SA Home Loans | How do they work? | Affordability Calculator
When we finally take that step forward and decide to be homeowners, we want to do it with full understanding of the process involved. This is one of the most relevant points to take into account before starting the home purchase procedure. SA Home Loans is an example of the lending institutions in South Africa that can help you out. This is why I want to write about them to let you know what are the good and bad points of choosing them.
How does SA Home Loan work?
Being one of the most prepared home loan entities in this country, SA Home Loans has a complete package of products that fits any particular condition that you may have to deal with. For instance, whether you are in search of your first house or not, whether you want to leave a home loan deposit or not, whether your salary is high or low; there will be a home loan product thought for you at SA Home Loan.
SA Home Loans, how much do I qualify?
There’s something any borrower must check before thinking about a home loan: credit affordability. It’s essential you know how much money will SA Home Loan be willing to lend you so as to know what of the many home loans they offer are among your options. To cover this point, you can use a home loan simulator to take all the information needed – salary, expenses, job stability, among other- and calculate your home loan budget. Although you’ll go over this when applying, it’s useful to have an idea beforehand to make the process simpler.
How can a SA Home Loan calculator assist me?
As I said, this tool will make the difference when deciding over your home loan terms. The best part is that there are various types of calculators: there’s one to know about the monthly payments, another one to know about the applicant’s budget and, there’s even a home loan simulator to know if swapping your current home loan is the best option.
This way, if you’re starting the process, you ought to find out your budget limit to know what type of house you can buy. Then, once you have that point clear, you ought to find out your monthly payments to organize your monthly expenses in relation to your salary and your home loan installments.
What do requirements depend on when asking for a SA Home Loan?
Requirements depend mainly on the home loan product you want to request SA Home Loan. As each of them is prepared to cover different citizens’ conditions, they all have specific points to look at. If I take SA Home Loan general criteria, I must say:
be sure you have a clear credit history as they will go over credit checks.
have your ID prepared to present. As regards nationality, you might be a South African citizen, but you might also be accepted if you’re a permanent citizen. In both cases, you’re demanded to have your valid document.
make sure you age is among SA Home Loans limits. The youngest is 18, but the oldest depends on the home loan offer you select.
What should I do if I’m self-employed and I want to ask for SA Home Loan?
South African self-employed commonly have it difficult on loan applications. Most companies ask proofs of income such as pay stubs in their basic requirements. All the same, not everything is lost. In this case, lenders’ solution is to look at bank statements, as they show how much money a person receives and what for. So, they can certify if a self-employed person earns sufficient money each month to pay for a home loan. Just remember, you will probably need to present 6 months bank statements to prove you have a regular source of income.
How does SA Home Loan decide on interest rates?
Discussing about interest rate is not easy. As you are aware, rates are responsible for the total cost of the home loan. But, if we go backwards, the interest rate is set having your financial condition and past payments history into consideration. This means, SA Home Loan will give a lower rate to those having a perfect credit score. Either way, you should remember every loan is granted under what the NCA sets, so the interest rate should always remain between those limits.
Should I go directly to SA Home Loan online application?
Surely, you are thinking about buying a house long enough and now you are anxious to apply for SA Home Loan credit. Nonetheless, you should take a deep breath and think about the steps to take. Before applying, you need to be sure you understand everything to choose the best alternative. So, I advise you to make sure you have these stages complete before applying:
1- check home loan products to select the one for you.
2- verify requirements for the type of home loan you selected to check you meet them.
3- use loan calculators to compare home loan terms.
4- get all the documents together.
If you have these stages ready, you can start SA Home Loan application. Remember, having them ready will take you some time but, simultaneously, it will make everything goes efficiently.
How can I make sure to get SA Home Loan pre-approval?
Pre-approvals are frequently found when requesting home loans. Simply because this sort of credit demands much effort and time; SA Home Loans needs to know you satisfy basic requirements to move on with home loan process. Although it might be a little arduous, it will serve as support on the whole process. To make sure you get SA Home Loan pre-approval, just pay attention to requirements and the documentation you’ll present. As long as everything is right, you shouldn’t have bigger problems.
Is there a SA Home Loan alternative for first time buyers?
Of course! I will mention an amazing possibility for those buying your first house. At SA Home Loans, there is an alternative called Affordable Housing Package for South Africans low income earners. There is, for example, a subsidy named FLISP. This program aims to support first-time home buyers to make the house purchase financially possible by granting them a lump sum of money for the applicant to use it in two ways:
to pay the home loan deposit.
to make instalments lower by making an extra payment.
