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Home Loans
While only about 35 % of South Africans own their homes, many more aspire to have one, and with a good reason. However, houses are large ticket items, with only a few being able to pay the entire cost upfront. For South Africans, much like the rest of the world, applying for a home loan facility becomes the next best option.
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Properties of this loan
- Online loans up to R4.000
- Term 2 - 36 days
Loan requirements
- Phone number
- ID number
About company
More information about the company Boodle (Pty) Ltd.
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Properties of this loan
- Online loans up to R300.000
- Term 1 - 60 months
Loan requirements
- You must be between the ages of 18 and 64
- Be a permanent SA resident
- Be permanently employed or self-employed
- Your salary must be paid directly into your bank account
About company
More information about the company First National Bank
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Properties of this loan
- Online loans up to R50.000
- Term 6 - 24 months
Loan requirements
- A valid SA ID
- 3 latest payslips or 3 latest bank statements
- Must be permanently employed and earning a monthly salary
- A valid cell phone number
- A valid SA bank account
- Must be 18 years or older
About company
More information about the company Capfin SA (Pty) Ltd
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Properties of this loan
- Online loans up to R5.000
- Term 6 months
- Easy application
Loan requirements
- Latest payslip and 3 months bank statements
- Or last 3 payslips
About company
More information about the company Dunami Direct (PTY) Ltd
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Properties of this loan
- Professional financial advice and tips to improve your score
- Complimentary loan assist service of up to R150,000 cash
Loan requirements
- Be 18 years or older
- Have a valid SA ID or Drivers License
- Have a bank account
About company
More information about the company Credit Gain Services (Pty)
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Properties of this loan
- Online loans up to R200.000
- Term 1 - 5 years
- Easy application
Loan requirements
- To apply, you must be 18 years or older
- Please carefully read the terms and conditions before applying
About company
More information about the company AB Partners (PTY) Ltd
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Properties of this loan
- Online loans up to R50.000
- Term 7 - 36 months
Loan requirements
- Have a South African ID Number
- Be between 22 and 60 years old
- Be employed full time
- Have a personal bank account in your name
- Have an email address and cell number
About company
More information about the company Izwe Loans (Pty) Ltd
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Properties of this loan
- Online loans up to R75.000
- Term 12 - 60 months
- Fast online application
Loan requirements
- Be 18 years of age or older
- Have a valid South African ID
- Earn at least R2,000 per month
- Latest 3 payslips or the last three months' bank statements
- Have a bank account in your name
About company
More information about the company Woolworths Financial Services (Pty) Ltd
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Properties of this loan
- Online loans up to R150.000
- Term 1 - 60 months
Loan requirements
- You must be between the ages of 18 and more
- Be the SA resident
- Your salary must be paid directly into your bank account
About company
More information about the company SA Home Loans (Pty) Ltd.
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Properties of this loan
- Online loans up to R150.000
- Term 1 - 6 years
- Fast application
Loan requirements
- You need to be a South African citizen and above 18 years of age
- You also need to be employed and have a valid bank account
About company
More information about the company Hippo Comparative Services (Pty) Ltd
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Properties of this loan
- Online loans up to R250.000
- Term 1 – 84 months
- Fast online application
Loan requirements
- The minimum age to use our service is 18
- Must be a current resident of South Africa
- Need an active South African bank account to allow the money to be transferred to you
- Have to be a current resident of South Africa
About company
More information about the company Virgin Money South Africa (Proprietary) Limited
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Properties of this loan
- Online loans up to R300.000
- Term 1 - 7 years
Loan requirements
About company
More information about the company Loans Finder
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Properties of this loan
- Online loans up to R120.000
- Term 1 - 48 months
- Fast application
Loan requirements
- You need to be a South African citizen and above 18 years of age
- Ability to go to the branch
- You also need to be employed and have a valid bank account
About company
More information about the company Real People Home Improvement Finance, a division of Opco 365 PTY LTD
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Properties of this loan
- Personal loans up to R300.000
- Term 12 - 72 months
Loan requirements
- SA ID number
- Proof of residence not older than 3 months
- 1 month's payslip
About company
More information about the company Imperial Credit Bank
The loan application process can pose its own set of challenges, especially for first-time applicants. Here is a breakdown of the three key things to keep in mind before scouting for South Africa home loans.
Deposit
A deposit is the amount of money you wish to place on your home purchase, before finding a financier for the rest of the amount. Your deposit is one of the main things to think about before you begin the process because it:
- Determines the size of the loan you will apply for
- Determines how much house you can actually afford
While most loans require a deposit, there are a few financing institutions that give 100% financing. However, even with such a facility, there are upfront operational and processing charges to be absorbed by the prospective homeowner. When it comes to the deposit on a house, the higher the deposit you can put up, the cheaper your loan will be. To be at an advantage, strive to accumulate significant savings to go towards your home’s purchase.
Repayment Term
The repayment term is the duration in which you are to repay the loan amount in full. Until this is done, the home’s deed will remain registered in the financing institution’s name. Most SA home loans have a repayment period of 20 to 30 years.
The payments you make during the first few years goes towards paying off your interest. Over time, your payments will go towards repaying the actual loan amount. Keep in mind that the shorter your loan term, the cheaper your loan will become. This notwithstanding, some financiers will penalize you for paying your loans earlier than agreed upon in your contract.
Therefore, ensure to understand your loan’s terms and conditions before taking out a loan facility. If you see an improvement in your financial status or an additional source of income that will enable you to make larger payments, ensure to get a loan facility that accommodates this.
Home Affordability
Affordability comes into play when figuring out the total cost of a house you can afford. Some of the variables here are your deposit, the repayment duration, and payable installment amounts. Essentially, affordability is calculated by subtracting your total expenses from your total household income. The figure you get from this gives you the amount of money that would be available to make comfortable monthly home loan repayments. To aid you, identify a suitable home loans calculator online to help you crunch the numbers.
All in All
While buying a home is indeed an exciting milestone, it’s imperative to allow yourself ample time to understand and navigate the processes involved. Understanding the above principles will help you start the proper planning required to access the best home loan facilities in South Africa.
Lincoln Ndirangu(LinkedIn)Lincoln Ndirangu is a professional freelance web copywriter based in Nairobi, Kenya. For over 7 years, writing for the web and engaging the online audience has been primary focus and passion.More information...