HOME MORTGAGE FINANCE ACT, 2008 (ACT 770)
Section 8—Insurance
(1) A mortgagor or mortgagee shall insure a mortgaged property against loss or damage by theft, fire, earthquake or other natural disaster.
(2) Where the mortgagor covenants to insure all or part of the mortgaged property and fails to do so, the mortgagee may insure and keep insured the mortgaged property after giving notice in writing to the mortgagor and the premiums paid by the mortgagee for the insurance shall be secured with the same priority as the mortgage.
(3) Unless a contrary intention appears expressly or by necessary implication, where the mortgagee secures payment of money on behalf of the mortgagor, the money shall be added to the principal sum with interest at the same rate as on the principal sum.
(4) Unless a contrary intention appears expressly or by necessary implication, where the mortgagor covenants to insure all or part of the mortgaged property and the insurance has been effected by the mortgagor or on behalf of the mortgagor by the mortgagee, the money received from insurance shall be applied to make good the loss or damage for which the money is received unless the mortgagor elects to apply all or part of the money toward the performance of the act or acts secured by the mortgage.
Subject : Mortgage
Procedure to Follow
Not Avaiable
Responsible Institution
Securities and Exchange Commission
No. 30, 3rd Circular Road, Cantonments, Accra.
- Email: info@sec.gov.gh
- Website: https://sec.gov.gh/
- GPS: GL-076-6028
- Telephone: 0302768970
Relevant Forms to Download
Online System
Fees/ charges
Not Avaiable
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