How to apply for a home loan online
The internet has really become commonplace in our daily lives. It affects the way in which we communicate, socialise, purchase goods, and really how we draw information from it. So recent studies have shown that South Africans would use the internet as their first point of call when making a search for anything and, in particular, when buying a house. So they would access property websites, such as privateproperty.co.za, to look for available homes from the comfort of their offices or their current homes.
The internet has also made it possible for prospective home buyers to do an online home loan application rather than visit a branch first. This service makes it easier for applicants to see if they meet the criteria of financial service providers that offer online home loans.
READ MORE: What is a mortgage/bond/home loan?
The advantages of an online home loan application
● Fill out the application from the comfort of your home
● You’ll be able to do a mortgage repayment calculation when you apply for home loan online
● It takes minutes to get pre-approval
● You also get access to loan-related information
The success of an online home loan application, of course, can depend on whether or not a bit of homework was done before submitting the application. And, since the process is a type of self-service, the online home loan application process can be difficult to understand, especially for first time applicants.
How to apply for a home loan online?
● Check that your credit report is spotless
● Have all the required documents at hand when you apply for home loan online
● These include identity document, a proof of your current address and three months’ bank statements, your most recent payslips, tax returns and proof of any other assets, including savings, and debts
● Use a bond repayment calculator to get an estimate how much your monthly repayments will be
● Have a deposit of between 10% and 25% ready at the time of application
● You should be very careful in filling in the application form, making sure that all fields are completed and that your information is correct
Nedbank has developed an online home loans application channel and process that allows customers to go online and make a full application to them from the comfort of their homes in a way that they brought banking to their homes. As a result of that, they have had numerous clients have a good experience in applying for their home loans.
“We've really simplified the process, and we've really made sure that consumers can now get a bond approval literally within hours in the comfort of their homes,” says Tim Akinnusi, Head of Sales at Nedbank.
Let Nedbank help you finance your new home. Get access to the funds you need by completing a quick and easy online application process and they will get back to you with an offer which may be right for you.