A home loan is a fairly large loan that can be taken over a period of 15 – 20 years, sometimes even longer. It can be used to purchase your first home or purchase an additional home. If you already own other properties. There are many benefits to a home loan including the ability to choose your repayment period and taking out additional funds to do renovations to your home.
A home loan can help first time buyers to purchase a property, especially since it can be very expensive and very few people have the means to do this on their own. You can speak to a consultant from a bank to find out what you may qualify for and how the process works, to ensure that you quality for the right amount and that you’ll be able to afford the repayments.
Although there are no house loans for blacklisted people even may still apply for a home loan at all of the major banks to see whether they can offer a solution for your specific situation.
Standard Bank offers home loans with benefits like the ability to get a loan of up to 104% of the value of the property, if it does not exceed R1 million. The additional percentage may be used to pay off transfer and bond registration costs. You can repay your loan over 20 years.
Nedbank offers an ordinary home loan, or a building loan if you want to build your dream home. They also offer a HomeVision option if you want excess funds available to use at a later stage. This is a great option for people who want to make sure they have excess funds when they need it.
With so many different home loan options to choose from. You can apply directly online to any bank in South Africa and see what you qualify for and what options are available to you.