Nothing is as soothing and comforting as the peace of mind that comes with living in a property you know is fully yours. For individuals with low financial income, a Capitec home loan can be a great financial solution. Apart from the fact that you can do with it whatever pleases you in terms of decorations and settings, it is also a long-term investment.
Making a home purchase can be an exciting experience! For the best decisions, it is vital that you understand the process and what to expect. The steps described in this article will assist you in obtaining a Capitec home loan.
Understanding Capitec Home loans.
Listed on the JSE, the Capitec Bank is one of Africa’s largest diversified financial services providers. Committing a great percentage of their resources on finding local solutions to uniquely local challenges. Capitec Bank in their utmost will to serve, they have included the home loan as one of the financial products they offer.
Finance being the major setback for prospective homeowners, interested citizens can now apply and get a home loan within a twinkle of an eye.That’s not all. Explore this article to find out more relevant information about getting a flexible home credit from this lender.
Requirements For A Capitec Home Loan.
For better understanding and specification, the application process for a Capitec home loan has been categorised into two different categories. These categories includes;
- Employed Category Requirements.
If you are a gainfully employed citizen of South Africa, you need to possess the following documents and fulfil the following requirements to qualify for a Capitec Home loan.
- Latest 3 month’s salary slips.
- Latest stamped 3 months’ personal bank statements.
- Prospective applicants are required to provide a copy of your ID document.
- Also, a copy of marriage certificate or antenuptial contract (ANC).
- Copy of the offer to purchase.
- Personal assets & liabilities statement for loan amount over R2,500 000.
Email these documents (for both applicants if applicable) to info@capitechomeloans.co.za after submitting to your application.
2. Self-Employed Category Requirements.
If you are a self-employed citizen of South Africa, you need to possess the following documents and fulfil the following requirements to qualify for a Capitec Home loan.
- Proof of income; letter of drawings from an accountant.
- Latest stamped 6 months’ personal bank statements.
- Personal assets and liabilities statement.
- Latest 2 years annual financial statements.
- Where annual financial statements are older than 6 months to date, current management accounts not older than 2 months signed by the applicant and accountant must be provided besides the annual financial statements.
- Copy of your ID document.
- Married applicant needs to provide a copy of marriage certificate or antenuptial contract (ANC).
- A copy of marriage certificate or antenuptial contract (ANC).
Email these documents (for both applicants if applicable) to info@capitechomeloans.co.za after submitting to your application.
How to apply for a Capitec Home Loan.
Applying for a home loan can be a somewhat delicate financial task. Follow these steps below to get a smooth loaning experience.
1. Calculate.
Use the Capitec affordability calculator to get an idea of what they may offer you.
2. Choose an application option.
You can apply online and they will contact you once your application has been started. Alternatively, on 0861 200 300, you can contact the Capitec sales Centre to discuss your home loan solution needs.
3. Send your documentation.
It’s important to provide them with all the information they need in order for you to be considered.
4. Credit approval.
Capitec’s credit department will now use the provided documentation, as well as credit bureau information pertaining to your current credit status, in order to perform the credit assessment. If everything is in order, you will receive notification that your bond application has been approved.
This approval is subject to the completion of the valuation. If there is a problem, you will be contacted by a financial consultant to discuss a feasible solution.
5. Property valuation.
An expert appraiser will arrange an appointment to value the property.
6. Evaluate & sign a Letter Of Acceptance (LOA).
Once the appraisal is done, and everything is in order, the application will be approved. A Letter of Acceptance is sent to you, which explains the costs, interest rate, indicative instalments, and other important items for you to evaluate. You accept this offer by signing and returning the letter to your consultant.
7. Conveyancing.
Once Capitec receives the letter of authorization, they select an attorney from their panel to handle the bond’s registration. They will draft the bond registration documents and will make an appointment for you to sign. Bear in mind that the attorney attending to transferring ownership may be different to the bond registration attorneys, as the seller may appoint the transfer attorneys.
The two firms of attorneys will however liaise so that transferring ownership and bond registration occurs simultaneously.
8. Lodgement.
In the next step, the attorney will file your bond registration, and it happens right after you sign your documentation at the attorney.
9. Await registration.
Registration of your bond at the Deeds Office will take approximately 12 weeks.
Conclusion
Capitec Bank has built a big and trustworthy brand, so South Africans feel comfortable when applying for a Capitec home loan. Capitec home loans have very low interest rates and are easily accessible via Capitec’s online portal.