Is it Possible to Be Granted a Home Loan with African Bank?
Are you trying to renovate your home but cannot afford the costs? Would you like to build your first home but you are out of money? Let me tell you, this is the perfect spot to get a quick solution. How is that possible? Through loans that will enable you to buy new furniture for your existing house or your first home. And that is possible thanks to African Bank, South Africa´s leading bank.
In the following article, I will first give you some tips related to Home Loans so that you know every aspect of this type of loan. Then, I will talk about African Bank´s Personal Loan, which allows you to either build your first house or make improvement to the one you already have. Finally, you will get contact details of this bank in South Africa, so that you can easily apply for a loan for your home.
Tips regarding Home Loans
1-Try to save some money for making down payments: it will always be determined by the loan you choose and your broker, but usually the down payments the bank will ask you to make can be between 2.30% and 10% of the total value of the house you want to acquire. So it is advisable if you plan beforehand what your budget will be so that you have the money for the down payments.
2-Control what is your credit record: if you possess a good behavior in terms of previous loans granted by other companies, that will be crucial at the time of deciding if the loan is granted or not. So, before the application process starts, I recommend you to make a copy of your credit record.
3-Put in order every document related to your finances: you know that during the application you would be requested to submit certain documentation, so it is advisable to gather every document in order to facilitate the procedure.
4-Make use of the loan calculator available in the bank´s webpage: calculators constitute a perfect tool in order to check your affordability, as you can get to know the value of the monthly payments you will make.
5- Try to get the prequalification: it happens that most banks will ask you to start the prequalification process before obtaining the loan. They will only need certain financial data regarding your salary and your savings. Then, after you have passed this stage, you can get to know better how much money the bank can lend you.
6- Answer to all the inquiries your lender may have: once you have finished the application procedure, it is extremely crucial that you give an answer to any type of request the bank can have related your financial status. By doing this, you will avoid a delay in the application procedure. Moreover, it is vital that you give the bank every document and paperwork as soon as they ask you to do it.
7- Behave well during the application procedure: this has to do with keeping a perfect credit score during the time the lending program is still in process. This means that you cannot have any accumulated debts and bills to pay. Keep a perfect credit history.
Find the best loan of South Africa
Now that you know some tips at the time of applying for a Home Loan, let’s see how African Bank can help you get the home you want or innovate the one you do have. This is possible because of their Personal Loan.
A personal loan´s aim is to guarantee that every personal need a client can have is fully satisfied by the bank thanks to the financial support it can give. Now, one of those personal needs has to do with the desire to have your first property or the desire to make improvements to the one you already possess.
With African Bank´s Personal Loan you can make those wishes come true. How? Let’s see its features:
-Customers can solicit the bank amounts around R 500 an R 200 000 in order to build their first house or buy new equipment and furniture
-Customers can take a lot of time to finance this loan, since they have periods of 3 months and also periods of 72, which is a lot
-The instalments will be partially reduced by the lender and they will be paid on a monthly basis as it is the case with every bank
-Customers will be able to call on a number designed for customer help
-Customers can finance the loan by giving their account to the bank, so the money is deducted from there
-The application procedure can take place at a branch, over the phone or by clicking in the bank´s website
Contacting African Bank in order to get a loan for your home
One of the bank´s physical branches is found at the Tygervalley Centre in Cape Town, specifically situated in 140 Willy Van Scoor Street. This branch is in the first shop. Its telephone number is the following: 27 21 480 7770. It opens during weekdays from 08:30 to 05:00 pm.
There is another office in Pretoria, specifically at 171 of Van Der Walt Street, whose telephone number is 27 12 323 7871. It opens Mondays to Fridays from 8 in the morning to 5 in the afternoon
You can try the bank´s free phone number designed for customer support, in order to ask any questions you might have as regards the bank´s loans. You can even start an application through this media.
Try visiting African Bank´s website, which is very complete and has up to date data about the loans and insurances the bank offers to South Africans. In the same webpage you can make use of online banking.
