Yes, you have looked and looked and you seem not to find your dream house. Its either the price is too high or it’s just not what you really want. What do you do?
Well, why not just build it according to want you want. There is a product tailor made for that-a building loan. It is your only solution. Let’s take this journey together as we explore this issue in detail. What are the banks requirements and the things to consider when wanting to build?
Dealing with the four major banks namely ABSA, Standard, FNB and Nedbank I have come to a realization they look at each application differently and each application is unique. This simple means if your friend who earns exactly like you got a bond at Absa that does not necessarily mean you will get it. As we discuss this issue don’t forget the main things the banks look at; credit record and affordability.
The qualifying criteria for a home loan and a building loan are exactly the same although some additional documents are required for a building loan. Additional documents are as follows;
Signed offer to purchase for the land or the bond statement
Signed building contract and schedule of finish
Copy of the approved building plans
Original NHBRC certificate (from the builder)
Build it, yes your home this is the way to go.
To know more about the banks requirements please visit Global Fundi or Home loans and their consultants will take you step by step forward through the process.