The interest rate is 19% p.a
A debt service ratio of 50% will be applied taking all other loans of the member into consideration.
If you decide to pay off your loan before its tenure, the bank will take the principal amount and interest accruing to the day you are paying off and not interest that is yet to be accrued.
Yes. Your salary will have to be paid through your Ecobank because repayment will have to be from your salaried account.
Through the bank.
Yes. A couple can put their pension funds together and put their salaries together to apply.
Yes. It is in your interest to have insurance on your life and the property so that in the unlikely event you pass away, your beneficiaries will still have the property.
The tenure is 3 years.
Up to 90% of your accumulated Tier 3 fund
Processing fee is 1.5%.
Individuals seeking to take personal loans should have contributed at least a minimum of 10 years to their Tier 3 pension fund.
Cedi equivalent of $350,000
Yes, you can transfer your existing mortgage to Ecobank.
If the amount in your Provident fund is enough be used for 20% of the loan amount then your personal pension will not be encumbered. However, if the amount in your Provident fund is not up to the requisite 20% of the loan amount then your Personal Pension fund will also be included as collateral.
Based on discussions with the house owner and amount outstanding, either the house is sold and any balance paid out to you or your pension funds will be used to pay the outstanding balance.
For Tier 3, the fund will still be in your name however there will be a lien placed on it. For the property we will have a mortgage registered indicating that the property is for you but has been mortgaged to Ecobank. When you are done paying it, the bank will discharge you of that mortgage showing that the building is no longer encumbered.
No, you cannot trade your uncompleted building in place of your pension fund as collateral.
Yes. As far as your Tier 3 fund is up to the requisite 20% of the loan amount, you can apply.
Once you have your documentation, submit it to your payroll consultant and this will be presented to the Revenue Authority for you to benefit from the tax incentives.
If your source of income is in dollars, the loan will be booked in dollars, if your source of income is in Ghana Cedis, the loan will be booked in Cedis.
In the very unfortunate event that a person passes on before paying off the loan, the bank will fall on insurance to pay it off.
Documentation Required for Mortgage Application.
DOCUMENTATION REQUIRED FOR EQUITY RELEASE (UNCOMPLETED PROPERTIES)
DOCUMENTATION REQUIRED FOR PERSONAL LOANS (SHORT-TERM LOANS)
Application can be done through Ecobank Ghana Branches or visit Ecobank Ghana website https://ecobank.com/gh/personal-banking and download the forms for completion. You can also call the contact center on 0800 003225)