Having said that, if you were looking for an easy and quick way to finance the purchase of your first home or make the one you have bigger and fancier, you can count on African Bank for sure. Take advantage of their Personal Loan and see how that dream you have can easily come true!
Questions and answers
I have a personal loan at African Bank and it is up to date, can I qualify for home loan?
African Bank does not provide their clients with home loans so, you won’t be capable of getting this kind of help at this bank. You have a couple of options, though. One option is to get another personal loan with African Bank to try to cover a portion of the house’s value. The other option is to try to obtain a home loan but, from another bank. BetterBond and SA Home Loans are just two of your many alternatives.
Is it possible to get a home loan of 140 000 if me and my fiancé salaries are joined and over 8000 a month?
Obtaining that monthly income contributes to have the chance to apply for a home loan as long as you both have salary slips to support that information. But, you will get the home loan approval if, after taking into account the overall financial status, the bank you applied with, decides you can afford to get the loan.
I need a loan to settle all my debts and pay african bank only. What can I do?
African Bank has exactly the type of loan you are looking for, a Consolidation Loan. This alternative will let you get up to five loans consolidated into just one. But, keep in mind, the total loan quote must not be higher than 250000 rands. Among the advantages, it’s easy to mention you’ll be paying fixed rates.
Good day. Is it possible to be granted a loan from African Bank for r387000? Can I be assisted?
No. I’m afraid obtaining such high quote is not possible at African Bank. You are allowed to request r250000 or less and, providing you get the personal loan, your payments options can range from 7 months up to 72. As this company allows to apply in person, you can reach one of their branch to discuss about your loan alternatives.
Good day. I have been saving money and I was hoping to get a home loan from African Bank. I have a r40 000 deposit. Only one problem, I don't get my salary through a bank account
There are two main issues here. One of them is, like you say, you can’t provide the bank with your bank statements, which is one of the four requirements they ask before applying for a loan. The other issue is that African Bank can only assist you with a personal loan, not a home loan. So, if their 250000 rands top loan amount works for you, you can give it a go. If not, you ought to research about a bank issuing home loans.
Hi. I am unemployed and I need loan. I have a house and I want to build rooms for rental. So, I want know if it’s possible to get a loan from African Bank? Thank you
Unfortunately, it will not be possible for you to get an African Bank loan as, you must have a permanent job as prime requirement. Apart from that point, it seems you need a business loan and, you won’t find that kind of credit at this bank. Maybe, if you contact a bank working with companies, they’ll give a possible solution to start your rental. Two great banks are FNB and Nedbank. You can also find out about their business loan options at this platform.
Can I apply for a loan to get another property?
As African Bank grants personal loans only, they might not be an alternative for you. if you look at the First National Bank, SA Home Loans or Standard Bank, you will find different home loan options to get the best for you. Then, you can compare rates using our loan calculator to know which bank can issue the cheapest loan.
I have been paying a rent for the house and now i want to buy for a loan of 3 years. But when i apply with this bank i don't succeed but i know i can afford, how is this possible?
If online application is not working or you are not being given a calculation of your affordability in terms of a loan, you can always talk to a representative in person by going to a physical office, or you can phone the company. In this case, you can talk to professionals of African Bank by phoning on 27 12 323 7871 from the comfort of your home, and then getting to know if you are eligible or not, depending on your financial situation.
Is it possible for a commission waiter to qualify for a home loan?
Regardless of your profession, as long as you meet the requirements which have to do with having a salary of at leastR 2500 a monthy, you can easily apply for a loan whose maximum is that of R 500 or R 200 000
Are offices open at weekends?
No they are not
Am I eligible for a personal loan?
Please contact an agent to see if you are eligible
How much money is available?
A maximum of R 200 000
I bought my first house with their personal loan
You are allowed to pay with automatic deduction and you forget about due dates
I got a loan with African Bank and my life changed completely