Capitec home loans application interest rate and fees

Here is an overview of Capitec's home loan application process, interest rates, and fees:

Application Process:

1. Pre-approval: You can apply for a pre-approval online or at a Capitec branch. You'll need to provide personal and financial information, as well as proof of income and employment.
2. Application: Once you've received your pre-approval, you can submit a full application. You'll need to provide additional documentation, such as ID, proof of income, and property details.
3. Assessment: Capitec will assess your application and may request additional information or documentation.
4. Approval: If your application is approved, you'll receive a formal offer letter outlining the terms of your loan.

Interest Rates:

Capitec offers a range of interest rates on its home loans, depending on the loan term and your credit profile. Here are some examples of interest rates:

• 5-year fixed rate: 8.25% - 9.25% per annum
• 10-year fixed rate: 8.50% - 9.50% per annum
• Variable rate: 7.50% - 8.50% per annum

Fees:

Capitec charges various fees on its home loans, including:

• Application fee: R1,500 - R3,000
• Valuation fee: R1,500 - R3,000 (depending on the property value)
• Bond registration fee: R1,500 - R3,000 (depending on the property value)
• Annual administration fee: R1,500 - R3,000
• Late payment fee: 5% of the outstanding amount or R500, whichever is greater
• Early repayment fee: 5% of the outstanding amount or R500, whichever is greater

Other Costs:

In addition to the fees mentioned above, you may also need to pay other costs associated with buying a property, such as:

• Transfer duty: 3.5% of the property value (capped at R1,000,000)
• Bond attorney fees: R1,500 - R3,000 (depending on the property value)
• Property surveyor fees: R1,500 - R3,000 (depending on the property value)

Benefits:

Capitec offers several benefits on its home loans, including:

• Competitive interest rates
• Flexible repayment terms
• Online application and management
• 24/7 customer support
• No hidden fees or charges

Eligibility:

To be eligible for a Capitec home loan, you'll need to meet the following criteria:

• Be a South African citizen or permanent resident
• Be at least 18 years old
• Have a stable income and employment history
• Have a good credit record
• Have a deposit of at least 10% of the property value

Please note that these are general details and may be subject to change. It's always best to check with Capitec directly for the most up-to-date information and to discuss your individual circumstances.