ezLOAN

1What is EZLoan?
EZLoan is a menu of short term loan facilities designed for individuals who contribute to the Petra Opportunity Pension Scheme (“the Scheme”) and are willing to pledge their vested tier 3 funds as security for the loan. It is aimed at providing different loan options which cater to all our customer needs. The EZLoan basket offers options that address the needs of customers who desire:
  • □ Speed of processing and disbursement or
  • □ Competitive interest rates
2Can I use my tier 3 contributions as collateral for a loan?
Yes, you can use your accrued tier 3 benefits as collateral for a loan per the provisions in the Pensions Act (Act 766, Section 113).
3Who is the Current EZLoan Partner?
There will be three loan providers, Currently Women’s World Banking (WWBG) and AfB are the current EZLoan Partners.
4How much can I access through EZLoan?
You can apply for any amount from GHS 100 – GHS 1,000,000 depending on the loan provider you select.
5What is the collateral security for the loan?
Your vested post tax tier 3 funds is the collateral security for the loan. Your vested post tax tier 3 funds must cover the principal and three months interest on your requested loan amount.
6What are the interest rate, processing fee, loan term and penalties?
WWWBG AFB
Interest rates 2.75% per month 4% per month
Processing fee 3.5% (upfront) 2% (Upfront)
Processing time 2 days Same Day
Loan term 1- 12 months 3- 18 months
Late payment penalty 0.5% (per month) None
Early payment penalty 2.75% on loan balance None
Repayment start date All providers require that repayments start a month after disbursement
7Can I borrow more than I have in the Scheme?
No. You can apply for an amount that equals your total accumulated vested tier 3 balance in the Petra Opportunity Pension Scheme at the time of making the application. Please note that for pre-tax contributors, any loan amount may be subject to a 15% withholding tax if it is before 10 years of contribution. If in doubt, Please confirm with our customer service team.
8What are the requirements for accessing EZLoan?
To access the EZLoan facility, you must be a member of the Petra Opportunity Pension Scheme. The following documents must also be submitted for consideration:
  • □ A copy of the last 3 months pay slip
  • □ 2 passport pictures
  • □ A copy of recent utility bill
  • □ A scanned copy of a valid national ID
  • □ Cartography of residence and workplace (drawn and scanned)
  • □ A completed EZLoan application form
Note: that your investment account with Petra Trust must cover the principal and three months interest on your requested loan amount.
9Do I need a guarantor in order to apply for the EZLoan facility?
No guarantor is required to access the EZLoan facility.
10Do I require additional collateral in addition to my accrued tier 3 benefit?
No, you do not require any additional collateral. Your tier 3 vested balance in the Petra Opportunity Pension Scheme will be used as collateral for the facility.
11How will I access the funds?
Your funds will be made available to you through a number of options. You may decide on which option is more convenient for you to receive your funds. Options include:
  • □ A bank transfer to your existing bank account
  • □ Mobile money payment
  • □ Deposit into the account opened for you by the loan provider
12 How will I be making repayments?
Once your loan is disbursed, a loan repayment schedule will be made available to you. This schedule will highlight the portion of the principal and interest to be repaid on a monthly basis. On each repayment due date, you will be expected to make your payment to the loan provider via the following means:
  • □ Mobile money transfer (NB: This is not available with WWBG)
  • □ Direct debit deduction from your bank account (NB: you will fill a direct debit authorization form)
  • □ Cash/postdated cheques deposit at the loan provider’s branch
13Are there any penalties in case I am not able to pay my monthly instalments?
Penalty charges may apply for delayed loan repayments. To avoid such charges, kindly ensure that your repayments are made in a timely manner. If you foresee a delay in your repayment, contact Petra immediately.
14What happens in the event of death, resignation, dismissal or disability?
In the event of death, resignation, dismissal or disability, the outstanding loan balance will be paid off with your said vested tier 3 balance.
15How soon can I have my loan?
This depends on the service provider you opt for. Some loan providers provide for same day disbursement once your application is successful. For other service providers, your loan will be approved and disbursed in two working days once your application is successful. However, please note that if you opt for a transfer into your existing bank account, payment may take up to 4 working days due to the interbank SWIFT payment process.
16Can I make a withdrawal from my account when I apply for EZLoan?
When your loan is approved and disbursed, you will not be able to access the portion of your Tier 3 vested balance that you used as collateral until your loan is fully paid and confirmation of payment has been received from the loan provider.
17Under what circumstance can my application be denied?
  • □ When your monthly repayment amount exceeds a certain (usually between 40% -50%) percentage of your net salary/income
  • □ If you are unable to submit the required documents
18Benefits
  • □ No guarantor required
  • □ Range of competitive interest rates to choose from
  • □ No additional collateral required
  • □ Quick turnaround time
  • □ Maintain your tier 3 investments and investment returns
19How can I contact Petra?
You can contact us via:
  • Email: enquiries@petrasales.com
  • Telephone: 0242 435 037, Ext. 1
 
