South Africa Home Loans | Bank Comparison

South Africa home loans | Bank comparison

When it comes to gaining a home loan through a bank there are comparisons to be made from the different bank and what they have to offer. But some things remain standard like in keeping in line with the National Credit Act; the bank’s lending criterion is informed by the customer’s affordability and credit worthiness.

When it comes to what criteria banks use for assessing a home loan application the list can be endless and different according to the bank you’re applying with.

Absa Home Loans look at things like

– Current debt repayment behaviour
– Credit history
– Affordability
– Net disposable income
– Household finances
– Prevailing economic
– Consumer risk profile

In comparison to Nedbank Home Loans which assess

– That the property must be in good condition and acceptable to the bank
– As well as assesses your minimum income

Whereas FNB Home Loans looks at

– Latest copy of applicant’s payslip
– Bank statements in some cases
– Self-employed applicants will need to supply a signed personal statement of assets and liabilities as well as a balance sheet and financial statement for the business from which income is derived
– A commission earner will be required to submit the last six months commission earnings statement.

Types of home loans available

With Absa it’s not only a home loan but also home loans that include:

◾A Building loan
◾Family springboard Buy to Let Home loan ◾International Mortgages ◾Pension Powered Home loan

While Standard Bank offer

◾A home loan
◾A home business loan
◾Or if you’re buying or building, first home or additional property, or even switching from another bank

On the other hand Nedbank allow you to

◾Use their home loan if you want to buy an existing property or make structural changes to your existing property.

FNB allows you to

◾Purchase an existing residential property

While Capitec is for

◾New bond applicants
◾Capitec clients with existing home loans, who would like to switch their bond to SA Home Loans.

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