Loans are often difficult to get – not to mention all the endless criteria that you have to meet. But that’s unfortunately what you have to do when you really need that loan. But how do banks in South Africa compare? Capitec is definitely one of the better choices according to many, but let’s take a look at how it performs in terms of home loans.

What Capitec Loans Offers

Capitec offers you up to R5 million over 240 months. That’s pretty impressive. It’s great for first time applicants too, as we know just how difficult it can be to get a first-time home loan.

 

Here are more details of what you’ll get:

  • Up to R5 million over 240 months
  • Up to 90% of the value of the house
  • Based on your credit profile and affordability
  • Special deals available for qualifying government employees
  • An SA Home Loans consultant will contact you within 2 working days
  • Approval within 5 working days after all your documents have been provided

This all sounds good but how do you know if you’ll qualify? According to Capitec, you have to be between 18 and 60 years old, and not under debt counselling. The actual amount that you may qualify for will depend on your credit profile.

FNB Home Loans

To qualify for an FNB home loan, individuals should have a minimum income of R25 000 or for a joint application, at least one of the individuals must earn a minimum of R25 000 per month. Applicants need to be 18 years or older.

FNB also offers a Smart Bond, which is tailor-made for individuals earning a minimum gross monthly income of R3 500 and maximum of R25 000. For joint applications, each applicant should not earn more than R25 000 gross income.

Nedbank Home Loans

Nedbank’s Ordinary Home Loan is a flexible Home Loan that can be tailored to suit your individual needs. You can use your home loan to finance the purchase of an existing residential property or to make significant structural improvements to your existing home.

In order to qualify for a Nedbank Home Loan you need to meet certain criteria based on the property value, your earnings and your credit record.

 

  • You earn R2,500 per month or more (single or joint gross monthly income)
  • The value of the property you want to buy is R100,000 or more
  • You have a clear credit record

You can pay off your home loan over a period of up to 25 years with a fixed or variable interest rate