Absa Bank provides a one-stop shop for home loan buyers. As a bank, Absa offers property finance solutions for businesses and individuals. All it takes to get started is to submit an application for a home loan.
Absa Bank caters to different home loans as listed above, required by both individuals and businesses. The bank clearly shows a superior understanding of the property market, as it offers buy-to-let home loans, which are rarely offered by most home loan providers.
When taking a home loan from Absa, it is important to consider the discounts and benefits offered.
Young professionals, private clients, and general home buyers have different discounts and benefits. To take advantage of these benefits you will need to know exactly what the bank is offering you.
Benefits of a home loan
- The annual percentage rate of 26.53% is applicable
- We offer up to 90% finance for home purchases and up to 70% for equity release and home improvement
- We offer a maximum debt service ratio of 50%
- Depending on your income and the value of the house you are buying, we can lend you up to GHS5,000,000
- We offer a tenor of 5 to 20 years
- We offer property insurance and credit life Insurance covering death, permanent disability and retrenchment
- Borrow against a home you own with an equity release
- Use a home loan to take care of your home improvements and renovations
- A home loan take-over means we can buy your mortgage from another financial institution.
Requirements for a home loan
- Property should be located within Accra and Kumasi and their environs.
- You don’t have to necessarily bank with Absa to qualify for a mortgage (after approval, you will have to move your income or salary to Absa if you are not a customer yet).
- The maximum repayment period is 20 years or up to the age of 60 years, whichever is shorter (dependent on retirement age required by your employer).
What to bring to the branch
- When you are applying for a mortgage as a salaried worker or a professional (lawyers, doctors, etc.) the following documents are required:
- Current payslip
- Proof of identity (National registration card, valid passport or valid driver’s licence)When you are buying a home the following documents are required:
- An offer of sale from a vendor
- Land title certificate
- Indenture
- Deed of assignment
- Site plan
- Building permit
- Ground rent
- Consent to mortgage for leasehold (if applicable)
- For sale and purchase agreement for equity release and home improvement, the following documents are required:
- Land title certificate in favor of the customer
- Indenture
- Site plan
- Building permit
- Bill of quantity (bill of quantity is not required for loan amounts of GHS400,000 and below)
How to apply for a home loan at Absa
Absa home loan application doesn’t have to be hard or complicated. The steps are
- Apply for your home loan
Applying for a Home Loan with Absa is super easy. Prospective applicants can apply either by filling out the online application where you can get Absa home loans contact.
- Receive an outcome
If Absa approves your application in principle:
- Absa will make you a loan offer – this is how much your loan could be.
- If you accept the loan offer, the analysis team will do a property valuation to confirm the value of the property.
- You will receive a final offer.
- Should you accept their quote, the registration attorney registers your bond
- Consider your insurance needs.
- If your property is free-standing, you will have to get Homeowner’s Comprehensive insurance (HOC) policy before your bond is registered.
- Consider your insurance needs.
- If your property is free-standing, get Homeowner’s Comprehensive insurance (HOC) policy before your bond is registered.
- Transfer and bond registration.
Here is what you need to do to transfer bond registration;
- Transfer the property into your name
- Register a bond (home loan) with us, your bank
The attorneys will first contact you to sign the necessary documents.
- Sign all the documents and the attorneys will lodge them at the deeds office.
- Documents assessments usually take two to three weeks.
- The entire process (from start to registration) can take up to 3 months.
- On registration, the home will be yours!
ABSA Home Loan For first time home buyers
As a first-time homebuyer, you may not know what to do to get a home loan suitable for you. Absa has solutions for different home buyers, be private clients, low-income earners, or young professionals.
You will be able to buy your first home with ease. Even if you are a high-income earner or low-income earner, Absa will help you buy a home that is compatible with your finances.
Source: ABSA