Are you struggling with Financing to buy a house in Ghana? Check out our Ultimate Guide to Installment Payments.
Buying a house in Ghana with installment payments is a viable option being introduced by real estate developers. With installment payments, you can spread out the cost of buying a house over time, making it more affordable for you.
In this post, we will share what is on offer at Regimanuel Satellite City and also provide information on other installment payment options made available by real estate companies in Ghana, their pros and cons, and provide you with tips on how to choose the best option for you.
Installment Payment Option at Regimanuel Satellite City.
Tips for Choosing the Best Instalment Payment Plan
- Compare different installment payment plans offered by real estate developers. (check out table 1.2)
- Consider the interest rates and terms of each plan to determine which one is the most affordable for you.
- Make sure you understand the terms and conditions of the plan you choose, including any additional fees and payment schedules.
- Determine if you meet the eligibility requirements for the plan you want to use.
Table 1.1 (below) shows installment payments offered at the Regimanuel Satellite City housing development in Accra.
| Developer | Project | Payment plan | Interest Rate |
| Regimanuel Gray | Satellite City | 40% deposit, 40% at lintel, 20% at completion | 0% |
| Regimanuel Gray | Satellite City | 50% deposit, remaining spread for 18 months | 0% |
Payment Plan Options for Buying a House in Ghana
There are several installment payment plans that you can use to buy a house in Ghana. These include:
- Developer’s Payment Plan: This plan is usually offered by some real estate developers as part of their sales and marketing strategy and would not exceed 12 calendar months. Under this plan, you make an initial deposit and monthly payments to the developer until the full cost of the house is paid off. There are usually no interest rates charged on these plans in most cases. Interest charges may apply if the buyer defaults in the agreed plan. This may be part of the terms and conditions.
- Rent-to-Own Plan: In this plan, you rent the house for a certain period and then own it after you have paid the agreed amount, which is usually spread monthly. The payments you make during the rental period go towards the purchase of the house. These plans can also come with different terms and conditions. In Ghana, this option is not usually available for the purchase of premium houses. It is mostly available with housing developments which are funded (fully or partly) by the Government.
- Structured Payment Plan: Where the developer is not openly offering a payment plan, the prospective homeowner could formally write to the developer to propose a payment schedule that he/she commits to make accordingly. It is advised that you critically check the details of the agreed terms and have both the seller and buyer sign off with their respective witnesses.
Key features of the Payment Plan Options
To help you choose the right installment payment plan for your needs, we’ve compared the key features of each of these plans in the table below:
| Payment Plan | Interest Rate | Length of Plan | Eligibility Requirements |
| Developer’s Payment Plan | No | Usually does not exceed 12 months. | Requires an initial deposit of between 30% – 40% (of the cost of the house) |
| Rent-to-Own Plan | Varies | Varies and may last for years. You can occupy the property while paying for it. | Requires proof of income, creditworthiness, and an initial deposit. |
| Structured Payment Plan | Negotiated | Usually, it does not exceed 18 months. | Requires an initial deposit and may require a guarantor. |
Comparison of Installment Payment Plans by some Real Estate Developers in Ghana
To help you choose the right installment payment plan for your needs, we’ve compared the key features of each of these plans in the table below:
| Developer | Payment Plan |
Maximum Tenure |
Project |
| Denya Developers – | 25% down-payment; 15% quartely. |
– up to 18 months | The Pavilion, Cantonments |
| Regimanuel Gray – | 40% down-payment; spread the remaining till completion. |
– up to 18 months | Satellite City, East Legon Hills |
| Capemay Properties – | A spread of payments for 6-12 months. |
– up to 12 months | The Signature, Accra Mall |
| Devtraco Plus – | 20% down-payment; spread the remaining till completion. |
– up to 12 months | The Pelican, Cantonments |
| Indigo Homes – | A spread of payments for 6 months. |
– up to 12 months | Oyarifa Park, Oyarifa |
| Appolonia City – | 20% down-payment 18-24 months spread. |
– up to 24 months | Appolonia City, Oyibi |
Bank Financing (Mortgage)
Bank financing is another installment payment option available in Ghana. It involves obtaining a mortgage from a bank or other financial institution to finance the purchase of a house. The bank sets the interest rate and payment terms based on the applicant’s credit history and other factors.
Bank financing typically offers higher interest rates than developer financing and the application process is also more involving. The approval process can take longer. It is advisable to compare the various plans based on what the banks are offering in terms of Interest Rate, Down Payment, Repayment Period and the Maximum Amount you can qualify for.
Pros and Cons (Developer Financing vs Bank Financing)
Developer Financing Pros:
- Faster approval process
- A more straightforward application process
- No need for a credit score
Developer Financing Cons:
- Higher interest rates
- Smaller maximum amount
- May require a large down payment
Bank Financing Pros:
- Lower interest rates
- Larger maximum amount
- Longer repayment period
Bank Financing Cons:
- Lengthy approval process
- Stringent credit score requirements
- Additional fees