Apply for Ithala Bank Home Loans | Quote Comparison

Apply for Ithala Bank Home Loans | Quote Comparison

Are you tired or paying rent? Do you want to own your house? If you’re nodding to yourself, then this article is for you. In the next lines we will be explaining to you the different options you have to make that a reality with a home loan at Ithala Bank. This text will help you know the documents you need to prepare, how to start the loan application and more. Also, we will talk about business loans offered by this credit lending company that can be useful for small-sized companies and for bigger companies.

How does the Ithala Home Improvement Loan Works?

The aim of this corporation is to play an important role in growing the economy of South Africa while running a sustainable business, of course. The history of this bank starts with the Bantu Investment Corporation Limited: a company founded by the State, and in 1999 Ithala Bank became the growing and important corporation that it is today serving customers around the province.

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Ithala wants the people of KwaZulu-Natal to make their dream, of owning a house, a reality. For this reason the bank offers a home loan for you to buy, improve or make some renovations to your property. With this loan you can build your house in the city, however, if you prefer, you could buy or build a house in a rural area if you want to be closer to nature.

How is this loan secured? For you to buy the house a bond will be registered against it. In this way, the property is the guarantee allowing accessing to convenient interest rates. The greatest characteristic of this loan is that it is designed for you to finish paying back for it before you retire, since the maximum loan term is of 360 months. Picture yourself at your own house building the life you have always wanted for yourself and your family; make it happen with an Ithala Bank Home Loan.  

Is it Useful to Consult Ithala Home Loan Calculator?

As a general rule, we could say that all loan calculators are useful. We can confidently make such a bold statement since most calculators work in the same way and provide you with similar information. These tools, on the basis of the data you enter (loan amount and repayment term), tell you the amount (approximate) that you would pay back each month with your loan.

This is useful for the simple reason that it gives you the chance of planning ahead. With an estimate number at hand, you can start thinking if you will be able to set aside that amount each month without suffering any kind of economical inconvenience. The idea is that you buy a house to solve the problem of paying rent, not creating an entire new problem.

The only downside that we find with the Ithala loan calculator is that you need to provide personal information (such as your name, e-mail and telephone number) to use the application.

How to Get Ithala Home Loan Application Form?

If we were to talk about the downsides of Ithala home loans, we could talk about the fact that the application cannot be started online. We live in times that are hectic and where every minute count, so, for some people this can definitely be a no-no. However, this company does offer a great service and a credit line that you could not easily find somewhere else. For this reason, it might be worth contacting the bank and asking them to provide with the necessary information to start your application process.

4 Requirements you Need to Meet to Request an Ithala Home Loan

You are probably well aware of the fact that banks don’t lend people money without certain assurance on the part of clients. They have to be absolutely sure that the customer will pay back the whole amount of the loan on the term agreed to by both parties.

Ithala could approve your home loan application if:

  1. You are a South African resident
  2. You have a permanent job or if you are self-employed
  3. The property that you want to buy or build must be in the province of KwaZulu-Natal.
  4. Your salary is of R6 000 or above

Now that you’ve read the qualifying criteria and know if you meet them or not, you’re ready to see what documents you will need to provide Ithala with. Here’s the list:

  • Your South African ID
  • Last payslips
  • The latest three bank statements
  • Document certifying your address (it cannot be older than three months)
  • Sale agreement or building plan with quotations

Can you Find Business Loans at Ithala Bank?

At the beginning of this article we pointed out that this corporation has the objective of helping grow the economy of the country; it was no joke. Ithala has a great variety of business loans depending on the growth of companies, the objective these companies want to achieve with the loan, and the sector in which they work. We will concentrate on two of their credit lines: Commercial Asset Finance and Property Acquisition Finance.

Can you Start an Ithala Bank Business Loan Application Online?

Just like the case of home loans, Ithala Bank has not designed an online application to ask for business loans. You will need to contact the Bank. In this case, this might be an advantage since business loans are far more complicated to understand than other loans. So, it might be better for you to talk to a staff member and have everything clearly explained.

What are the Requirements for an Ithala Bank Business Loan?

Before thinking the requirements that you will need to meet to access business loan at Ithala Bank, you need to know what these loans are for. A Commercial Property Finance is the credit line provided by Ithala Bank for companies that want to buy premises for their business (the repayment term for this loan usually is of a maximum of ten years, but this might vary), borrow working capital they need to run their operations (maximums repayment term of 36 years), among other purposes.

Since these credit lines involve higher amounts of money than other loans, requirements are much stricter. For you to apply to these loans you will have to give Ithala Bank certain documents. These are some documents that you will be required:

  • A signed application form
  • Documents of your company
  • Business plans
  • Financial Statements (audited)
  • Tax Clearance Certificate
  • Documentation on the basis of the Financial Intelligence Center Act

Are there Loans for Small Business at Ithala Bank?

Many of our readers send us messages telling us that they find it really difficult to grow their business since they cannot access finance. This situation makes them fill that their companies are stuck and that they just can’t move forward. In this article we wanted to address these readers and tell them that it is not impossible; you could consider the commercial asset finance that Ithala Bank offers to small and medium-sized companies. 

You could use this finance to buy assets, for instance. Elements such as machinery, equipment and technology you need to make your company stand out from the competition could easily be accessed to thanks to this loan. You can even ask for a revolving facility that will allow you to access your funds as you need them.

