ezMORTGAGE

ezMORTGAGE is a long-term mortgage, which aims at giving customers of the Petra Opportunity Pension Scheme the opportunity to meet their home financing needs in a cost-effective, flexible, and easy manner. The customer’s vested tier 3 balance in the Petra Opportunity Pension Scheme secures the facility.

Eligible pension contributors can assign a portion (or all) of their accumulated tier 3 funds to acquire their primary property, under the National Pensions Act, 2008 Section 103 which states that “a scheme may allow a member to use that member’s benefit to secure a mortgage for the acquisition of a primary residence but a member is not liable to pay tax on any withdrawal under this section.

 

5 reasons to choose ezMORTGAGE

Can’t afford a regular mortgage?
Then you need the ezMORTGAGE advantage

ezMORTGAGE offers you a 100% mortgage loan with 0% down payment. Your tier 3 balance allows the loan provider to waive the initial 15%-20% deposit required to qualify for a regular mortgage by serving as collateral.

Home Purchase Mortgage

The Pension-Backed Home Purchase Mortgage is a product offered by Ghana Home Loans targeted at contributors to Tier 3 schemes. It allows these contributors to use their Tier 3 account balance as the down-payment for a mortgage to acquire what will be their primary residence. Meet your home financing needs in a cost-effective, flexible, and easy manner!

The product is targeted at members of tier 3 schemes who are yet to acquire their primary residence and would like to use their tier 3 benefits to secure their home acquisition. Eligible applicants would have verifiable income which, in addition to their Tier 3 contribution, would enable them qualify for a mortgage to acquire their identified property.
Repayment period Up to 15 years
Loan amount From GHS 10,000 to the GHS equivalent of USD400,000
Down payment To be determined by the contributor
Loan to value ratio Up to 90%
Currency USD, GHS
Interest rate TBD
Eligible property The loan can be used to acquire a property declared by the contributors as their primary residence. For the purpose of this programme and related tax obligations, only one property may qualify as a primary residence during the lifetime of the contributor
1. The scheme member must select a property from a panel of pre-approved vendors by Ghana Home Loans
2. The scheme member then proceeds to complete the Ghana Home Loans mortgage application process by providing the necessary supporting documents
3. Kindly submit your completed application forms to applicationforms@petrasales.com
4. If the mortgage application is successful, the scheme member shall instruct Petra Trust to advance a portion (or all) of their Tier 3 pension balance to Ghana Home Loans to be used as down payment towards the purchase of the property
5. Ghana Home Loans shall pay this amount directly to the vendor
6. Ghana Home Loans shall then proceeds to conclude the transaction by
  • Paying the vendor the total amount for the home, which is the sum of the mortgage and the Tier 3 benefit;
  • Taking custody of the relevant title documents; and
  • Setting up a mortgage repayment account for the scheme member
1. 2 forms of identity (passport, driver’s license etc.)
2. 2 recent passport pictures
3. 3 months recent pay slips/other sources of income
4. 3 months recent bank statements
5. Proof of address (2 different utility bills/tenancy agreements etc.)
Additional requirements for self- employed applicants
1. Certificate of incorporation and certificate to commence business
2. 3 years audited financial statements
3. Company Code
4. Limited Liability companies – Forms 3&4
5. Sole Proprietors – Form A
6. 3 years company bank Statements (if applicable)

Applicants (salaried and self-employed) may be required to submit additional documents.

Land Purchase Mortgage

The Pension-Backed Land Purchase Mortgage is a product offered by Ghana Home Loans. Petra Trust would like to offer this mortgage product to customers in its tier 3 scheme who would like to use their tier 3 benefit as a down payment to secure a mortgage for the acquisition of a land that they will use to construct their primary residence.

