The average interest rate for mortgage loans among commercial banks remained at 33.2 percent in May 2017.
According to the Bank of Ghana’s Annual Percentage Rate (APR) and Average Interest (AI) report, GCB Bank still offers the highest interest on mortgages. The bank’s interest on mortgage loans still stands at 40.3 percent.
It is followed closely by Bank of Africa, the Royal Bank and Cal Bank which placed second, third and fourth with interest on mortgage loans between 35.5 and 40.5 percent. Barclays Bank placed fifth offering mortgage with interests between 34.2 and 38.5 percent.
Ecobank is 6th with 34.1 percent and Prudential Bank seventh with 33.6 percent. The eighth highest interest on mortgage is offered by UT Bank at 33.2%, FBN Ghana with 32.8 percent placing 9th and HFC with 31.1 percent occupying the 10th position.
At the eleventh position is Sahel Sahara Bank offering 29.7% on mortgage loans and Stanbic Bank placing 12th with 25.3%. Eighteen banks, according to the BoG report, do not offer mortgage loans. They include; Access Bank, ADB, Energy Bank, First Atlantic Bank, Capital Bank, Fidelity Bank, First National Bank.
Others are; GN Bank, GT Bank, NIB, Omnibank, Sovereign Bank, Standard Chartered Bank, SG Bank, UBA, Universal Merchant Bank, Unibank, Zenith Bank.