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Can I Apply For A Home Loan If I Live in South Africa? Does GBS Offer This Type of Loan? Is There Another Institution That Also Offers Home Loans?

            Taking out a loan implies taking an important and responsible decision that can change your life forever. Although at the very beginning it seems a tedious process which at times it is difficult to understand, asking for a loan may also turn into a good financial experience that can raise your living standards to another level. If you are thinking of making some changes in your house or maybe remodeling a room, a home loan can represent a window of opportunity that will allow you make up-to-date home renovations you have always dreamt of. On this occasion, you will find in this article two financial institutions that provide home loans. These institutions are GBS Mutual Bank and Old Mutual. Both of them are currently operating in South Africa and apart from having affordable loans, they also offer various lending services designed for satisfying the expectations and circumstances of south Africans citizens.

GBS Mutual Bank

            GBS has been part of the business market for more than 90 years. Among its services, you will find residential mortgages, which are ideal if you are considering to purchase a property or just make some changes in your house and renovate it. Let’s explore the main features of this loan and see if it is of your interest.

            This is what you can get if you give a try to this bank. To begin with, the funds you will receive are almost enough to cover the price of your actual purchase. In fact, it is the 80% of the valuation price set for the property. Moreover, you have about a year (20 months, exactly) to repay it. In case you didn’t know, the rates are linked to prime and at the same time have a variable interest.

            Among the requirements you have to meet, you should make a deposit of the 20% of the loan, be working and earning an income every month, which means that you need to have a fixed salary. Finally, you should know that GBS Bank evaluates if you are in good standing before they grant you the loan, that is to say, it checks your credit history to guarantee that you can afford such loan and also determines what your risk asset is. In the chart that appears hereafter, you not only will find GBS contact information, such as phone numbers and directions but also other online services currently provided by this bank.                

GBS Headquarters                   20 Hill St, Grahamstown, 6139.

GBS telephone number         +27 (0) 46 622 7109

Email address                             enquiries@gbsbank.co.za

Loan amount                               80% of the total price of the investing product

Online services                           Loan calculator                                                                                                                                                                You can request that an advisor get in touch with you and call you back                                                                                Application forms available online

            Apart from the main office located in Grahamstown, there are three more stores in South Africa. You can find one in Cape Town (phone number (021) 426 1013), another one in Port Alfred (046) 624 1390) and the last one in Port Elizabeth (041) 365 4062).



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            Now, let’s move onto the services offered by Old Mutual and see if there exist any similarities or, on the other hand, any disadvantages when compared to GBS home loans.

            Old Mutual has two ways of financing which can help you pay for the financing of your house. These options are: personal loans and home loans. With this bank, you can be given up to R200 000 and you can apply for a loan online. As you may know, personal loans have wider uses but this is so because you can spend the money on whatever you want, from consolidating debts and paying bills to affording your vacations or being prepared for paying for your children’s future careers.

            The minimum loan amount you can receive is one of R5 000 and the maximum, as referred to in the previous paragraph, an amount of R200 000. The term for this loan is seven years, so this means that you have at least 18 months to make the repayments for the loan you have asked for. As an aside comment, it is good to know that in Old Mutual, its workers care for you at another level. How is that achieved? Well, each consultant is ready for talking to you in a language that is comfortable to you. They know that when it comes to the financial world, having a communication breakdown is the last thing you want in your life. For this reason, Old Mutual does whatever it takes to understand your circumstances. The fact that you trust them and perceive their transparent and honest values means the world to them.

GBS requirements

            At this point, you are willing to learn what are the requirements established for being eligible to get an Old Mutual Loan. For sure, you must have your ID and a proof of residency. In addition, you are required to present some bank statements (in fact, three of them) and a payslip.

            When talking about the home loan, Old Mutual relies on an experienced customer team that is in charge of searching for the best offers that fulfill your circumstances and which, in fact, are made by other reliable institutions. This is carried out after you send Old Mutual your contact details. 

            When they have found what you were looking for, they talk to you and advise you on what they consider more convenient for your current financial conditions.  

            Similar to GBS, you will also be able to find the application forms online, as well as a loan calculator at your disposal. Besides, there are also some educational resources which can help you organize your thoughts and take better and more informed decisions.

            As a whole, both places offer great advantageous opportunities for you to be able to get the money for achieving one of the most important goals a person can pursue: having a home of your own and design it as you have always imagined. This is the moment to make your dreams real. Just contact them and watch how your life changes.

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Questions and Answers

What other loans are provided by GBS?
You can apply for commercial loans and you can have access to asset based lending.
Apart from the loan calculator, is there any service that I can make use of when it comes to home loans?
Yes! GBS also has a section under the title of "property purchase costs". You can find all the information you need right there.
Can I open an account in GBS Mutual Bank?
Yes, you can. In fact, there are two types of accounts: an ordinary savings account and a super saver account.

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