Standard Bank Home Loan; Everything you need to know

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For many people of the average/middle class, owning a home is a dream come true. In recognition of this fact, Standard Bank home loan is a developed and excellent loaning program. The scheme is specifically designed to make their dream of home ownership a reality while also simplifying the process.

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 services company. The company has been serving and supporting their customers, employees, and communities for over 156 years. Their long-term efficiency and commitment to Africa are their differentiators, with a presence in 20 African countries and key global markets.

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; 

  1. South African ID
  2. Latest payslip/s
  3. List of monthly expenses
  4. If you’re applying jointly, they require the above from all parties
  5. The Qualify Me Service is not available for home loans registered in the name of a business, juristic entity (trust), or self-employed
  6. 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. 

To determine the most suitable amount of a home loan, applicants are required to use a standard bank loan calculator. During the loan application process, this is the first step. Standard banks took the time to modify and optimize their loan calculators. This loan calculator shows you the amount of home loan you can afford with its user-friendly interface. 

How to apply for a standard bank home loan

By using Standard bank’s application method, you can apply in two ways. There are two types of applications: offline and online. 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 instructions. 

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;

1. 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. 

2. 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.

3. 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 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.

4. 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.

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