Although the home loan is branded Capitec Home Loans, it is SA Home Loans, and not Capitec that will assess and approve customers’ application and enter into credit agreements with them.
The bank’s digitally-led home loan offering can finance properties up to R5 million over a period of 30years. The bank said customers simply have to apply online. It promises to complete the process in just 5 minutes. Together with SA Home Loans, the bank is also offering a discount of up to 50% on lawyer fees.
“We’ve continually received requests from both clients and the public asking us to challenge the norms of home loans as we have done with banking,” said Francois Viviers, executive of marketing and communications at Capitec.