[ 2017-10-11 ]

Cost of home loans drop to 30.6 %
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.

Source - citibsinessnews.com

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