 

Dream Guard

1What is Dream Guard?
Dream guard is a life insurance plan that ensures that your monthly contributions to meet a set target amount over a defined period is insured against Disability and Death and/or Retrenchment.
2What is the Free Cover Limit?
Free Cover Limit refers to the savings target of GHS 200,000 beyond which the policyholder will be required to take a medical examination.
3How do I claim benefits?
To make a claim, submit a completed claim form, the original document of insurance, any national form of identification that confirms the name and date of birth of the policy holder and /or claimant. The following will be required depending on the type benefit:

    Death claim
  • □ A death certificate or medical cause of death or legal document that confirms the occurrence of the event for which the claim is been made.
  • Total permanent Disability claim
  • □ A letter from the employer confirming that the individual has been off work continuously for six (6) months due to total permanent disability.
  • Retrenchment claim
  • □ A letter from the employer confirming that the individual has been laid off work.
4Will the premium payment for the Dream Guard come from the Savings Booster contribution?
No. The premium is paid separately from your monthly contribution to the Savings Booster
5Can I pay a onetime premium for the duration of my policy?
No, premiums are paid either monthly for the duration of the policy or in advance in 3 installments. For the installment option, three equal payments shall be made on the first month, third month and sixth month.
6Can I sign up for the Dream Guard if I don’t have any investment with Petra?
Yes, however you will not be eligible for the retrenchment cover.
7Will my claims be paid on time for me in the event that I am totally and permanently disabled?
There is a deferred period of six months from the date of disability to establish that the disability is permanent in nature. The benefit will be paid within 5 working days following the end of that period.
8When I accidently die will my beneficiary be paid the sum assured?
Yes, the sum assured will be paid to your beneficiary.
9Why should I choose Dream Guard instead of any other life insurance product?
The Dream Guard is an affordable life insurance product that allows you to protect your investment so you can meet your savings target in the event of death, disability and retrenchment.
10What is the difference between my Savings Booster account and Dream Guard?
The Savings Booster is a savings plan that provides you with a competitive return, while giving you the flexibility to access your funds anytime you need to, whiles the Dream Guard is a life insurance policy which ensures that you target amount will be paid in the event that the unfortunate happens.
11Is Dream Guard the same as Savings Booster?
No. The Dream Guard pays a sum assured agreed at policy inception as long as the policy is active. The Savings Booster provides you with a competitive return, while giving you the flexibility to access your funds anytime you need to. It remains in force as long as you want and pays you the total funds contributed plus returns made.
12How sure can I be that claims will be paid promptly and on time?
Claims are paid within 5 working days on receipt of all required and completed documents.
13Can I use Dream Guard to insure another person’s savings target?
No, only the account-holder can set up a policy.
14Can I sign on to Dream Guard without signing on to Savings Booster?
Yes, but you can be covered for only death and disability.
15Will I get my premiums back if I make no claims?
25% cash back of premiums paid (less the policy fee) will be returned to you at maturity provided no claim is made and the policy is still active.
16How much can I contribute monthly for Dream Guard?
It depends on the sum assured you opt for with Death & Disability cover or your monthly contribution for Retrenchment cover.
17How much interest do I get on my policy?
No interest is paid, just the sum assured as agreed at policy inception.
18How do I sign up (What are the requirements)?
Policy holder must be between the ages of 18-70, working and can pay premiums.
19What happens if I miss a payment (default)?
If you miss your payment for 3 consecutive months, the policy lapses and your benefit will be forfeited
20Can my policy be cancelled?
Yes you have (30 days) from the date of acceptance of the contract to cancel the policy. All premiums paid will be refunded on condition that no form of benefit has been paid to you during this period.
21How will I make payments?
Premiums will be deducted by direct debits from your bank account.
22Can I make withdrawal(s) if my policy is still active?
You can’t make withdrawals on the Dream Guard.
23What are the benefits of Dream Guard?
It provides benefit for Death, Total Permanent Disability, Retrenchment and 25% cash back if no claim is made.
24Is there any penalty for late payment(s)?
If policy has lapsed but still within the reinstatement period (12 months from the date of lapse), there will be no benefit payment within the next 6 months (waiting period) if any of the risks covered occurs.
25Can I have multiple policies?
Yes, as long as you do not exceed the maximum cover of GHS 500,000.
 
