On Tuesday, Retail bank, Capitec announced that it has launched a full home loan offering for its customers in a partnership with mortgage finance company, SA Home Loans.
According to the bank, the application process for this new offering will only take 5-minutes to complete and will have competitive linked interest rates starting 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 with banking,” Francois Viviers, marketing and communications executive at Capitec, said in a statement.
“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 went on to say that they’ve made it easy for clients to track the progress of their application in real time through their online portal.
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“We found most application tracking to be vague or use terms that are not easily understood by someone who is unfamiliar with the process,” Viviers said, adding that their tracking mechanism is comprised of six easy-to-follow steps with “clear communication” that describes the details of each step.
In their statement, the bank said that their home loan offers will go up to R5 million over 30 years. Customers will also receive a discount of up to 50% on lawyer fees via SA Home Loans’ panel of attorneys.
According to Business Insider, Capitec has been offering home loans through SA Home Loans since 2014, but the bank assures them that this is an entirely new product.