Table of Contents
Introduction
Buying a home can be a long and frustrating process. Getting the loan to purchase your house can be hard, too.
But if you read this article, then you will be able to get the mortgage you need and buy your home in next to no time.
This post will give you some information on how to purchase a house with CalBank mortgage.
What is CalBank Mortgage?
CalBank Mortgage is a retail product tailored to meet the mortgage needs of their clients.
Qualified clients have the opportunity to access loans to acquire their preferred homes.
It can also be accessed for Home Completion, Home Improvement and Equity Release.
What does this loan have to offer?
The purpose of the CalBank Mortgage is to assist individuals to acquire homes.
For Home Completion, the property should be at lintel level in order to be considered, (this should be backed by a land Title Certificate) within a tenure of 5 to 15 years.
Also, below are the offers associated with this product.
- Debt Burden: Not more than 45% of net income.
- Maximum Facility Limit: 85% of the value of property.
- Repayment: Annuity payment
- Access to dedicated relation officers to handle all activities in relation to mortgage facility.
- Available funds to purchase your dream home or complete your dream house.
- Flexible terms and conditions.
- Easy access to qualified and professional valuers.
- Flexibility to purchase your building from a preferred real estate company.
- Easy access to insurance policies to secure the facility.
- Competitive charges etc.
What is the eligibility of CalBank’s mortgage?
CalBank mortgage is only available for income earners aged 21 to 55 years.
To be eligible for CalBank Mortgage, the applicant must be an income earner and must be at the Age of 21 up to 55 years of age.
CalBank Mortgage Requirements?
Once you are certain that you are eligible for this loan product offered by CalBank, there are some few requirements you must meet.
Below are all the requirements an applicant of CalBank Mortgage must meet before they can be given the loan.
Keenly read through:-
- A completed and signed CalBank Mortgage Application
- Offer Letter from Real Estate Developer or Vendor for Home Purchase Mortgage
- Identification
- 1 Passport Size Photograph (1 each for Joint Applicants)
- Power of Attorney for non-resident Ghanaians, NRG. (Must be witnessed by a Notary Public)
- Valid National Identification Card: Voters, Passport, National ID, Driver’s Licence
- Income verification
- Confirmation of income and employment from your employers
- Latest six (6) months’ salary slips/pay stubs showing all deductions
- Last 3 years certified audited accounts or last 3 years copies of individual income tax returns for NRG (for self-employed applicants)
- Business Profile, Registration and Certificate to Commence Business. (for self-employed applicants)
- Bank statements
- Credit History
- Credit Report from a recognized credit bureau or credit reporting agency for NRG
- Bank Statements (At least six months)
- Down Payment
- Minimum Deposit or Down Payment for Home Purchase Mortgage Loan
- Other Documents
- Valuation Report (To be done by CalBank recommended Valuers) for Home Equity Release Mortgage, Home Completion Mortgage or if buying from a private vendor.
- Proof of Developer having registered title to the property.
- Evidence of developer taking insurance for work in progress.
- Clear Land Title Documents with copies of site plan.
- If foreigner, attach contract, work permit and resident permit
- Pre-Disbursement Conditions
- Cheques will be issued directly to the developer.
- Bank to write to developer and do a spot swap of documents with direct payment
- Evidence of life insurance policy with bank noted as loss payee
- Post Disbursement Conditions
- Insurance of property with bank noted as loss payee.
- Ground rent and property rate
- Security
- Mortgage over property to be purchased.
- Personal guarantee of applicant.
- CalBank’s Designated Valuers
- Valuation and Investment Associates
- Valuation and Appraisal Consult
- Assenta Properties
How to apply for CalBank Mortgage Loan?
Now that you know Almost everything about this loan, especially the Eligibility and requirements, you should know whether you are eligible or not if you are are eligible and meets all the requirements,
kindly visits the nearest CalBank to start your Mortgage loan application process. It’s very simple and snappy.
How to contact CalBank?
You can contact the CalBank support team via email or phone call.
- 23 Independence Avenue
- P.O.Box 14596 Accra, Ghana
- +233 302 680 062
- +233 302 680 063
- +233 302 680 065
- +233 302 680 079
- +233 800 500 500
- customercare@calbank.net
Conclusion
We hope you enjoyed our blog about CalBank Mortgage.
We know the process of purchasing a home can be stressful. It’s important that you are well informed and know you are choosing the right loan product.
After reading this article you should be able to decide if CalBank Mortgage is the right loan product for your needs.
If you have any questions, please don’t hesitate to reach out to us via the comments section.
Thank you for reading, we would love to hear from you!