Average mortgage rate stays at 33.1%

The average interest rate for mortgage loans among commercial banks remained at 33.1% as previously recorded in June.

According to the Bank of Ghana’s Annual Percentage Rate (APR)and Average Interest (AI) report, Bank of Africa still offers the highest interest on mortgages at 36.6 per cent.

Bank of Baroda however offers the lowest interest on mortgage loans with interest rates between 22 and 28 per cent.

The Bank of Africa’s 36.6% interest on mortgage loans is closely followed by the Royal Bank with its interest on mortgage loans at between 35.5-40.5 per cent.

Barclays bank and Ecobank come in at the third and forth positions with interest on mortgage loans between 34.2 and 34.1per cent.

Occupying the 5th position is Prudential Bank which offers mortgages at an interest of 33.6 per cent.

The top five from the bottom are Bank of Baroda, Stanbic Bank, Zenith Bank, GCB Bank and BSIC.

Their interests on mortgage loans are between 22 percent and 31.4 per cent.

Twenty Two banks, according to the BoG report, do not offer mortgage loans.