Do you want to own your first house? How about upgrade or move to a bigger one? Nedbank understands these needs and realizes the importance of a home loan. After all, it is one of the biggest investments you will ever make.
Buyers want flexibility and Nedbank can provide it. Nedbank is known for their flexible loan offers and personal customer service.
Nedbank home loans can be used to buy either an existing home or vacant land. Home loans for 100% of the purchase price are available as well, depending on the property value and buyer?s credit history. Nedbank will also finance between 70-100% of a vacant land purchase, which once again depends on the value of the property and the buyer?s credit history.
Nedbank offers both fixed and variable interest rate home loans, as well as Nedbank Accelerated Payments, which enable the buyer to pay off their home loan faster than what is agreed upon in the home loan contract. This is an excellent way to say money on capital and interest.
Qualifying for a Nedbank home loan is easy if you are a South African resident with a good credit record. It should also be noted that there are minimum monthly income requirements as well. Before you apply for a home loan, check your credit report, Nedbank advises you to contact the credit bureaus if there are any errors.
First check for errors and then check for high credit balances. High credit balances lower your score, and increase the interest rate on a home loan. Also, set aside a few months worth of loan repayments, which is known as reserves. Banks demand reserves, so this is not an option.
Paperwork comes with anything important, so you can imagine the amount of documents you will need for a home loan. Ask the bank ahead of time and submit the paperwork at the start of the loan process. Documentation includes proof of identity, income verification, bank statements and the offer to purchase agreement.
Paying monthly loan payments is part of the process. The monthly charge consists of the capital, interest, home insurance premium, and any administrative fee tacked on.
When you are ready to purchase a home, make sure you see a qualified lender. They can review your situation, answer any questions you might have and develop a home loan proposal to meet your specific needs, while putting you on the path to a new home.
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