What are Standard Bank Home Loans? How To Get?
I know buying a house in the current economy of South Africa is a very daunting thought however, Standard Bank has made it so much easier for you now. In fact, it may even finance the complete purchase of your house if you are eligible.
You just have to follow the prescribed steps while buying the house and apply for the loan just in time to make the payment. In the following article, I will walk you through the entire process of how you should go about this purchase. So, keep reading to find out more!
What are Standard Bank Home Loans? How To Get?
Standard bank allows South African residents the financing to buy their own home on easy terms and repayment schedules. The interest rates are market competitive and the best part is that if you qualify, the bank might fully finance your new house.
It means that you can get your dream house today without spending a single penny out of your pocket! Plus, teh home loan application process is super easy and broken down in seven easy steps. For your ease, let me shed some light on each of these steps.
1. Check Out The Maximum Loan You Can Get
Your first step must be to check how much loan you can afford to take out of Standard Bank. You don’t have to physically visit the bank to check that out. In fact, simply follow the following steps to get an evaluation of your affordability.
- Go to https://www.standardbank.co.za/southafrica/personal/products-and-services/borrow-for-your-needs/home-loans/calculators and fill out the form.
- Click “Calculate” to let the website start calculation.
- You will be notified of the maximum amount of loan you can afford to take out of the bank.
2. Decide The Amount Of Loan You Want To Take Out
The next step is to decide the amount of home loan you need to borrow from the bank. While making this decision, you must consider a lot of things such as the price of the house you want to buy, whether you would need more money later on, and how much loan you can easily repay.
In addition to that, Standard Bank also gives about a fifty percent discount on bond registration costs if your loan amount doesn’t exceed R3 million. Plus, you may also win a further R1 million toward your home loan if you apply before 31 December 2024.
3. Find Your Home
Once you have decided upon the budget of your house, it is time to start looking for the perfect house. Take your time and look for the properties in various neighborhoods. Make sure that you choose a house that requires minimum renovations if you are running on a tight budget.
4. Do Research On The Home
You must do a thorough research on your selected house in order to avail the best price for it. Standard bank provides services in this field as well. You can ask them to assist you in this matter and fetch you the best price for the house.
5. Offer To Purchase
Once the price is settled, you may make the owners of the house an offer to buy in written form. You and the owner must sign this document because it will be used in the loan application process.
6. Apply For The Home Loan
It is time to apply for the home loan. Follow the below-mentioned steps to quickly apply for the loan to finance the purchase of your new house.
- Go to https://www.standardbank.co.za/southafrica/personal/products-and-services/borrow-for-your-needs/home-loans/qualify-me#/ and click “Apply” in the “Buy A Home” section.
- Fill out the personal details form and click “Continue”.
- Follow the prompts and provide all the information and documentation requested from you.
- Click “Submit” to finalize your application.
- Wait for the bank to process your documents and loan application. An official will get in touch with you to negotiate the terms.
7. Insure Your Home
Once you have accepted the loan from the Standard Bank, you must insure your house at least for the period of your home loan. The bank offers various options for you to choose from. I suggest you go through each plan and opt for the one that seems most suitable to you.
FAQs
How long does it take to get your home loan approved by the Standard bank?
If you follow the prescribed method, the bank would be constantly assisting you in the purchase of the house. So, when you apply for the loan, it would hardly take a day or two to approve your loan. However, it may also take up to a week to get the approval.
How long after my loan is approved do I receive the money from Standard Bank?
Once your loan is approved by the Standard bank, it usually takes about 24 to 48 hours to process your loan amount into your personal bank account. However, there could be delays in the payment on weekends or public holidays.
The Bottom Line
So, it is safe to say that the home loans offered by the Standard bank are indeed the best and most reliable source that will ensure that you get ownership of a house. The loan terms are simple and repayment schedule is quite easy. Plus, the best part is that the bank helps you in every step of the buying process helping you get the best price on the house you have your sight on.
The interest rate offered by the bank is also quite reasonable and if you are eligible, the bank may also pay for the full price of the house in which case you won’t have to pay a single penny out of your pocket! Furthermore, you also stand a chance to win R1 million towards your home loan if you apply before 31 December 2024!