If I’m going over a second bond application at SA Home Loan, ¿will I have it faster?
If you have worked with SA Home Loans in the past, it means they already have certain information about you. Because of this, many people think a second bond application should be issued faster. However, this is not always the case and the reason is simple. Things change constantly and so it does your finances. So, you will have to update your information for the company to have current information about you when processing your second bond. Clearly, if things haven’t changed that much, you will go over this step fast.
What are the main SA Home Loan products?
I can refer to three SA Home Loan options if you want to know abut the most popular. They offer Variable Home Loan, for instance, that includes a variable interest rate and a 20-years term maximum.
They also offer a 30 Mortgage Home Loan. In this case, the difference is, clearly, that you can return the money in a longer time. I ought to remind you, the total financial cost will be higher due to the extended period to cancel the loan.
At last, there’s the Edge Home Loan. As this option is one of the most looked for, I will expand on it in the following question.
What’s the benefit on a SA Home Loan Edge product?
This home loan alternative at SA Home Loan is particularly special for one main reason. It allows you to dedicate the first 3 years of payments to cancel only the interest rate. Once those 36 months have passed, the loan will transform into a Variable loan, which means, you’ll pay the remaining capital in 20 years. Although this loan works this way, SA Home Loans will still give you the chance of making payments on those 3 years to cancel part of the loan capital. This, of course, only if you want to do it.
Does SA Home Loan accept applicants who want to switch bonds?
Yes, SA Home Loan offers an alternative for those who have an existing home loan with another lending company. Before starting switching your home loan, you need to consider certain aspects. As with any home loan, you must be sure your condition matches SA Home Loan eligibility. Then, you must go over the same steps to get a home loan, meaning using a loan calculator, completing the home loan application and answering some questions related to your existing loan and your economic situation.
Does SA Home Loans offer joint bonds?
If you’re married and trying to find a house for your family, you might be trying to apply for the loan along with your partner. At SA Home Loans this is a possibility. When you apply, you just need to inform them about how many applicants will take the loan. Obviously, SA Home Loans will request all applicants’ personal information. The benefit of doing this is that, as you will joint income, you can be eligible for a higher loan quote and better terms.
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What if I need to take a payment break? Is it allowed at SA Home Loans?
There are some companies that offer their borrowers to take a free payment month. Sadly, this option is not available at SA Home Loans. You need to comply with each of your payments on due date or else you’ll probably face a penalty fee. If you know there’s a month you know you’ll be tight with your budget and you might get some trouble to cancel on time, you should talk to SA Home Loans to find a solution.
What are SA Home Loans access bonds?
It is common home loan borrowers need more money along their loan term. As these loans are paid over many years, prices can rise up and things can change over that period. Paying attention to this, SA Home Loans has some access products to permit their clients to get their equity if they need to. You may choose between Re-Advance or a Further Loan. Following, I’ll explain what can you get from each of them.
Can I have a rapid re-advance with SA Home Loans?
As you have just read, SA Home Loan has few alternatives to those looking for accessing their equity. On one side, there’s Re-Advance. If you have made extra payments, you may use this option to ask a part of that paid capital borrowed again. Apart from that product, there’s a Further loan aimed to assist you in case you need to ask for a higher amount than your ongoing bond sum of money.
Does SA Home Loans give 100 bonds?
When getting a home loan, you’re often asked to make a loan deposit to pay a part of the house you plan to buy. As a result, you’ll get just a part of your house financed. Still, if you can’t pay that deposit, you might go for a SA Home Loans 100% Home Loan. This product is a great opportunity if you want to buy your first house, for instance. All the same, you have to know you’ll have some additional cost to pay for this product. As always, it all comes down to compare SA Home Loans alternatives to find the right one for you.
What’s included in SA Home Loans package for government employees?
In this case, the package includes 2 options. For both of them., your interest rate will be benefited with a special discount and flexible terms.
- In the first case, I can refer to GEHS Mortgage Loans offered for those who want to get a house that’s registered at the Deeds office. On top of that, discounts may also apply for bond attorney costs as long as the originator doesn’t cover them.
- In the second case, GEHS Housing Access Loan, is a possibility if the house you want to get does not have a title deed.
If you think these home loan products are good for you, just make sure you are enrolled as member of the Government Employees Housing Scheme, as the benefits they include are only available for their members.
SA Home Loans vs banks, which option is better?
