If you are on the market to purchase your first property, and are not quite sure how to go about it, then I suggest you read on to discover that purchasing your first home, although it is probably one of the biggest investments you will make, it does not need to be the most difficult or confusing. Standard Bank makes the process easier by explaining in detail what you need to do to get started. You can either call the Standard Bank home loans division and speak directly to a consultant or you can go to the website and click on the home loans section.
In the Standard Bank home loans section you will discover everything you need to know about purchasing a home and also the amount of loan you qualify for based on your income. There is a step by step guide, guiding you through the process of calculating what you can afford, finding your perfect home, the offer to purchase process and all the other necessary steps you will lead you to the purchase of your dream home.
Home loan basics
Because the prices of homes are so costly most people cannot afford to pay the lump sum of the purchase price, and so therefore have to take out a loan by the bank. These loans are paid back to the bank over a period of time with interest.
Steps to acquiring your home loan
Standard bank has made it easier by providing you with a step by step guide to buying your dream home.
Step one: The first step you need to take is to calculate how much of a bond you qualify for based on your income, expenditures and a list of other factors. These can be done easily using the home loan calculator tool on the Standard Bank website.
Step two: This is the fun step, it is time to go house hunting and search for a house that meets your requirements within your price range.
Step three: Now that you have figured out how much of a bond you can afford, and you have found your perfect house, you have to sign an offer to purchase form. This is a contract which has all the terms and conditions relating to the purchase and sale of the property.
When both the seller and buyer come to an agreement, you will sign the deed of sale and approach the bank for a home loan.
Further steps need to be taken, from the side of the bank and yourself before the loan is approved and your new home is purchased. But Standard Bank is set out all requirements clearly and easy to understand. On the website you will find many tools to help you, such as the buyers and seller checklists, and the home buyers guide. Although if you need clarification on any point you can freely contact them and speak to a consultant. Purchasing a home is an investment for your dream of a secure tomorrow and Standard Bank home loans will help you realise that dream, every step of the way.