Who is SA Home Loans ?
SA Home Loans is a specialist mortgage provider using safe and secure,
but innovative new ways to offer a range of home loans to South
Africans. Banks get their funding for home loan finance from wholesale
and retail money and capital markets and lend the money to consumers.
SA Home Loans is a specialist mortgage provider which uses an
established and accepted means of funding in other markets all over the
world. Your security is exactly the same as with a bank, as your home is
registered in your name at the Deeds Office. And SA Home Loans have
substantial shareholders such as Standard Bank, Public Investment
Corporation (representing the GEPF) and the Bolatja Hlogo Consortium; we
are solidly profitable and have over 100 000 satisfied clients.
We are therefore not a mortgage originator who operates in a similar
manner to an insurance broker. Mortgage originators get home loan offers
from various financial institutions on your behalf. The financial
institutions pay the mortgage originators a fee for finding them new
clients. This is not what we do. We are the financial institution that
provides you with the home loan directly, and services you as our valued
client thereafter.
For more information about SA Home Loans please visit our
website
or call us on 0860 2 4 6 8 10.
How does SA Home Loans operate?
SA Home Loans offers a fresh alternative to South African home owners. We're mortgage specialists who are 100% focused on offering you innovative home financing that can adapt with your lifestyle and needs. We take the time to find out your needs, we can come to you, and we work with you to find the right product options for your unique lifestyle. Plus we offer related products such as Home Owner's Cover, Bond Protection Cover and we can even assist with a Transfer Assist loan to pay transfer fees. In a nutshell, we're innovative mortgage specialists.
What financing options does SA Home Loans provide?
We offer a variety of products and services, which include - but is not limited to - Financing your new property; Refinancing your bond-free property; or switching your existing home loan from your current Mortgage Lender to SA Home Loans.
What is switching?
When you already own a property that is bonded, you may choose to switch your home loan to another institution for a more competitive rate;
or to access equity; or you could take advantage of product features to reduce your risk; or for better service and specialized support from your
home loan provider.
For more information about SA Home Loans and the home financing options that are available to you, please visit our website.
What is a Sale In Execution or "Sheriff's Auction"?
A sale in execution is a public auction of a bonded property by the Sheriff of the Court. A sale in execution is usually the last step that is taken when clients are unable to service home loan repayments; the home loan is in arrears, and all other efforts at rehabilitating the loan has failed. In addition to being listed on Private Property, properties sold in this manner must also be advertised in the Government Gazette and two local newspapers.
A sale in execution is scheduled by Sheriff for a specific date and time, at a specified venue, with a Reserve determined by Court Order. The Sheriff will provide a description of the property, confirm the conditions of sale and commence the bidding process. Registered bidders may bid each other until the property is then sold to the highest bidder. Once bidding has stopped, the sale is concluded at the fall of the Sheriff's hammer. As the Plaintiff at an Auction, SA Home Loans does not have the capacity to decline the final bid price, even if the property is sold for lower than the outstanding balance of the loan. If the Court Reserve is not met, the Auction offer must be referred to Court for acceptance ("ratification")
What is a Property In Possession (PIP)?
At the Sheriff's auction, if the reserve is not met, SA Home Loans may buy-in the property. This means that SA Home Loans will become the legal owner once the conditions of sale are met and will therefore have the right to market and sell the property. These properties are usually priced below market value and may represent excellent value to buyers and investors.
Benefits of buying a repossessed property- No transfer duty is payable by the purchaser, if you are a non-VAT vendor.
- Property rates and taxes (including all arrear rates and taxes) will be paid by SA Home Loans until the date of registration.
- The transfer is often much faster.
- In many instances repossessed properties may require repairs; this can create an excellent opportunity for an investor to upgrade the property for a profitable resale.
- Once you have found a repossessed property that you are interested in contact the agent listed to make an appointment to view the property or to make an offer to purchase by completing our sale PIP agreement.
