Capitec home loans will assist you in purchasing your first home or making a smooth transition to a new property. Capitec Bank’s home loans, unlike those of other large banks, are digitally driven for convenience. Capitec Bank also provides this loan in collaboration with SA Home Loans.
While the bank is the one who provides the financial help, it is SA home loans that evaluates and accepts the applications. This post will teach you all you need to know about getting a Capitec home loan.
How to Make an Application for a Capitec Home Loan
Buying a new house may be exhilarating, to the point where you neglect important details. To avoid this, it’s a good idea to educate yourself about the home-buying process before diving in. So, how do you get started?
How Are Capitec Home Loans Calculated?
The first step is to determine if you can afford the loan. People with a consistent salary are more likely to get approved for a house loan.
You can estimate the amount of a home loan the bank will be able to offer you using the Capitec affordability calculator. Based on the value of the property you intend to buy, the calculator may also help you figure out how much you’ll have to pay back in monthly payments.
Select a Method of Application
Capitec Bank provides a variety of application options. You can call the contact center to acquire all the data on house loans as well as guidance on your loan requirements. You may also apply for a house loan through Capitec’s website. You must enter your personal information into the online application.
Submit your Paperwork.
The following stage necessitates the submission of appropriate documentation. These papers will be used by the bank to verify your identification, evaluate your eligibility for the load, and get your personal information. It’s one of the ways the bank assures it can hunt you down if things don’t go as planned.
Credit Approval
To do a credit evaluation, the bank’s credit team examines the papers you submitted as well as data obtained from the credit bureau. Your application will be accepted if everything checks out. A consultant will contact you to find a solution to any problems that occur throughout the review.
Property Appraisal
Once the evaluation is complete, an appraiser is dispatched to determine the property’s worth. If everything is in order, you will get a letter of acceptance indicating that your application was successful. The acceptance letter provides all of the cost and interest rate information. The acceptance of the offer is shown by signing the acceptance letter. After you’ve signed, return the acceptance letters to the consultant.
An attorney from the bank who writes the bond registration documentation attends the meeting. When the paper is complete, the attorney will schedule a time for you to sign it.
Deposit of Bonds
The attorney lodges the bond immediately after signing the bond paperwork. The bond will need to be recorded at the Deeds Office for another 12 weeks.
Capitec Home Loans Eligibility
To be eligible for a Capitec Home loan, you must meet certain criteria, just as you would for any other Capitec loan. They are as follows:
- To apply for a home loan, you must be at least 18 years old.
- Before applying for the loan, you must have a purchase offer. For the offer to be legitimate, the seller must sign it. A verbal confirmation of the offer is also required by Capitec.
- If you have bad credit or are enrolled in debt counselling, your request may be denied.
- Whether you have a single or joint account, your monthly loan installments should not exceed 30% of your monthly income.
- You should have the relevant paperwork on hand to demonstrate that you satisfy the standards.
Procedure for Submitting an Application
The procedure is straightforward. If you prefer to do it online, it will just take 5 minutes, or you may visit your local Capitec Bank branch. Depending on whether you are employed or self-employed, the criteria are slightly varied.
You should supply the following for the Permanently employed:
- Salary slips from the previous three months
- Supply your latest past 3 months Bank statements
- A copy of your valid driver’s license
- A certified copy of your marriage certificate (when required)
- A written offer to acquire a property.
- Statement of Assets and Liabilities for loans totalling at least R 2.5 million
You should supply the following information to self-employed applicants:
- a copy of the offer to purchase agreement that has been signed
- a copy of your driver’s license or passport, as well as a copy of your business registration paperwork or trust deed
- financial statements from the previous two years
- your most recent six-month bank statements that are duly stamped
- a copy of your marriage license (if necessary)
- statements of Personal Assets and Liabilities
- evidence of a consistent income
- statements of financial position from the previous two years
- If the financial statements are older than six months, the current management accounts must be signed by both the accountant and the applicant.
Capitec Home Loans Repayment Plan
You must be sure that you can afford to repay a Capitec home loan before taking one out. To make sure this is the case, Capitec Bank has a fast online calculator that may help you figure out how much you qualify for, how much you should pay monthly, and how long you should pay it off in.
You should take out a loan that is no more than a third of your net income as a rule of thumb.
The Advantages of Capitec Home Loans
The online application procedure is simple. In simply four simple steps, you’ll be done.
The bank offers you complete control over the program, allowing you to monitor its progress at any time.
Based on your profile, the bank offers you highly attractive interest rates. You will also enjoy a 50 percent reduction on bond fees.
Each stage of the procedure is guided by a trained property financing adviser.
A simple affordability calculator will help you figure out if you can afford the loan and how long it will take to repay it.
Even though purchasing a new property can be a thrilling life experience, however, before you begin, you must carefully consider if you can afford the associated fees. To verify your qualification for the loan and plan ahead, use Capitec Bank’s affordability calculator.
