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Capitec Home Loans: Features, Eligibility And More

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Are you looking for Capitec Home Loans , features and eligibility then you are on the right page with all the necessary information.

Capitec home loans can aid you in buying your first home or move to a brand new one seamlessly. Contrary to most bank, Capitec Bank home loans are electronically-driven for convenience. Furthermore, Capitec Bank offers this loan in conjunction together with SA Home loans.

It is not the bank that provides the financial assistance however it is SA home loans which evaluate the applicants’ credentials and then approve the applications. This article will give you everything you need be aware of before applying for an Capitec mortgage.

Capitec Home Loans
Capitec Home Loans

How to Apply for the Capitec Home Loans

The process of buying a home may be overwhelming and exciting that it is easy to forget some essential aspects while buying the house. To prevent this from happening you should make sure you to be aware of the steps of buying a home prior to committing. But, where do you start?

How to Calculate Capitec Home Loans

It is the first thing to figure out whether you have the money to pay for the loan. In general, those with an income that is steady are more likely to qualify for an home loan.

By using Capitec’s Capitec’s affordability calculator using the Capitec affordability calculator, you’ll be able predict the amount of a home loan that the bank might be able to provide. The calculator will also help in determining the monthly installments you could have to repay in relation to the worth of the home you wish to purchase.

Choose an Application Method

Capitec bank has several different ways to apply. You can contact the contact center to get all the information about home loans, as well as the advice for the best loan options. You can also submit an online application through Capitec’s website. Capitec site for home loan. This online form requires you to submit your personal details.

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Provide Your Documentation

The next step is to submit valid documents. The bank will use these documents to establish your real identity, your eligibility to the payment, and to collect your personal data. This is among the ways the bank is able to keep track of you in case circumstances don’t go as planned.

Approval of Credit

The credit department of the bank analyzes the documents you have provided together with information from credit bureaus in order to do a credit evaluation. If everything is satisfactory the application is accepted. Any issue that is discovered during the assessment is resolved by an expert who will get in touch with you to seek a solution.

Property Valuation

If the assessment is successful the appraiser will be sent to appraise the property. If all goes well, you’ll get a confirmation letter which indicates that the application was received in good order. The acceptance letter will include all details about the price and the interest rate. The acceptance letter is signed by the signer to signal that you have accepted the offer. After you have signed, return the acceptance letter to the consultant.

The meeting is held by an attorney from the bank that drafts the bonds registration documents. When the document is completed the attorney will schedule an appointment to sign the documents.

Bond Lodgement

When the bond is signed agreement, an attorney will lodge the bond. It takes another twelve weeks before the bond is registered with the Deeds Office.

Eligibility for Capitec Home Loans

You have to meet the requirements to get this Capitec Home loan. Similar to other loans from Capitec There are some specific prerequisites you have to keep in mind if wish to be eligible for the Capitec mortgage for your home. These are:

  • You must be 18 years of age and over to be eligible in a loan for your house.
  • You must have an agreement of purchase prior to you apply for loan. The seller needs to accept the offer in order for it for it to become valid. Capitec also requires formal confirmation verbally of an offer.
  • Your application may be denied If you have a poor credit score or if you’re in debt counseling.
  • The monthly installments for the loan must not exceed than 30 % of your income per month regardless of whether you have an individual or joint account.
  • You must be prepared to present the required documents to prove that you meet the standards.
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Application Process

The process is straightforward. It takes only 5 minutes if you opt to complete the process online, or visit the nearest Capitec Bank branch. The requirements for this are slightly different dependent on whether you’re permanent employed, or self-employed.

If you are employed permanently You must provide:

  • The salary for the last three months is a slack
  • The latest three months of bank statements from the past three months.
  • A duplicate of your South African ID
  • A duplicate of the marriage certificate (when necessary)
  • A written offer to purchase contract
  • Statement of Assets and Liabilities for loans with a total that are not less than R 2.5 million

If you are self-employed the following information is required:

  • Copy of sale to purchase contract
  • Copy of your ID Card
  • Copy of your registration for business document or trust deed
  • The most recent two years of financial statements
  • Your most recent bank statements for six months, which are completely stamped
  • A copy of the marriage certificate (if needed)
  • Statements of Personal Assets and Liabilities
  • Evidence of continuous income
  • Financial statements for the last two years
  • The management accounts of the current year are not more than two months if they are signed by the accountant and the applicant when the financial statements are more that six months.

Repayment Plan of Capitec Home Loans

Before you take out an Capitec Home loan it is important to ensure that you are able to be able to repay the loan. To ensure that this is the scenario, Capitec Bank provides an instant online estimator which can assist you in determining how much you qualify for, and determine the amount you’ll have to pay each month and the appropriate timeframe.

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The ideal is to get loans that are not greater than a third of your net earnings.

Benefits of Capitec Home Loans

  • The online application procedure is easy. It takes only four simple steps.
  • The bank will give you control over your application and allows you to keep track of each step of the application.
  • The bank gives you affordable interest rates that are dependent on your personal profile. Additionally, you can enjoy an additional discount on bond costs that can be as high as 50 percent.
  • A dedicated property finance specialist will guide you through each stage of the procedure.
  • A simple calculator for affordability can aid you in determining if you’re able to take out the loan and what amount of time needed to repay it.

A new home purchase could be an exciting endeavor. But before you begin the process, it is important to take a careful look at whether you will be able to pay for the expenses that come with the purchase or not. Utilize the affordability calculator at Capitec Bank to determine your eligibility for the loan and then plan for the future. If everything is fine and you have signed a purchase agreement and you are able to apply for a home loan using the steps in the previous paragraph.

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