Owning a home you can call your own is a dream come true of many average/middle-class citizens. Understanding this fact, Standard bank has put together a great loaning scheme. This scheme is specifically designed to not only make their dream a reality but also ease the process of ownership.
Standard bank home loan is available to provide you with a range of flexible options to make your dream come true. With options suitable for everyone, whether you plan on becoming a homeowner, a home builder, or are already a homeowner.
About Standard Bank
Standard bank is a deeply rooted financial service provider. It is known that they’ve been serving and supporting their clients, employees, and communities for over 156 years now. With a presence in 20 African countries and key global markets, their differentiator is their long term efficiency and commitment to Africa.
What are the requirements for applying for a Standard Bank home loan?
To apply for a Standard Bank home loan, every prospective applicant must have and be ready to provide to following documents;
- South African ID
- Latest payslip/s
- List of monthly expenses
- If you’re applying jointly, they require the above from all parties
- The Qualify Me Service is not available for home loans registered in the name of a business, juristic entity (trust), or self-employed
- For alternative home loan solutions please call 0860 500 000 or visit your nearest branch.
Having all these documents readily available increases your chances of getting your loan application approved.
What is the minimum/maximum amount of home loan offered by Standard Bank?
Before applying for a loan of any kind, it is important to know and understand the basic terms and make efficient decisions. The process of ascertaining the minimum/maximum amount of home loans offered by Standard bank comes differently. With this type of loan, there is no fixed maximum or minimum amount you can get as a home loan.
They require home loan applicants to use the standard bank loan calculator to ascertain the most suitable loan amount. This is the first process during loan application. Standard bank took out time to modify and optimize their loan calculator. With a user-friendly interface, they design the loan calculator to show you the amount of home loan you can afford.
How to apply for a standard bank home loan
There are two application methods you can use by Standard bank. These methods are offline application and online application. The offline application process as the name implies requires the applicant to physically visit the nearest financial provider’s branch. This process also involves reaching out to the standard bank stand by customer representative at 0860 500 000. The line is open between 8 am and 5 pm during the week.
Online application on the other hand doesn’t require a physical appearance. You can execute this application process from any location. Standard bank employs this method of application because of the advancement in technology. This application process involves either downloading the financial provider’s app, visiting their websites, and following the instruction.
Important tips for taking a Standard Bank loan
Before taking a loan of any kind, it is important to have a great understanding of the best way to approach the process. The following nuggets are vital and will improve your loaning expectations with Standard Bank;
- Firstly, use the standard bank loan calculator to carry out a quick financial reality check.
Imagine a tool that can compare and analyze your financial status and provide immediate results about your expectations. The loan calculator is a super easy tool to use. It is available to help you make a highly informed loaning decision.
- Carefully decide how much to borrow
With Standard bank, you can borrow up to 100% of the property purchase price. Yes, you heard right. By registering a bond for a higher amount, you can borrow extra later, without registering a second bond.
That’s not all. As a first-time buyer, you can get up to 104% for a purchase of R1m or less. You can also decide to use the extra 4% towards transfer and bond registration costs.
- Finding your new home
When viewing properties, keep an eye out for signs of structural damages. Be wary of anything else that might cause you to spend extra money on once you move in.
You might also want to consider repossessed properties for sale through online auctions. Transfer duties do not apply to these properties.
- Check the home’s property guide
You can make a more informed decision about purchasing a property when you know how old it is. An idea of what it last sold for and how it compares to similar properties in the same different areas.
With Standard bank’s free property guide to homes across South Africa, you can access relevant info and key insight. More information on the estimated value of your dream home, so you can buy with confidence.
Conclusion
Pulling and organizing financial resources together to buy or build a home can be super challenging. Especially for average and middle-class citizens. It is because of this undeniable fact that Standard Bank has put together the home loan. With the primary purpose of equipping interested applicants with financial assistance, they need to actualize their dream.