fbpx

Compare Listings

Capitec announces it is entering home loans market

Capitec announces it is entering home loans market
Capitec announced on tuesday that it has entered the home loans market.

Up until now, the country’s biggest bank by customers has not offered secured lending to finance purchases like homes, even though it has quietly launched “purpose lending” to finance cars through unsecured credit in April this year.

On Tuesday Capitec announced that it has decided to partner with SA Home Loans to launch its full first home loan offering.

Web Design | Marketing | Photography

The bank is offering linked interest rates from 6%, one percentage point below prime, which directly compete with the offering of SA’s major banks who have been in the secured lending game for decades.

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.

Source: news24.com

Amanzimtoti Property | Crisna van der Bank | crisna@remax-toti.co.za | 074 434 1234

Related posts

What’s the most tax-efficient way to build wealth through property?

What’s the most tax-efficient way to build wealth through property? I want to...

Continue reading

Here’s why the KZN property market is one of SA’s ‘best kept secrets’

Over the past three years, the KwaZulu Natal property market has enjoyed unparalleled growth,...

Continue reading

SARB to hold rate but hike around the corner – expert panel

South Africa’s prime lending rate is currently at 7%, the lowest it has been in five decades. As...

Continue reading
Enable Notifications    OK No thanks