What Are SA Home Loans – How To Get Them?
Securing a home loan from reliable home loan providers is the best option to buy your own house within an affordable range. SA home loan providers are the mortgage specialist offering financial assistance in the form of loans according to the individual needs. Here in this article, we will look at what SA home loans are, how you get them, their types, and other information that you should know before applying for the loan.
What Are SA Home Loans – How To Get Them?
SA home loans are the nonbankers in South Africa that are renowned for providing flexible, approachable, and affordable home loans. They are the innovative market specialist to provide you with the best possible solutions for your home financing.
The service providers are known for their honest and transparent dealings, which makes them one of the most reliable choices in South Africa. They have no hidden charges nor any extra fees for payments that you have to make.
SA home loan providers are the best available loan service providers that are renowned across the country. Their head office is located in Durban, and their sub-offices are majorly located in major cities across South Africa.
The organization provides home loans to needy people after they apply for the loans via the online application procedure available. Well, there are different types of loans that the organization offers to South Africans.
Let’s talk about the type of loans SA home loan providers offer to their customers before looking at anything else. This is important to focus on because understanding the type will let you understand what type of loan you should apply for.
Types Of SA Home Loans
SA home loans are known for their customizable and unique home loan types that the service provider offers to the customers. They ensure to meet the needs of all of their clients so that they can get exactly what they need. Here is the list of loans offered by SA home loans.
- 20-year loan
- 30-year loan
- Edge home loan
- Affordable housing package
- 100% home loan
20 Year Loan
With a variable interest rate, this 20-year loan is a standard type of loan that has customizable and flexible repayment schedules. You can repay the payment within up to 20 years. It is ideal for those clients who are either purchasing a new home or refinancing an already existing property.
Moreover, it is also ideal for those who are switching to this loan type from an existing home loan. This 20-year loan also provides the clients with access to different types of funds on property value via a number of other lending options.
30 Year Loan
This is comparatively a longer-term loan that you have to pay in 30 years. It is for new buyers and is known for its variable interest rates and low installments.
You can repay the loan within 30 years by paying monthly installments that are comparatively lower than other options. Moreover, there are a number of price options available so that clients can go with the one that is appropriate according to their situation.
Edge Home Loan
SA home loan is another type of home loan offered by SA. It is a 23-year home loan offer that has the lowest installments. Moreover, there are no capital payments that you have to pay at the end of the 23-year term.
Furthermore, there are several in-house insurance options available to protect your investment. One of the best things about this SA home loan is that you only have to pay the interest for the first 36 months and that’s it!
Affordable Housing Package
The affordable housing package is a special type of home loan offered by SA home loans. It has variable interest rates and allows you to make repayments for up to 20 years.
It is particularly for those who have a combined household income of equal to or more than R 8000. Furthermore, this affordable housing package is the type of SA home loan that provides you with finances up to 100% of the purchase price of your home without a deposit.
100% Home Loan
A 100% home loan is particularly ideal for those new home buyers who are unable to pay the deposit. Those home buyers who need financial assistance for the full purchase price should apply for a 100% home loan from SA.
Remember, according to the National Credit Act, NCA, all of the home loans issued to customers depend upon the applicant’s credit status and affordability. These calculations will determine how much loan you are eligible for.
How To Apply?
Here is the step-by-step procedure that you have to follow to apply for SA home loans. You need to pay attention to the details below so you can understand the complete procedure and follow it as it is to avoid any problems later on. To apply for SA home loans, what you have to do is to,
- First, check for your credit score. There is this tool available for you with the help of which you can check your credit score.
- It is better to check it before applying because, in case of any problems, you can address them beforehand. Remember consumers are allowed to check for their credit free of cost once per year.
- Then you have to finalize the house and after finalizing it you have to finalize the offer to purchase
- Now you have to begin the application.
- To apply you have to visit the official website of SA home loans. You can do this by clicking on apply.sahomeloans.com/s/login/SelfRegister.
- Now you have to follow the prompts.
- After that, you have to fill in the loan application form.
- You have to provide the information about your name, email address, phone number, and your South African identity card number.
- Make sure to provide the necessary information correctly and do not miss any column.
- Recheck it and click on “Register.”
- After you register your account, a page will open in front of you where you have to follow the steps as explained to apply for the loan.
In addition to the application form you also have to submit certain important documents. Let’s look at the details of the documents that you have to attach with your application form to apply for SA home loans.
