At the verge of making the final decision of applying for a home loan. You might want to know how that home loan works. Especially if it’s your first time applying for this type of loan. Things like; the repayment terms, documents, whose name the home loan should bear etc could make you feel worried. But the rest of this article will give you all the information you need to get the Nedbank home loan.
What can qualify me for a Nedbank home loan?
Just like every home loan from other lenders, you need some things to qualify for the Nedbank home loan.
The following are the documents you need to qualify for the Nedbank home loan:
- You’ll need a valid South Africa identity card or document
- A proof of your income
- List of your expenses
- A sales agreement or offer to purchase
- Your banking details
Things to consider before taking the Nedbank home loan
There are things you must consider before getting the Nedbank home loan. They include:
- Ensure you can afford the home loan
Even before applying for the home loan, ensure you’re financially capable to meet its demands. These demands can be weighty, this is because you could also have some other expenses to make.
Also, be mindful of how prompt repayment of the loan improves your credit score.
- The home of your choice
You should be able to communicate your choice of home to the bank. This will help them know the home loan you need. Even before accepting the terms of a home loan online. It is advisable to have a physical look and feel of the home you want to buy. This is because the home you see online might not really be as that physically.
- Await the outcome
After communicating your home of choice and presenting the documents. You then await the outcome of the loan application. However, the loan application process can take as long as two weeks before approval. But once they sign and submit all the documents, they require from you. Then you will have a higher tendency of getting your loan as soon as possible.
- Registering the transfer process
Once they approve your home loan, they have to register the transfer process of having the property in your name. And they will require you to pay the transfer fees. Therefore, ensure you prepare for this because they don’t always include the transfer fees in your home loan. Always ensure whether they will include the transfer fees in your loan before you sign.
The Finance Linked Individual Subsidy Programme (FLISP)
The Department of Human Settlements developed the FLISP. They did this to enable sustainable and affordable first-time homeownership opportunities to South Africa citizens and legal permanent residents. People who earn a gross monthly income of up to R22,000 are the ones that can access the FLISP.
The following are the requirements for the FLISP:
Besides earning a gross monthly income of up to R22,000. There are other requirements you need to make for you to get the FLISP.
- Be a South Africa citizen or permanent resident with a SA identity document
- Applicant must be 18 years or older
- People who have never benefited from a housing subsidy scheme previously
- If you are a first-time homebuyer
- People who have approved home loan from a financial institution
- Have at least one dependent who never benefited from a housing subsidy scheme previously.
How does the FLISP work?
The FLISP has a way it works to serve the South Africans excellently. They are:
- Immediately you submit your home loan application, Nedbank will conduct a full credit assessment. This helps to make sure that you can afford to repay the home loan
- If they approve your application, they will conduct a property valuation immediately
- They require that you accept and sign all the documents with the bond attorney. If you are happy with your home loan quotation.
- The transferring attorney liaises with the bond attorney, who will lodge your bond application with the Deeds Office. Then they’ll register the property in your name. However, this may take up to three months.
- Once they register the bond in your name, you can now start enjoying your new home.
Nedbank home loan self-service
The Nedbank self-service helps customers to access their home loan accounts using their self-service banking profile. They can do this and from any place for free.
What are the benefits of Nedbank home loan self-service?
Customers take control of their home loan finances with the self-service. They can manage their home loan account and carry out various transactions from anywhere.
The following are what self-service customers can do with the Nedbank home loan:
- Customers can view their statements online.
- They can check their balance.
- Their payment information
- Transfer funds to and from their home loan account using their linked Nedbank current or savings account.
- They can bank with complete security, 24/7.
How can I get started with the Nedbank home loan self-service?
To get started with the Nedbank home loan self-service, there are things you must do.
Take the following steps to activate your self-service banking profile:
- You can apply online or call the Nedbank Contact Centre on 0860 555 111. Besides that, you can visit a Nedbank branch and let them know of your interest.
- Show them your account number and proof of identification.
- Ask them to create a self-service banking profile for you. And that they should send you the profile number.
- Exchange the temporary PIN you receive with the one you like. You can do this by using any of the self-service banking channels. And they include:
Internet banking: www.netbank.co.za
Telephone banking: 0860 555 111
Cellphone banking: nedbank.mobi
SMS banking: *120*001#
A home loan can become the best decision to make in order to get the home you love. Especially when you do not have enough money to buy a home. Most lenders that offer personal loans, car loans, or student loans also offer home loans. Borrowers must ensure they repay these loans promptly so that their credit scores will be in a pleasant condition. Failure to do this could deny borrowers future loans.