Frequently Asked Questions
All members of the Petra Advantage Pension Scheme
and the Petra Opportunity Pension Scheme with sufficient accrued benefits are eligible.
A variety of homes have been curated for customers including detached and semi-detached 2- and 3-bedroom bungalows, studio apartments, and 2-,3- and 4-bedroom townhouses.
The Scheme will make payment on your
behalf to the Developer. If you are providing additional funding which is not from the Scheme or
a mortgage provider, the Developer will provide you with payment details. If you finance the
purchase with a mortgage, the mortgage provider will transfer the funds directly to the
Developer.
Visit members.petraonline.com and sign into your
online account to view your balances. If you have not signed up previously, you will be required
to do so.
This depends on the cost of the home you are interested in purchasing.
No, Petra does not charge for the provision of this service if you purchase a home from our catalogue of properties. However, you will be required to pay a fee if you wish to purchase a home outside of our catalogue. Additionally, you will bear any fees and charges associated with the home purchase and mortgage if taken.
You can use all your accrued benefits to purchase the home. You will however have to fulfil some conditions. Contact an advisor to find out more.
If your Tier 2 account balance is used, the Scheme will buy the home on your behalf and manage it as an investment for you. Your statement will therefore have the property value as well your cash balance (if any) indicated on it. Any subsequent contributions made into your Tier 2 account will be indicated on your statement and add up to your cash balance. The property will be valued each year and any gains or losses will be attributed to your account.
If your Tier 2 was used to fully pay for the home,
ownership will be transferred to you when you retire. Any outstanding cash balance in your Tier 2 account will also be paid out to you upon request at retirement. However, if the home was funded by a combination of your Tier 2 account balance and a mortgage, you will still be
required to make the monthly mortgage payments until the mortgage amount is fully paid off. The portion of the home that is held by the Scheme will be transferred to you. If your tier 3 was used to purchase the home outright, the ownership of the home will be your name. Retirement
does not have any effect on this. However, if the home was funded by a combination of your
Tier 3 account balance and a mortgage, you will still be required to make the monthly mortgage
payments until the mortgage amount is fully paid off.
If you choose to sell the home bought outright using your Tier 2 accrued benefits before retirement, the portion of the sale price which belongs to the scheme will be paid to the scheme and shall reflect in your statement. The property value will no longer be indicated on your account statement. If you funded a part of the home purchase with a mortgage, you cannot sell the home until the mortgage is paid off.
If you default on your mortgage payments, the mortgage provider may attempt to restructure the repayment terms to give you an opportunity to continue making the payments. However, if all attempts to recover the funds are not fruitful, the mortgage provider will take possession of your home and sell it to offset your indebtedness to the bank. If you used your Tier 2 as part payment for the mortgage, that portion will be returned to the scheme.
The mortgages are priced in Ghana Cedis. However, if you earn in dollars, you may access a dollar facility.
The interest rates on the mortgages are competitive and vary according to the provider. We have negotiated mortgages to as low as 20.9% for your benefit.
If the results of the assessment indicate that your accrued benefits, in addition to any other funds you may have, is insufficient to secure your desired home, Petra will assist you to access a Ghana Cedi-denominated mortgage with affordable interest rates. If you choose to use your Tier 2 account balance to purchase the home, you will need to have accumulated at least 60% of the cost of the home in your Tier 2 account. The Scheme will invest your account balance towards buying a portion of the home. The remainder of the cost of the home will be provided by a mortgage provider.
Today, you can submit a joint application
with your spouse only. You and your spouse must be members of the Petra Advantage and Petra
Opportunity Pension Schemes.
No, Petra has put together a catalogue of top-
quality homes with modern amenities for your consideration. Visit the properties page to begin your search.
No, this is only in respect of home purchase at this time.
If your accrued benefits and personal funds are
sufficient to purchase the home outright, you will not need to take out a mortgage. However, if your balance is not sufficient and you do not have any other means of financing the shortfall, you will be advised to apply for a mortgage.
This is dependent on the option that you select and the availability of funding. Petra is however committed to getting you into a home within a month.
If you are using your Tier 2 account balance and wish to purchase the home outright, you must have accrued the entire cost of the house in your account if you are below 50 years. If you are 50 years and above, the cost of your preferred home cannot exceed 80% of your accrued benefits. However, if you are financing the home with a mortgage, you only need 60% of the cost of the home accrued in your tier 2 account. The remainder will be funded by the mortgage provider.
Yes, you can use ezHomes to purchase an unlisted property. You will however be required to pay a processing fee to cover the cost of due diligence required.
This depends on the cost of the home you are interested in purchasing. Speak to an advisor today to determine how much you need.
This is dependent on how much your preferred home costs. However, for applicants who are using the balance on their Tier 2 accounts to purchase their homes, the mortgage amount cannot exceed 40% of the cost
of the home. This means that you will need to have 60% of the home’s cost in your Tier 2 account. If you choose to use your Tier 3 account balance, you can access up to GHS5,000,000 in a mortgage. You will however need to have accumulated at least 10% of the mortgage amount
in your account.
If you use your Tier 3 account balance to secure the home, the vested balance on the account at the time of application will be withdrawn and paid to the Developer on your behalf. Any subsequent contributions will however remain in your account and continue to earn interest.
The home will be jointly owned by the mortgage provider and you. When you completely pay off the mortgage, the mortgage provider will cease to have an interest in the property. The above does not apply to customers who choose to use their Tier 3 balances to purchase their preferred homes. If you choose this option, the balance on your Tier 3 account must be at least 10% of the mortgage amount. The funds in your Tier 3 account will be withdrawn and applied toward the purchase of the home. The mortgage provider will provide the remaining funding and thus have an interest in that portion of the home until you completely pay off the owed amount. In both cases, until the mortgage is paid off, you cannot sell off the home.
A customer who wishes to buy a home outright must present a completed application form, a statement confirming the existence of any other funds being applied towards the home purchase, and a valid Ghana Card.
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