The land acquisition mortgage product is targeted at members of tier 3 schemes who are yet to acquire their primary residence and would like to use their tier 3 benefits to secure a parcel of land for this purpose. Eligible applicants would have verifiable income which, in addition to their tier 3 contribution, would enable them qualify for a mortgage to acquire their preferred land.
Repayment period Up to 3 years (cedi loans) and 5 years (dollar loans)
Loan amount From GHS 10,000 to the GHS equivalent of USD 400,000
Down payment To be determined by the contributor
Loan to value ratio Up to 90%
Currency USD, GHS
Interest rate TBD
Eligible property The loan can be used to acquire a land to be used for constructing a home declared as the primary residence by the scheme member. For the purpose of this programme and related tax obligations, only one property may qualify as a primary residence during the lifetime of the applicants.
1. The applicant must first choose a parcel of land from a panel of pre-selected vendors.
2. The applicant then proceeds to complete the Ghana Home Loans mortgage application process by providing the necessary supporting documents as indicated in the requirements.
3. Kindly submit your completed application forms to applicationforms@petrasales.com
4. If the mortgage application is successful, the applicant shall instruct Petra Trust to advance a portion (or all) of their Tier 3 pension account to Ghana Home Loans to be used as down payment towards the purchase of the land. Ghana Home Loans shall pay this amount directly to the vendor.
5. Optionally, applicants shall also sign an undertaking to apply for a home construction mortgage once the land mortgage has been paid off. This commits the applicant to the construction project and ensures that the transaction is towards to acquisition of a primary residence.
6. Ghana Home Loans shall then conclude the transaction by
  • Paying the vendor the agreed amount,
  • Taking custody of the relevant title documents and
  • Setting up a repayment account for the applicant
1. 2 forms of identity (passport, driver’s license Etc.)
2. 2 recent passport pictures
3. 3 months recent pay slips/other sources of income
4. 3 months recent bank statements
5. Proof of address (2 different utility bills/tenancy agreements etc.)
6. Offer letter from vendor
Additional requirements for self- employed applicants
1. Certificate of incorporation and certificate to commence business
2. 3 years audited financial statements
3. Company Code
4. Limited Liability companies – Forms 3&4
5. Sole Proprietors – Form A
6. 3 years company bank statements (if applicable)
Applicants (salaried and self-employed) may be required to submit additional documents.

Home Completion Mortgage

The Pension-Backed Home Completion Mortgage is a product offered by Ghana Home Loans that would allow tier 3 contributors to use a portion (up to 85%) of their accumulated tier 3 benefit to secure a mortgage to complete their homes. The loan may be obtained for the purchase of windows, doors, tiles, and other building materials, as well as to pay any for any service provider required to build / complete the property.

The mortgage product is targeted at members of Tier 3 Schemes who are in the process of building their primary homes and would need some financing to complete these projects. Eligible applicants would be those who have built up a tier 3 balance that can support their mortgage application and who also have a verifiable, stable stream of income that can support their mortgage payments.
Repayment period Up to 10 years (cedi loans) and 20 years (dollar loans)
Loan amount From GHS 10,000 to the GHS equivalent of USD400,000
Down payment To be determined by the contributor
Loan to value ratio Up to 90%
Currency USD, GHS
Interest rate TBD
Eligible property The loan can be used to complete a building project declared by the contributors as their primary residence. For the purpose of this programme and related tax obligations, only one property may qualify as a primary residence during the lifetime of the contributor.
1. The scheme member provides Ghana Home Loans with details of the partially completed structure, i.e. Bill of Quantities, title documents, building permits, pictures of the property as well as any details of professional bodies identified for completing the house
2. The scheme member then applies for a home completion mortgage. The difference between the estimated project cost (as per the BOQ) and the proposed tier 3 amount shall be covered by the Home Construction mortgage. The mortgage amount however must not be less than 30% of the amount stated on the Bill of Quantities.
3. The scheme member then proceeds to complete the Ghana Home Loans mortgage application process by providing the necessary supporting documents (please see Requirements)
4. Kindly submit your completed application forms to applicationforms@petrasales.com
5. If successful, the scheme member must instruct Petra Trust to advance the agreed portion of the tier 3 balance to Ghana Home Loans
6. Over time, Ghana Home Loans shall disburse equivalent of the Tier 3 funds received from Petra and the approved mortgage facility to the project team for the house to be completed
1. 2 forms of identity (passport, driver’s license Etc.)
2. 2 recent passport pictures
3. 3 months recent pay slips/other sources of income
4. 3 months recent bank statements
5. Proof of address (2 different utility bills/tenancy agreements etc.)
6. Bill of Quantities
7. Building Permit
8. Pictures of the building
Additional requirements for self- employed applicants
1. Certificate of incorporation and certificate to commence business
2. 3 years audited financial statements
3. Company Code
4. Limited Liability companies - Form 3&4
5. Sole Proprietors- Form A
6. 3 years company bank Statements (if applicable)
Applicants (salaried and self-employed) may be required to submit additional documents for these products

Download the ezMORTGAGE brochure