Affordable Home Loans In South Africa

What is Affordable Home Loans?

An affordable home loan is designed for the lower and middle-income groups who do not have access to finance from traditional banking institutions.

Our loans vary between Rs 3-25 lakhs, which allows the lower strata of the society to own homes in the cities of their residence.

Even the Government of India, under its “Housing for All” initiative, encourages people of different income brackets to own a home.

Affordable Home Loans In South Africa

Benefits and Features of Affordable Home Loan

Owning a home is a matter of pride, security, and comfort. It’s a place where you relax at the end of the day, as it will add to your family’s growing status. Housing Finance Company Limited has been set up to enable lower and middle-income groups in the urban, semi-urban and rural parts of India to have access to affordable housing finance.

Our affordable housing loan will thus help you enjoy all the benefits of homeownership; you can trust us to offer you variable loan amounts as per your requirements, extended tenures and flexible repayment schedules.

Affordable Home Loan Eligibility Criteria

We have established a broad range of affordable home loans eligibility criteria to accommodate every section of society and meet our commitment to ensuring “housing for all”.

Eligibility Criteria for a Muthoot Blue Home Loan

Minimum age at the time of application should be 21 years

Maximum age at the time of loan maturity should be 65 years

The applicant should either be salaried or self-employed

The applicant must own a bank account

There should be a Muthoot Blue branch in the borrower’s city

The co-owner of the property should be the co-applicant for the housing finance.

Eligibility Criteria for PMAY Interest Rate Subsidy

Neither the borrower nor his/her family members should not own a Pucca house

For married couples, either one or both collectively can apply

No history of availing housing assistance or loans under the PMAY scheme.

Documents needed for Affordable Home Loan

We believe that finance for affordable housing should be quick and convenient. You need to put together the following documents and walk away with a need-based, low-interest home loan.

Address Proof (Any one of the document)

  • Passport / Ration card / Voter ID / Driving License / Registered Rental Agreement / Electricity or Landline bill issued within the previous 3 months

Identity Proof (Any one of the document)

  • Driving License / Voters ID Card / Passport / Ration Card / Driving License / Photo Credit Card / PAN Card / Employee ID card for Government servants

For Self-employed

  • Bank statement stating transactions for the previous 6 months

For Salaried Persons

  • 6 months salary slips with ITR or Form 16 for salaried applicants seeking .

How much must I earn to qualify for a home loan in South Africa?

In order to qualify, you must: have a household income that falls between R3,501 and R22,000 per month. be a South African citizen over the age of 18.

How can I get a home loan with low income in South Africa?

To qualify for FLISP, you must be:

A first-time home buyer, with a household income between R 3 501 and R 22 000 per month.

The applicant must have a financial dependent.

Approved for a home loan by a lender like SA Home Loans and have a letter confirming your approval.

Which bank works with SA Home Loans?

We’re proud to partner with Capitec Bank, offering home loans to Capitec clients and putting more South African’s into their own homes.

SA Home Loans and Capitec have much in common. As two of the newer players in the financial services industry, both are growing through winning a legion of loyal new clients.

How long does SA Home Loans take to approve a bond?

Alternatively, contact your nearest SA Home Loans branch to begin the bond application process. All you’ll need is your South African identity document and proof of income.

Once all the necessary documentation is submitted, we will be able to complete the approval process within 48 hours.

Does SA Home Loans do building loans?

Benefits. A loan of up to R300 000 that can be used for buying, building or improving a home. A flexible loan term up to 7 years. Bond registration is not required, and no bond attorney costs are payable.