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What is the interest rate?

The interest rate is 19% p.a

What is the debt service ratio?

A debt service ratio of 50% will be applied taking all other loans of the member into consideration.

If after a couple of months, I decide to pay off the loan before its tenure will I be expected to pay off just the capital or the remaining interest will be included?

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.

Will my salary have to be paid through Ecobank?

Yes. Your salary will have to be paid through your Ecobank because repayment will have to be from your salaried account.

How will repayment be settled? That is from source deduction or through the bank?

Through the bank.

Can a couple put together their Tier 3 and apply?

Yes. A couple can put their pension funds together and put their salaries together to apply.

Will I be charged insurance and processing fees even though my Tier 3 is being used as collateral?

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.


What is the tenure for Personal Loans?

The tenure is 3 years.

What is the maximum amount of personal loan I can access?

Up to 90% of your accumulated Tier 3 fund

What is the processing fee for short term loans?

Processing fee is 1.5%.

What is the period of Tier 3 contribution to qualify for Personal Loans (Short-term loan)?

Individuals seeking to take personal loans should have contributed at least a minimum of 10 years to their Tier 3 pension fund.


What is the maximum tenure for the Ecobank mortgages?

15 years

What is the maximum amount of mortgage I can access?

Cedi equivalent of $350,000

Is it possible to transfer my existing mortgage from another bank onto this offer?

Yes, you can transfer your existing mortgage to Ecobank.

Can I take the mortgage against my Provident Fund, while leaving out Personal pension or will this apply to all my pensions fund?

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.

What happens in the case of default?

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.

Whose name will be on the property and the Tier 3 fund during the tenure?

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.

Can I trade my uncompleted house as deposit and continue pay the rest?

No, you cannot trade your uncompleted building in place of your pension fund as collateral.

Can I apply for the mortgage irrespective of how long I have been saving?

Yes. As far as your Tier 3 fund is up to the requisite 20% of the loan amount, you can apply.

If the mortgage repayment is to be deducted from my account rather than payroll, how will I benefit from the tax incentives because the money will be paid before Ecobank deducts my mortgage repayment?

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.

In what currency will the mortgage be booked?

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.

What happens to the pension fund in the event the person dies before completing repayment of the mortgage?

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.

  1. Completed Mortgage application form
  2. CV of Applicant
  3. Pay slips for the last 3 months
  4. Statements on existing loans if any
  5. Offer Letter or sale & Purchase Agreement
  6. Valuation report on Property
  7. Official search report on property to be financed
  8. Copies of vendor’s title deeds to property to be financed by the bank
  9. Consent to Assign/Mortgage (if any)
  10. Deeds of assignment from vendor
  11. Ten (10) Bar coded site plans


  1. Completed mortgage application form
  2. CV of Applicant
  3. Pay slips for the last 3 months
  4. Statements on existing loans (if any)
  5. Six bar coded site plans
  6. Search report
  7. Valuation report on property
  8. Bill of quantities certified by a registered Architect or Quantity Surveyor


  1. Pay slips for the last 3 months
  2. Confirmation from your Employer stating your salary will be paid through the bank


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)

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Advantage Place,
Mayor Road,
Ridge West,
Accra, Ghana

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