- SA Home Loans will confirm whether your offer to purchase is accepted or not. This process can take up to 21 business days. Should your offer to purchase be approved, written confirmation will be forwarded to you and a transferring attorney will be nominated by SA Home Loans.
- If the offer to purchase is accepted, you will have to follow the normal procedures of applying for home loan finance.
- All properties are sold voetstoots and SA Home Loans will not undertake any repairs.
- The Electrical Compliance Certificate is to be obtained by the purchaser.
- The Entomologists Certificate is to be obtained by the purchaser.
- Only conveyancers on SA Home Loans panel of conveyancers will be used.
- SA Home Loans does not warrant that the purchaser will be able to obtain vacant occupation of the property.
What are "Sell Assist" properties?
Sell Assist is a service that we provide to our clients to market and sell their properties on their behalf. Client may choose to sell their properties for a variety of reasons such as they may be immigrating; or their needs change; or financial distress.
The process begins by the client signing a sell assist mandate that allows SA Home Loans to instruct Panel Estate Agents to market their property exclusively. Our Panel Agents are carefully selected from reputable Agencies countrywide; and they are familiar with our clients and their needs and will secure the best possible offer.
Our clients retain full authority to accept of decline offers with the expert advice of our Agents. They are advised of the progress at every step and if an appropriate offer is received to the client and SA Home Loans satisfaction, the client will be required to sign the Offer to Purchase and normal transfer procedure will follow.
View 18 Sell Assist propertiesWhat are insolvent estate properties?
In an insolvent estate the bondholder's liabilities exceed assets and a successful application has been made to the High Court for the bondholder to be sequestrated (in the case of an individual & trust) or liquidated (in the case of a company &, CC). A trustee or liquidator is appointed by the Master of the relevant High Court who is then responsible for investigating the estate, determining the extent of indebtedness and selling all movable and immovable assets.
Steps involved in buying an insolvent estate property- Once you have found a property that you are interested in, please contact the trustee listed to make an appointment to view the property or to make an offer to purchase by completing our sale agreement.
- The trustee will liaise with SA Home Loans regarding the offer, and will confirm whether it is accepted or not. If acceptable, the trustee will sign the offer to purchase on behalf of the estate. The Offer to purchase will stipulate the deposit that will be payable at this stage.
- Depending on how far the trustee has progressed in winding up the estate, consent from the Master of the High Court may also be required before the sale can proceed.
- Thereafter the normal property transfer process will commence.
What are deceased estate properties?
In the unfortunate event that a SA Home Loans client passes away, one of the options available to the beneficiaries of the estate is to sell the bonded property. The process starts after the estate is formally reported to the Master of the High Court and the Master subsequently appoints an Executor. The Executor is responsible for administering the estate which includes settling all outstanding liabilities with creditors, finalising tax accounts and distributing the remaining proceeds of the estate to the beneficiaries.
Steps involved in buying a deceased estate property- Once you have found a property that you are interested in, please contact the executor listed to make an appointment to view the property or to make an offer to purchase by completing our sale agreement.
- The executor will liaise with SA Home Loans regarding the offer, and will confirm whether it is accepted or not. If acceptable, the executor will sign the offer to purchase on behalf of the estate. The Offer to purchase will stipulate the deposit that will be payable at this stage.
- Consent from the Master of the High Court will also be required before the sale can proceed.
- Thereafter the normal property transfer process will commence.
What are SPOA (Special Power Of Attorney) properties?
A special power of attorney (or SPOA) is an agreement between SA Home Loans and our client where we have been given the authority to market and sell the property. Unlike "Sell Assist", in an SPOA, SA Home Loans has the right to consider and accept offers of behalf of the client.
Once you have found a property that you are interested in, please contact the agent listed to make an appointment to view the property or to make an offer to purchase by completing our sale agreement. The Agent will liaise with SA Home Loans regarding the offer, and if acceptable SA Home Loans will sign the offer to purchase. Thereafter the normal transfer process will commence.