If I was considering buying a house with a Home Loan, what should I do?
But if you have come to the point of making that choice of buying a property, here are a few tips that can help you go through, with your quest to own a property for the first time.
Plan for unexpected expenses
Letter of Sale
⦁ Complete a Loan application form;
⦁ Salary Deduction Authority
Your Home Loan application and pre assessments
When trying to apply for our home loan, it is always good to enquire for information on the pack before lodging your application. A Loan officer can help you do an assessment of your loan application before you submit the application and give your guidance of the loan application process.
It is always good to find out if you have all the required documents before submitting the application. Always ask the loan officer to confirm that all the appropriate paperwork in order before the application is lodged.
Understand the various loan options
It is important that customers understand the various Home Loan Products offered in the market.
Not all loan products are suitable for one customer, but each customer needs to understand the product before making a commitment.
Every home buyer has their own unique financial situation and it’s important to understand which type of loan best suits your needs.
For those curious about BSP’s First Home Ownership Scheme,
below are few features to consider:
Because the loans are intended to finance affordable housing for families who have never before owned a home, the loans have the following features:
⦁ The loan amount is capped at K400, 000.
⦁ The interest rate is fixed at 4%.
⦁ To keep payments accessibly low, long loan terms of up to 40 years are available.
⦁ There will be no bank charges or fees.
⦁ Early repayment of the loan will not be penalised.
You may be curious about how you can source your 10% equity?
BSP has also offers an option for young workers to buy homes using their superannuation at an interesting 10% equity rather than a 20% equity which is a standard requirement offered by banks.
The equity can be sourced from personal savings, stocks, bonds, term deposits, and proceeds from sale of personal property, Superannuation assistance (housing advance) and assistance from employer by way of Home Ownership grants.