank. Meanwhile Bank of Baroda will offer you the lowest interest rate on your home loans as you will be charged between 24.5 and 28.8 percent. The infograph below gives the top three high offering interests on…
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How to decide between building and taking a mortgage

There are generally four ways by which people in Ghana acquire property. They can inherit it, build it, buy it straight out or acquire it by taking a mortgage. Since not everyone has the fortune of inheriting property and very few people in Ghana can afford to buy property outright, this article will focus on building and acquiring property by taking a mortgage. Building a property is arguably the most popular way through which Ghanaians acquire property. The building is usually completed over…
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How to obtain a loan in Ghana

Any act which involves giving out money, an asset or goods of which repayment (or payment) is expected to be made with an interest charge at a later date can be classified as a loan. The act of giving out money to be paid later with interest is regulated by the Bank of Ghana. The two main types of loans are secured loans and unsecured loans. Secured loans are loans backed by a collateral security and unsecured loans are those not backed by collateral. Commercial banks, microfinance companies and…