What Are Ooba Home Loans? How To Get Them?
Ooba Home Loans is one of the most reliable and largest South African home loan comparison services that work in collaboration with home loan lenders throughout Africa. It offers several home finance services including home insurance, home loans, and advisory. Here is the article for you that tells you about the details related to Ooba home loans, how you can secure a home loan in South Africa via Ooba, and other relevant information about it.
What Are Ooba Home Loans? How To Get Them?
Ooba is renowned for being the best finance service provider in the industry and for providing mortgage finance services to South Africans. You can now live in your own home without any financial crisis with the help of Ooba.
Ooba works as a middleman in your home financing between you and the banks. It helps in securing your home loan and bonding with your bank.
You get money from your bank and pay back a portion of it every month, along with the applicable interest. The time repayment takes could be 20 years or 30 years depending upon the type of bond you have selected.
Repayment is calculated via the repayment calculator available on the official website of Ooba. Let’s look at when you can apply for a home loan and how to apply for it.
When To Apply For A Home Loan Via Ooba?
You can only apply for a home loan via Ooba when an offer to purchase has been signed between you and the home seller. An offer to purchase is a contract explaining the terms and conditions that you and the seller have to fulfill. If you have got that offer to purchase now you can apply for a home loan easily.
How To Apply For A Home Loan?
Here is the description of the step-by-step procedure that you have to follow to apply for Ooba home loans. Make sure to pay attention so you can understand the details well. To apply for a home loan via Ooba home loans, what you have to do is to,
- A page will open where you have to look for the option saying “Get A Home Loan”.
- Click on that.
- You will also see the options of “Learn More” and “Pre-Approve Me.”
- If you want to check your credit score and what home you can get, you should click on “Pre-Approve Me” and if you want to search more about Ooba home loans, you can click on “Learn More.”
- Otherwise, if you want to directly apply for a loan, you have to click on “Get A Home Loan”.
- After clicking on it you will see two other options in front of you.
- “Apply Online Now” would be in green, and “Speak To An Expert.”
- Click on “Apply Online Now.”
- “My Ooba portal” will open.
- Here you have to first register your account.
- To register, you have to enter your first name, last name, and email address and have to create a strong password.
- Then you have to tick the captcha box and click on “Register”.
- After you register your account, you have to log in to your Ooba home loans profile using the credentials you have created.
- Then fill in the application form as instructed.
- Ooba will submit your application to different banks. The list of banks includes,
- Investec
- RMB
- Standard Bank
- ABSA
- Nedbank
- Housing Investment Partners
- Sentinel Homes
- After you apply you will start receiving the loan offers.
- Now you can compare the deals you are receiving and select the one that is the best suited according to your requirement.
- Make sure to pay attention to the terms and conditions of the banks and the interest rates they are offering, before finalizing the deal.
FAQs
Can a buyer and seller cancel the offer to purchase?
Well, yes, you can do that, but it may be extremely costly for you. The buyer may lose the deposit and the seller may claim damages. Moreover, if the agreement has been canceled, the buyer may have to pay the agent’s commission.
How can you contact Ooba Home Loans?
To contact Ooba home loans, you simply can call their customer service number. The number you can dial for home loan inquiries and insurance inquiries is
0860 00 66 22. Moreover, you can also contact Ooba Homes via their postal address, which is PO Box 1535, Cape Town, 8000. You can also visit them in person at their head office, which is located on the 8th floor, Ooba House, 33 Bree Street, Cape Town.
Will I qualify for a home loan if I have a bad credit score?
Well, it depends on the terms and conditions of the bank you are taking the loan from. Banks usually demand a clear credit record to approve your home loan application. A good credit record would be a bonus that will help you in securing loans easily.
Final Thoughts
Ooba Home Loans is a mortgage finance service provider offering multiple types of financial services to South African citizens. This article tells you about the details related to Ooba home loans, what they are, and what steps you have to take to get approved for a loan. Pay attention to the above instructions so you can apply for home loans and become a homeowner without financial boundaries