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The Save–To–Own Product: A true revolution in mortgage lending


The Save-to-Own Mortgage product, recently launched by GHL Bank, simplifies mortgage lending and makes home-ownership easier for SME business owners as well as non-resident Ghanaians keen to own a home in Ghana.

Financial institutions typically focus on salaried workers in their loan marketing. This is no surprise as salaried workers give lenders confidence in their ability to pay back due to their steady flow of monthly income through-out the year.

Unfortunately, for the self-employed individuals like small business owners, this is not the case. Most banks and lending institutions will not extend a loan unless there are fully convinced that the borrower is able to meet his/her monthly obligations.

In Ghana, there is a general perception that small business owners and self-employed professionals have unpredictable monthly income.

This has made access to credit often quite difficult for this category of loan applicants.  It is a fact that when offered credit, SME business owners often borrow at exceptionally high interest rates.

The Save to Own Mortgage product seeks to reverse this trend and make it possible for credit worthy applicants to have access to competitively priced mortgage loans in order to acquire property and support their business.

GHL Bank has analysed data from over a decade of mortgage lending to design this hybrid product, which requires the applicant to make 12 – 24 months of deposits, after which a mortgage loan is automatically approved to facilitate the home purchase.

The product is designed to allow the applicant to convince the bank that they can comfortably make monthly repayments if granted the loan.