Capitec, has partnered with SA Home Loans to launch its first full home loan offering. The bank said that its new offering will enable customers to initiate an application in under 5 minutes – alongside competitive linked interest rates from 6%. Capitec has received requests from both clients and the public asking us to challenge the norms of home loans as we have done with banking. Previously, application processes have required a lot of paperwork as well as time. Capitec has simplified this by offering potential clients an easy four-step online application that takes less than five minutes to complete.
Clients do not require documents on hand and questions are easily answered through multiple choice or simple entries such as name, surname and income. Capitec has made it easy for clients to track the progress of their application in real-time through our online portal. They have found most application tracking to be vague or use terms that are not easily understood by someone who is unfamiliar with the process. Capitec said it will offer home loans up to R5 million over 30 years, while clients will receive a discount of up to 50% on lawyer fees through SA Home Loans’ national panel of attorneys. There is also a further benefit for government employees who, if they apply for a new home loan or switch their existing bonds, could qualify for a discounted interest rate.