Raising funds for a house can be quite a daunting task. It can be extremely challenging. With today’s property prices sky-rocketing daily, it’s becoming slightly more difficult to become a property owner.
A popular and flexible way of borrowing money for buying a house is through financial institutions. Usually, getting a home loan from a financial institution means that you have the benefit of being able to pay the loan over a longer period of time and you can possibly save interest. Usually, interest is calculated daily and capitalised monthly.
By paying a 10% deposit upfront, you are able to shorten your repayment period significantly – not to mention the interest savings you can make.
Following the credit crunch a few years back, the effects of the recession still remain today. Fewer traditional banking institutions are willing to lend to just anyone. To qualify for a home loan these days you have to have an impeccable credit history and be able to afford the repayments comfortably.
Through institutions such as FNB, SA Home Loans and Nedbank, you are able to get the assistance you need for your home loan needs.
SA Home Loans:
This institution has originated over 100 000 residential loans since entering the market in 1999. Loans are offered as various packaged and are designed to suit individual home loan needs. Some solutions give individual the chance to repay over a 30 year term while others include an interest-only option. SA Home Loans is not a traditional lending institution. Its qualifying criteria differ slightly and take into consideration the challenging times we live in. The institution also seeks to introduce a fresh approach to home loans and to provide service beyond the norm.
An example of these are the Edge Home Loans, which are ideal for individuals who have a growing career who can afford to pay higher or for those who wish to pay an initial higher amount on the loan and reduce their payments thereafter.
Home Loans can help you accomplish your goals and give you the house of your dreams.