There are many other business loans lines that we were not able to cover in this article for space reasons. For instance, there are lines for Agricultural finance, micro, finance, franchise finance, and many more. If you wish to know more about these facilities, please leave us a comment or a question, and we will be happy to tell you all about it.

What are Ithala Contact Details for Home Loans?

As you already know, Ithala Bank does not provide an online application like other banks do. To request their loans you will have to either pay them a visit to one of their branches or call them on 031 907 8911. In order to speed things up if you decide to go to the bank, you could bring with you all the documents mentioned above. In that way you might be able to start your application at that moment and you will not need to go back.

This time, our job was to introduce you to this trustful and reliable credit lending company to help you if you are considering taking out a home loan or business loan. For this, we explained how the home loans offered by Ithala Bank work; we listed the requirements you need to meet to qualify for them; and we discussed that Ithala Bank does not allow you to start your application online. On the other hand, we also showed you that at this bank you can ask for a business loan for many reasons and purposes. However, as the facilities provided by this bank are so abundant we decided to concentrate on two of them: the first one, finance aimed at helping small sized companies to access funds they need to buy the elements they need to run their business and, the second one, a loan for bigger companies that need to buy property. 

Preguntas Frecuentes

Can I use the home loan to build in Durban?

The home loans offered by Ithala Bank are meant for the building or buying of a house within the state of KwaZulu-Natal. The house can be both in urban and rural areas of the province. Since Durban is a city that belongs to this province, you could absolutely ask for a home loan at Ithala to build your house.

What kind of FICA documentation do I need to provide for a business loan?

The Financial Intelligence Center Act is a piece of legislation passed to fight financial crimes such as money laundering, tax evasion and activities that finance terrorism. To comply with FICA documentation requirements you will need to provide Ithala with a certified copy of your ID, your marriage certificate or divorce certificate, and proof of your address, and phone numbers.

How does Ithala Ban complaint process work?

If you have a complaint about a product or service provided by Ithala Bank, you should contact their staff members and give all details regarding your complaint. After you’ve done this, Ithala will review your claim and will have five days to make a decision regarding what to do about it. If your complaint cannot be resolved, you will be duly notified.

I am a permanent government employee from Limpopo, How am I going to benefit from your bank?

As a permanent government employee from Limpopo, you might consider asking for a great array of credit facilities at Ithala Bank. For instance, you could ask for a home loan that will allow you to buy a house that is already built or built your own house to your taste.

I am permanently employed, and I have just bought a portion of land in the rural area to build my dream home I have the proof of purchase and a house plan, so what will my next step be to get a home loan?

There are two other requirements that you need to meet in order to ask for a home loan at Ithala Bank: the land you have must be in the Province of Kwa-Zulu Natal and you should earn at least R3,500 at your permanent job. If you meet these two requirements, then you are ready to contact the bank and start your loan application.

I have got a deal to buy a house in a semi rural area and wish to apply for a home loan to pay for the house and money to do touch ups on the property like cupboards,bathroom set and wardrobes in the bedroom.

If you wish to buy a house in a rural area and need money to carry out some renovation work, you can apply for a home loan with Ithala Bank. There are some requirements you need to comply with; for instance, you must be a self-employed or permanently employed South African citizen, and you must earn a minimum salary of 3.500 rand. 

If I own a property that has 10 tenants and I want to build 20 more units in this property, what can I do in this case?, because the property only has R11,800 income, but these units will bring over R40,000. Can I use the other property to get a loan?

Unfortunately, you will not be able to apply for a home loan with Ithala Bank with the purpose of building twenty units in a property with an income of R11,80.0. The objective of the home loan offered by the bank is to help potential clients build, buy, renovate or extend their own house.

Hi, do you provide personal loans?

Ithala Bank offers clients several lines of credit. Within the available options, you can choose a financial plan called MyCash Loan, which gives clients access to immediate cash. This is a short term loan with a sum between 500 rand to 5,000 rand, and with a repayment period of one month. 

I bought a property through Ithala Bank, paid it up less than 20 years thanks or no, to retrenchment in 2014. Is it possible to buy another house through equity or using tittle deed for renting purposes since I'm not employed?

If you already bought a house by using money from Ithala Bank, and now you wish to obtain more to buy another house, you need to consider the following information. You need to have a permanent job or at least be self-employed with a salary of around 6,000 rand. Also, the property to acquire should be located in the province of KwaZulu-Natal. 

Can I get a cash loan as I have my own business?

Ithala Bank offers loans for different purposes like purchasing a property. But you can also obtain a cash loan for your own business, if you need it. The key requirements to comply with are as follows: a completed and signed application form, documents of your business (for example, a founding statement), a business plan, a certified financial statement, sales and purchase agreements, a tax clearance certificate, a FICA documentation. 

I have an existing bond with Ithala, can I get an additional bond for home improvement, and how do I go about it?

In order to determine whether you can get an additional bond for home improvement apart from your existing bond with the bank Ithala, you will be subjected to a financial assessment carried out by the company. In other words, your creditworthiness, the equity you have in your house and your affordability capacity.

Both me and my wife are government employees, with a combined gross salary of R90,000. We want to buy a house for R1,650,000, but have been declined by other banks.

If you and your wife are government employees with a combined gross salary of 90,000 rand, you will be able to obtain a loan with Ithala Bank providing you comply with all the eligibility criteria. Please, it is recommended that you visit the nearest local office in order to find out more information. 

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