Nowadays, buying a house with cash can be difficult for many people. This is why SA Home Loan has developed home financing solutions to help individuals achieve their dream of owning a home. Applying for a loan with SA Home Loans is quick and convenient, and you can find the right financing option that suits your needs.
SA Home Loans has been around for more than 25 years offering many financial services and in this article, we are going to go through the basics of their home loans for people buying homes for the first time, if you don’t know where to start and what is required to get the loan then this article is for you.
SA Home Loan Products Offered
The following are home loan products offered by SA Home Loan and they all come with home insurance
- 20 years Home Loan: This loan product has a 20 years flexible repayment period, with an interest rate that is determined by your creditworthiness, eligible for people who are switching their current home loan credit or for first-time buyers and people who are replacing the terms of current home loan or mortgage.
- 30 years Home Loan: This type of loan product is for 30 years and has, the longest flexible repayment term by far giving you enough time to pay your loan with loan monthly instalments, with an interest rate that is changeable and determined by your creditworthiness, people who are buying a home for the first time, changing their current home loan, replacing the terms of their current home loan can be eligible
- Edge Home Loan: This home loan product has a 23-year repayment term, however, the term is not flexible but you will pay the interest for only 3 years (36 months) and the eligibility criteria are still the same as the loans mentioned above.
Eligibility Requirements
The following are the mandatory requirements needed when applying for credit:
- Must be 18 years or older
- Must have a valid Identity document
- Must be permanently employed or self-employed
- You must have an active bank account where your salary is paid
- Must have a good credit score
Documents Needed for SA Home Loan
The following are the documents needed when applying for a home loan, for people who are self-employed, permanently employed, first-time buyers, changing or refinancing current home loan, aged over 55 years, non-South African citizens or earning an additional salary.
- Valid SA ID ( for SA citizens)
- Valid Passport (for non-SA citizens)
- Recent Payslip (for people who are self-employed or permanently employed)
- Recent 3 months statement every applicant must have this document
- Recent 6 months bank statement (if self-employed)
- Documents of Retirement or pension payment (if over 55 years)
- Statements from your bank showing your payment (if earning additional income)
- Title deed (If refinancing)
- Recent 3 months bond payment statement (If switching)
- Signed purchase agreement (if first-time buyer)
For more detailed information you can simply assess the SA Home Loan documents page
Where to Apply for the Home Loan
When you now have all the documents required and you meet the eligibility criteria you can simply apply on the SA Home Loan website or if you feel like doing things in person you can visit your nearest branch, you can locate the nearest branch by clicking here
Contact Details
If you want to get in touch with SA Home Loan you can use the following details or request a callback
- Phone: 0860 246 810
- Email: admin@sahomeloans.co.za