 

ezMORTGAGE

1What is a Pension Backed Mortgage?
The Pension Backed Mortgage is a long-term mortgage facility, 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 mortgage.
2Can I use my Tier 3 contributions as collateral for a mortgage?
Yes, eligible pension contributors can assign a part/all of their vested Tier 3 funds as collateral to acquire their primary residence. Section 114 of the National Pensions Act, 2008 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.”
3Who is the current mortgage provider?
Currently, Ghana Home Loans (GHL) is the mortgage provider.
4What products are being offered by the mortgage provider?
There are three categories of the mortgage product namely:
  • □ Pension-backed home purchase mortgage
  • □ Pension-backed land purchase mortgage
  • □ Pension-backed home completion/home construction mortgage
5What are the Benefits?
  • □ Easy way to meet your home finance needs through a list of pre-approved vendors
  • □ 100% mortgage financing (no need for down payment)
  • □ Reduced mortgage application fee
  • □ No additional collateral required
  • □ Quick turnaround time
6How do I know which type of mortgage is best for me?
There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your needs, current financial status and how long you intend to keep your house. Ghana Home Loans can help you evaluate your choices and make the most appropriate decision.
7What kinds of properties are available?
There is a list of pre-negotiated properties for your consideration. In addition, you may bring a house or land from your preferred vendor.
8How much can I access from the mortgage provider?
You can apply for an amount that is up to five times your vested Tier 3 balance. However, the amount you are actually eligible for depends on your age, salary and income.
9What is the collateral for the mortgage?
The collateral for the mortgage is your vested Tier 3 funds and the purchased property, constructed property or land.
10What are the interest rates?
Product Base Rate (%) USD Base Rate (%) GHS
Home Purchase 12% 32.4%
Home Completion 17.5% 32.4%
Land Purchase 15% 32.4%
11What are the mortgage terms (duration) for each product and maximum amount accessible?
Product Maximum Mortgage Term Amount Accessible as Mortgage
Home Purchase
  • □ 10 years for Cedi loans
  • □ 20 years for Dollar loans
Maximum - Cedi (GHS) equivalent of USD 400,000
Home Completion
  • □ 10 years for Cedi loans
  • □ 20 years for Dollar loans
Minimum - 30% of the amount stated on the Bill of Quantities
Land Purchase
  • □ 3 years for Cedi loans
  • □ 5 years for Dollar loans
Maximum - Cedi (GHS) equivalent of USD 400,000
12How will the home completion mortgage be provided?
The home completion mortgage shall be provided for the completion/construction of the house for a maximum period of one year and subsequently converted to a normal mortgage (10 years for Cedi loans and up to 20 years for Dollar loans). The mortgage home completion amount however must not be less than 30% of the amount stated on the Bill of Quantities.
13What is the application/processing fee?
The application fee is GHS 250 for Cedi mortgage and USD 250 for Dollar mortgage. These fees are below the application and processing fees for a regular mortgage acquired outside of this product.
14What are the requirements for accessing the mortgage facility?
To access the mortgage product, you must be a member of the Petra Opportunity Pension Scheme. You must also submit the following documents for consideration:

