Ghana news briefing
Mortgage repayments and existing debts should not exceed 50% of income – Republic Bank
Republic Bank Ghana has advised prospective homeowners that their mortgage repayments, together with existing financial obligations, should generally not exceed 50 per cent of their income when assessing their ability to qualify for a mortgage.
He said, for instance, that if a customer already has a personal loan taking up 20 per cent of their income, the bank would ordinarily have about 30 per cent remaining for the mortgage repayment when assessing affordability.
Mr Mohenu said the clinic would allow prospective homeowners to engage directly with Republic Bank officials on mortgage financing and other financial services.
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