When you have to decide which type of lender to take your home loan with, there are many factors you must take into account. Although they work similarly, you will surely find important differences. One of them, for instance, relates to how they calculate interest rates. You will find banks use Prime rates for their loan, while SA Home Loans uses JIBAR. They mainly differ because SA Home Loans will state the rate exclusively depending on each loan applicant, while in the case if prime rates, the rate added is the same for anyone.
Apart from that, if you want to compare SA Home Loans vs FNB, for instance, you ought to know SA Home Loans main operation has to do with home loans. Consequently, they are probably more experienced on this topic.
ComparingSA Home Loan to Standard Bank’s home loans, as another example, you will see they share some product offers. However, the little differences will make you go on one direction.
Ultimately, the final decision it’s up to your home loan needs
Does SA Home Loan offer personal loans?
I have told you they focus mainly on home loans; however, they also cover South Africans homeowners’ needs when it comes to smaller purchases. You might use their personal loans to do some home modifications, for example. If you get the personal loan approval, you can access your money in less than 2 days. Besides, as you own a house already, this loan application can be processed much faster to make you save on waiting time.
Is SA Home Loans Quick Cash available for anyone?
Quick Cash is a SA Home Loans product that can be used when you have a home credit with a different entity and you decide to switch it to SA Home Loans. If you are in this situation, the loan quote you can ask for can go up to R75000, and once all your bond documents are signed, that amount rises up to R150000. This is so as Quick Cash permits you to access your equity. Clearly, the sum of money will depend on that detail also.
SA Home Loans, are client’s review positive?
The only way to know if a lender offers a good or bad service is by listening to their customers, as they can refer to their experience. Before I discuss their comments, you must remember this is just an extra piece of information. I mean, you must have all the information at hand when choosing to apply at SA Home Loans: comments, cost, products, and so on.
I found their customers are happy with SA Home Loans service assistants and how well they led them into the home loan process. In addition, the fact that SA Home Loans accepts financing 100% the house value is one of the hot spots their clients talk about.
What are SA Home Loan branches available in kzn?
In Durban, there’s a branch at 147 Josiah Gumede Road. There, you’ll find Sandy Center and you should find Unit 7. The phone number for this office is 764 – 9240 and the email address, email@example.com.
What SA Home Loans offices are in Gauteng?
Let’s go over few locations you can approach to if you live in Gauteng. Here you have branches in some of the most important cities of this area:
In Johannesburg, there’s a branch in the corner of Comaro and Boundry Road.
Then, there’s another SA Home Loan in Roodepoort. You need to go to Horizon View Shopping Centre and found the first floor.
For those living in Pretoria, their SA Home Loan branch is placed in the corner of Mercy and Amarand street.
Is a SA Home Loans branch in Cape Town, Western Cape?
Knowing the relevance Cape Town has in South Africa it was inevitable finding a SA Home Loan office here. Going through Main street up to number 325, you’ll find the office in the second floor.
SA Home Loans branches around South Africa
* Port Elizabeth citizens wanting to get a SA Home Loan can go to Cape Road number 159 to find them. Another option is to dial the number 398 – 37 – 00 or send an email to firstname.lastname@example.org.
* In East London, SA Home Loan contact details are these: their address is 4 Princes Road, the contact number is 706 – 35 – 00 and, the email, email@example.com.
What’s SA Home Loan customer service contact number?
Now, if you have already decided to contact them to get your loan, you can call the number 0860 – 246 - 810 or, perhaps, write to their email address, firstname.lastname@example.org. This contact information, obviously, refers to SA Home Loan service for those customers wanting to acquire a home loan product.
What’s SA Home Loan operating hours?
Even though each branch might decide their working hour, I’ll give you a schedule for to consider as general rule. They open from Monday to Friday, so it’s not sure you find a branch open on weekends. On weekdays, on the other hand, they open from 8 in the morning up to 4:30 in the evening.
I perfectly understand what’s involved when buying a house. From the house-hunting step to the last installment to pay there are so many aspects to think about and home loans product to go through that everything can be overwhelming. Luckily, this article about SA Home Loans was successful on summarizing the most important information to prepare you to choose wisely.
Questions and answers
I'm about to finalize buying an empty stand. Now I want to know if SA Home loan can assist me to build a house.
With SA Home Loans, after you comply with all the requirements, you can obtain up to 150,000 rand. If the application is approved, then you can access the cash within 72 hours. The way you use the money will depend on you like to start building your house. It is important to have a clear credit history to start the application.
Can I refinance the loan?
Yes, if you notify the company about your situation
Will the money be deducted?
Yes it will
How can I communicate on weekends?
In the company´s website