Requirements for all applicants
  • □ Filled mortgage application form
  • □ 2 forms of National ID cards (passport, license, etc.)
  • □ 2 passport pictures
  • □ 3 months recent pay slips
  • □ Documents proving other sources of income (if applicable)
  • □ 3 months recent bank statements
  • □ Proof of address (2 different utility bills/ tenancy agreements etc.)
  • □ Offer letter from vendor
  • □ Credit report (non-resident applicants)
Additional requirements for home construction/completion mortgages
  • □ Bill of quantities
  • □ Building permit & planning permission
  • □ Picture of the property (Home completion)
Additional requirements for self-employed applicants
  • □ Certificate of incorporation and certificate to commence business
  • □ 3 years audited financial statements
  • □ Company code
  • □ 3 months recent pay slips
  • □ Limited liability companies - Form 3 & 4
  • □ Sole proprietors - Form A
  • □ 3 years company bank statement & 1 year personal bank statement (if applicable)
15Do I need a guarantor in order to apply for the Pension Backed Mortgage?
No guarantor is required to access the mortgage facility.
16Do I require additional collateral to support my accrued Tier 3 benefit?
No, you do not require additional collateral. Your vested Tier 3 balance in the Petra Opportunity Pension Scheme and the purchased property, constructed property or land will be used as collateral for the facility.
17How will disbursement be made?
Upon approval, the funds will be disbursed to the vendor in the case of home purchase and land purchase. However, for home completion, the funds will be disbursed to either the supplier, contractor or the applicant.
18How long will it take to process my mortgage application?
A maximum of 6 weeks subject to receipt of all documentation required.
19What might delay approval of my loan?
It’s important to understand that there are many factors why a mortgage approval can be delayed. While going through the process of getting a mortgage, please make sure you get any requested document to the lender as soon as possible. If a buyer does not cooperate with the lender in getting the required documentation in a timely manner, it may end up being the reason a closing is delayed or even worse, cancelled.
20 Under what circumstance can my application be denied?
Your application may be denied for the following reasons:
  • □ If you do not meet the qualifying income, age and vested Tier 3 balance
  • □ If you are unable to submit all the required documents
21Can I make a withdrawal from my Tier 3 account when I apply for the Pension Backed Mortgage?
After your mortgage is approved and disbursed, you will not be able to access the portion of your Tier 3 vested balance that you used as collateral until your mortgage is fully paid and confirmation of payment has been received from the mortgage provider.
22How will I be making repayments?
Once your mortgage is disbursed, a mortgage repayment schedule will be made available to you. This schedule will highlight the portion of the principal and interest to be repaid on a monthly basis as well as the date for you to make each payment. On each repayment due date, you will be expected to make your payment to the mortgage provider via one of the following channels:
  • □ Mobile money transfer
  • □ Direct debit deduction from bank account (NB: you will fill a direct debit authorization form)
  • □ Cash/postdated cheques deposit at the mortgage provider’s branch
23How often will I be making the repayment?
You will be required to make monthly repayments for the entire duration of the mortgage.
24 When should I make my repayment?
You are required to make your monthly payment on, or before the due date stated in your repayment schedule.
25How much should I pay each month?
Each month, you are required to pay the full instalment that is due per your repayment schedule.
26 Who do I owe when I take the mortgage?
You owe the money to the lender, Ghana Home Loans.
27If I am not able to pay the monthly instalment on time and in full, what must I do?
Make an arrangement with the lender, Ghana Home Loans, as soon as possible, before you default and keep Petra informed.
28Will I pay a penalty if I am late in paying my monthly instalment?
Yes, you will pay a penalty interest if you delay in making your scheduled monthly installment.
29Are there any penalties in case I am not able to pay my monthly installment?
Yes. This depends on the mortgage agreement signed at the time of closing. It is specific to every individual. If you foresee a delay in your repayment, contact Ghana Home Loans immediately and keep Petra informed.
30 What happens if I don’t pay back my loan to Ghana Home Loans?
If you go into default, your house may be repossessed or your vested Tier 3 collateral will be used to pay off the mortgage.
31 Are there any penalties for early payment of monthly repayment?
No. Early monthly repayment will not attract any penalties (charges).
32Can I pay off the outstanding balance on my mortgage before the expiration of my mortgage term?
Yes, early mortgage repayment is allowed but the borrower must give not less than six (6) months’ notice to Ghana Home Loans and keep Petra informed.
33What are the charges if I pay off the outstanding balance on my mortgage before the expiration of my mortgage term?
The charges for early payment are as follows:
  • □ Within the first year, the penalty is 7.5% of the loan amount left.
  • □ Within two to five years, the penalty is 5% of the loan amount left.
  • □ After five years, depends on the signed mortgage agreement.
34Is there any insurance on the mortgage?
Yes, there is a life and property insurance for the mortgage product. The life insurance is to safe guard you and the lender from any unforeseen challenges (in case of death, critical illness or disability) that could affect the repayment of the mortgage. The property insurance covers the property from fire, flood, and other natural disasters. Upon mortgage approval, further details will be provided by the mortgage provider.
35If I have a problem with my house (leaks, cracks, etc.) must I keep making my monthly repayment?
Yes, you must continue with your monthly repayment of the mortgage. You will have to discuss any issues with the home you purchased with the builder.
36How can I contact Petra?
You can contact us via:
  • Email: enquiries@petrasales.com
  • Telephone: 0242 435 037, Ext. 1
  • www.petrasales.com