Nedbank Home Loans – How to Apply? – Features, Benefits and More
More often than not, new homebuyers submit to the mixed emotion associated with first-time homeownership, sometimes to a fault. Understandably so, because buying a house involves not only committing considerable capital to the course but also a deep-seated need to realize your dreams. To ensure you remain objective, you need to plan all your money moves in advance. There is no better way to do this than through Nedbank home loans.
Nedbank home loans are financial products best suited for new and experienced home buyers alike. It can equally meet the needs of people building or renovating their home or planning to switch their loan. In all these situations, the underlying goal of Nedbank’s home loans is to walk with you through the homeownership journey until you arrive at your dream home without straining your financial muscles to a breaking point. In fact, you don’t have to strain at all.
Types of Nedbank Home Loans
- First time home buyer
- Buying another home
- Building or renovating your own home
- Buying repossessed properties
How to Apply for Nedbank Home Loans
You can apply for the Nedbank home loans using any of your preferred means offered by the bank. They include:
Online Nedbank Home Loans Application
- Visit Nebank website on your browser.
- Click on ‘loan’ located on the top left of your screen.
- Press on ‘home loans’
- Click on ‘I want to apply for my home loan.’ You will be taken to a new page
- Scroll down and click on ‘how to apply.’ You will be directed to a new page
- Scroll down and click on ‘online.’ A new tab will open on your browser. Go to the new tab.
- Scroll down, and click on the big green box indicating ‘apply online.’
- A new tab will open. Go to the new tab and key in all the necessary details to begin the application process.
Benefits of Online Loan Application:
- You can get R15000 cashback on your loan’s value.
- Free access to the instant bond calculator to determine the loan amount that you can get
- Your Nedbank’s attorney bond registration fee will be discounted by up to 50% discount.
- 0.25% interest reduction on the home loan if you channel your salary payments through Nedbank’s transactional account
- Fast bond approval. You don’t have to go to your Nedbank branch.
- An attorney will come to your home and sign all the documents.
Applying Through Home Loans Sales Consultant
Nedbank has an experienced team of home loans consultants who’ll take the stress of home application off your shoulder. These consultants are always available to guide you through the home loan application process. The consultants will:
- Visit you at your preferred location for convenience.
- Allow you to negotiate to find the best deal.
- Offer professional support and service.
- Assist you in estimating your affordability
- Share their knowledge on property costs and valuation.
- Guarantee fast turnaround times
- Send regular SMS and email updates during the home loan application process.
Benefits of Applying Through Home Loans Sales Consultant
- R5000 cashback for everyone earning R26 100 and below a month
- As much as 50% discount from your bond registration fee
These benefits and features also apply when you visit the Nedbank branch to apply for a home loan.
How Do I Qualify for Nedbank Home Loans?
To qualify for the Nedbank home loans:
- You need to be a South African citizen
- Be 18 years old and above
- Pass the pre-approval stage to know the amount you qualify for as a home loan
- Non-South African citizens; juristic entities such as Trusts and businesses can apply for the Nedbank home loans, offline
Nedbank Instant Bond Indicator
Use this tool to determine the home loan amount you qualify for before starting the loan application process. To use this tool, you’ll need:
- Your government-issued identification number
- Spouse’s name or up to 4 co-applicants
Before applying for a home loan as a first time home buyer, you have to ask yourself fundamental questions, including:
- Can you afford the home loan?
- Have you found the house to buy?
- Do you have all the necessary documents for a home loan application?
- Are you familiar with the home loan application process?
- How conversant are you with the home loan application legal process?
Documents Needed to Apply for Nedbank Home Loan
If you answer all the above questions in the affirmative, you have to put together all the necessary documents in readiness for the loan application process. Here is the list of documents you will need to submit when applying for Nedbank home loans:
- A home loan application complete with assets and liabilities; income and expenditure
- Photocopy of your government recognized identification document
- A signed copy of the offer to purchase with the exception of where there is no sale going on
- DEA approval/consent form for completion by ABSA, FNB, and Nedbank only
In case your earnings comprise of alimony/maintenance, you need to include:
- Your bank statement for the last three months showing the alimony or maintenance. The statements should be authentic and stamped
- A photocopy of a court order
- Where necessary, Nedbank reserves the rights to request for IT 34
- In case of customer rehabilitation, you have to produce a rehabilitation order/evidence of insolvency rehabilitation
In case of endorsement 57(ANC) or 45(COP), you need to provide:
- A deceased death certificate
- A divorce decree
If you are self-employed, you have to provide:
- Recent six months’ business/company bank statements. All non-Nedbank clients have to authenticate their statements with a stamp in their original form.
If you are salaried, you should provide:
- Your most recent payslip
- Include your three months’ commission schedules or salary slips if your income includes commissions
If you are applying as a company, you have to provide:
- Company documents
- Most recent audited financials
- Auditor’s letter
If you are applying as a joint name, an individual or as a Trust, you have to provide:
- Trust documents, where necessary
- Latest management accounts/financial
If you are applying as a CC, you have to provide:
- CC documents
- Recent financials
- Auditor’s letter substantiating income
How Bond Approval Works
The bond approval process is fairly straightforward.
- After submitting your home loan application, Nedbank will carry out a thorough credit assessment to determine your financial capabilities to repay the loan.
- Once the loan is approved, the bank will value the property.
- If you agree to your home loan quotation, you’ll accept it and sign all applicable documents together with the bond attorney.
- The bond attorney, alongside the transferring attorney, will submit a request for your bond application to the Deeds Office. While at it, the attorneys will also register the building or home in your name. The whole process might take 90 days or three months.
- You can pick your keys and move into your home once the bond is officially documented under your name.
Applying for the Nedbank home loans has never been this easier. Visit the bank’s official website and begin your home loan application process. Alternatively, you can call the home loans sales consultant to apply for the loan.