A Rural Home Loan offers you the opportunity to buy, build, improve or renovate your own property in rural areas. The loan is secured by registering a cession on Permission to Occupy or Leasehold title.
- Build, buy, improve, renovate or extend your house while you are economically active;
- Repayment terms are up to 240 months;
- The loan is repaid before your retirement;
- Competitive interest rates;
- Loan amounts are up to 100% of the property value.
WHO QUALIFIES FOR A RURAL HOME LOAN?
- Self-employed or permanently employed South African citizens;
- The property should be within KwaZulu-Natal;
- Earn a minimum gross salary of R3 500.
INSTALMENTS AND FEES
Monthly repayments are made through debit orders or by employer deductions. The interest rate is prime-linked over the term of the loan.
REQUIRED DOCUMENTS FOR AN APPLICATION
- South African bar-coded identity documents/card.
- Latest payslip, if employed or past two years financial statements and six months bank statements for self-employed individuals;
- Proof of address not older than three months;
- Agreement of sale and/or building plans with builder’s quotation.