Can I Get a Mortgage Loan from Capitec? Application and Terms
If you’re trying to get the best mortgage, you must do some research first. Fortunately, this article contains information about Capitec Bank, which offers home loans so, after reading this information; you’ll be ready to apply for a loan from Capitec, providing you think it suits your needs.
What’s the meaning of Mortgage?
Clarifying what a mortgage is should be our first topic. You should know we’re referring to a loan issued specifically to be the owner of a house or building. As the quote for such purchase is high, borrowers use this option to pay that amount on different payments. A special feature to take into account is that for mortgages, also known as home loans, the applicant is required to secure the loan with an item of value, labelled as collateral.
What’s the qualification needed to get a mortgage with Capitec?
As with any loan granted by Capitec, there are some points you should take a look at. In order to know if you qualify for a loan application, read the following items:
Borrowers need to have an offer to purchase before applying. Bear in mind, this order must be signed to be valid. And, that Capitec will request a verbal confirmation of such offer.
The age to apply is between 18 and 60.
Being under debt counselling is a factor to make the request not be approved.
If the monthly installment of your loan represents more than 30% of the income you receive every month, whether is single or joint, the loan will not get the approval.
Applicants must be capable of proving they meet the requirements via the presentation of proper documents like, salary slips, ID, bank statements and so on.
How to use Capitec’s mortgage loan calculator
This tool is really easy to use and, practical to know if you can afford to borrow money from Capitec. By completing some information like the borrower’s income, the sum of money the borrower would like to pay on the monthly payments, the amount the applicant is willing to deposit, the loan term and, the rate; the calculator will provide you with detailed information about the cost of the loan. This information includes the purchase price, loan repayment, and the cost of the loan per month together with the total amount of money your loan will cost you. After that clear and detailed information, you’ll be properly informed to know if a loan with Capitec is within your possibilities.
Next, I’ll answer some questions borrowers need to know to get a mortgage with Capitec
A- What mortgage quote will I have?
To start, Capitec works in alliance with SA Home Loans. This company will find out the client’s affordability before stating the loan amount. They will use your monthly income and make a comparison with your possible loan instalments to find out if you qualify for the loan. This assessment may prevent the applicant to get the amount of money they wanted but, it will grant them to have a loan they can afford to cancel without trouble.
B- Is it possible to get mortgage estimation?
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Yes! If you submit data about your loan and your finance, you will get a loan estimate before applying.
C- What options does Capitec offer when referring to mortgages?
As regards your options, they will depend on your economic position to repay the funds. In general, home loan terms are around 15 and 30 years and, SA Home Loans grants even R5 million for financing a house.
Let’s delve into the Capitec’s Application for a Mortgage
Step 1: get your loan estimate by entering the information needed about you and, the loan you need. In this step, you will also verify your affordability.
Step 2: apply for the loan by sending Capitec the rest of the documents they need.
Step 3: receive the answer from the bank in no more than 5 business days after all the documents have been sent and received by the company.
Before we finish, let’s take a look at the following items for you to consider prior to getting your loan
Home loans with Capitec Bank granted by SA Home Loans:
You can get your loan estimate and, the loan application in the simplest way.
Online application allows borrowing the total value of the house you want to buy.
In store application grants a maximum of 90% of the price of the house.
If you’re a government employee and, you qualify, you can enjoy special deals.
When you ask SA Home Loan to contact you, they will get in touch with you in less than 2 working days.
In just 5 working days you get the loan approval.
Quotes are based on the borrower’s capability to cancel the money.
What Terms will I have for a mortgage loan with Capitec?
As it has been mentioned earlier, rates and terms will be stated by SA Home Loans once you go over the qualifying criterion. You should take advantage of this as; it’s a manner of making sure you’re getting a loan you can pay for. A point worth noticing is that there’s a chance of lowering the cost if you make additional payments. This works in the following way: as there’s the possibility that the interest increase on daily basis, your monthly payments will increase as well. By making those additional payments, you can cancel the interest sooner leaving just the principal to be paid over the years stated in the contract.
To end this article, I want to let you know Capitec has other loans at your disposal. In case you need to make a big purchase, get all your debts consolidate or, pay for an emergency; you can get assistance from Capitec to go through those events.
Now you’ve read everything, you are ready to apply with Capitec Bank if you consider they have what you need. Remember you should go over all your options so as to make the right decision.
Questions and answers
Good day, my husband and i want to apply for a home loan. Our salaries together is R25k. Can we try and apply to see if we qualify?
Of course, you can apply for a home loan at Capitec. You will be able to do so online, by phone or in person. The amount of money you can borrow will depend on your husband's and your affordability and credit record. For you to qualify you must be over 18 and less than 60 years old.
Do they have any discounts for teachers?
No. Unfortunately, rate discounts are only available to government employees.
Can I apply if I will turn 60 in a couple of months?
You should apply right away and get the approval before turning 60.
Do they have branches in Limpopo?
Capitec Bank has branches across the country. However, this option is only available in Gauteng, KwaZulu-Natal and Western Cape.
As a capitec account holder how can the bank help me on mortgage transfer costs if i purchase house for cash for about r450 000
If you are a client of Capitec you can take advantage of this company´s agreement with Sa Loans, which in combination give you the chance to obtain support of a maximum of R 5 Million in order to pay for the mortgage transfer costs of your house´s value(R 450 000)
Is there building loan at capitec, let us say i need to buy a site and build my home? Thanks
Capitec does offer home loans with their agreement with SA Home Loan, so the moment you contact Capitec you will be given the application form to complete. I recommend you to phone the following number and start the procedure right away:0860 10 20 43
Capitec Bank is an excellent option.
I bought my home thanks to the help of Capitec and SA. And now I just make the monthly payments instead of spending the money on rent.
I am not eligible for these loans.