Documents You Need
The documents you have to attach with your application form are all mentioned below. These are the essential documents that are required by SA home loans, and they vary based on the applicant’s circumstances and the information provided while applying. The documents you need to submit include,
For Employed Applicants
- You have to submit proof of income.
- A copy of your ID
- Your last 3 months’ personal bank statement
For Self Employed Applicants
- Income proof
- Latest 6 months’ personal bank statement. Make sure to provide the consecutive month’s bank statement.
- Copy of your South African ID
- Copy of registration documents
- Trust deed
- Latest 2-year annual financial statement
If An Applicant Is Buying A New Home, He Has To Submit,
- The copy of the purchase agreement. Make sure the agreement you submit is completed and signed by the purchaser and seller.
If An Applicant Is Switching or Refinancing, He Has To Submit,
- The copy of the title deed
- Latest rates and utility account statement
- Levy statement for sectional title units
- The latest three-month bond statement
If An Applicant Is Over The Age Of 55, He Has To Submit
- A copy of the latest retirement annuities
- The copy of a provident fund
- A copy of the pension fund or investment statement, if there is a need
If An Applicant Is Earning An Additional Income, He Has To Submit
- A bank statement that should explain all additional income
- Latest investment statement that should confirm the applicant is receiving monthly investment income
- He also has to submit the latest signed and valid lease agreement that should confirm monthly rental income.
If An Applicant Is Not A South African Citizen, He Has To submit,
- A copy of a valid passport.
- He also has to submit a temporary South African permanent residence permit ID
- Copy of work permit
Repayment And Interest Rates
One of the best things about SA home loans is that their interest rates and charges are all transparent and direct. There is no hidden cost nor will you find any extra fees claimed by the service providers.
After you receive the letter of acceptance about your loan from SA loans, after submitting the application and documents, you will then receive a detailed breakdown and description of the installments that you have to pay per month and the interest rate that is charged on your approved loan.
The interest rate and installment vary based on the type of loan you have applied for your application and the documents you have submitted. You need to understand the notice about your interest and installment very well.
Make sure to concentrate on the installment and interest rate details. This will help you understand what you have to pay back to the service providers monthly and what charges you have to pay them for getting the loan.
How To Contact SA Home Loans?
In case of questions and queries, here is the description of the contact details via which you can contact SA home loan easily. To contact the lenders, you can simply call them and email them, or you can visit them in person.
Sales Contact Center
- Contact: 086 0246 810
- Email Address: [email protected]
Client Service Help Desk
- Contact: 086 1888 777
- Email address: [email protected]
Head Office
- Contact: + 27315 605 300
Call Me Back
Moreover, there is this call me back feature that is available on the official website of SA.
- You simply have to click on sahomeloans.com/contact-us/call-me-back.
- Then I have to fill in the information on the page.
- You have to provide your full name, your WhatsApp or contact number, and your email address.
- Then, you have to select that type of query from the drop-down box.
- Then you have to tick the captcha box and click on “Call Me Back.”
- The service providers will call you back on their own.
FAQs
How long does it take for a home loan to be approved in South Africa?
A home loan in South Africa is variable but is somewhere between 7 to 10 days. There is this processing time that every lender takes to process your application. The time varies based on the documents, the type of loan, and your information.
What do SA home loans do?
SA home loans are reliable loan providers that offer first-time property buyers, a number of services and types of loans. The types of loans they offer are all different and customized so that every property buyer can find the best according to their needs.
Who is the CEO of SA home loans?
Rob Kelso is the CEO of home loans. The company was founded in February 1999 and is one of the reliable and trustworthy loan providers in South Africa, providing independent non bank home loans for needy people.
Who are the shareholders of SA home loan?
There are three shareholders of SA home loans including Standard Bank Group Limited with 50% shares. Then they have a Bolatja Hlogo Consortium with 25% of shares and the Public Investment Corporation with 25% of the remaining shares. All three of these provide SA home loans with a significant credibility ensuring the clients can get financial assistance with much more convenience and accessibility.
Final Thoughts
Undoubtedly, SA home loans is one of the reliable and trustworthy organizations that offers you different types of loans to help you become a homeowner. The above guide tells you about everything related to SA home loans, the type of loans, the contact number, how you can apply and other related information that you should be aware of before applying. Ensure to pay attention to the above guide and understand the details well so that you can apply for the loan easily and quickly.