Capitec now offers home loans

Financial services group 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%.

“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, marketing and communications executive at Capitec.

“Previously, application processes have required a lot of paperwork as well as time. We’ve simplified this by offering potential clients an easy four-step online application that takes less than five minutes to complete.”

Viviers said that clients do not require documents on hand and questions are easily answered through multiple choice or simple entries such as name, surname and income.

“We’ve also made it easy for clients to track the progress of their application in real-time through our online portal. We found most application tracking to be vague or use terms that are not easily understood by someone who is unfamiliar with the process.

“Our tracking is comprised of six easy to follow steps, with clear communication describing the details of each step and if anything is required from the client.”

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.

Applications can be tracked in real-time on the home loan portal, the bank said.

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Capitec now offers home loans