Owning your own home
So, you want a home of your own. You can either buy one or build one, but you're not sure how to go about it. Or, you're not sure what you can afford. Well, at Ithala we can assist you in achieving your dream.
Do you need help to own your own home?
Ithala will help you to decide what house you can afford by considering the following:
Qualifying for a capital subsidy
You may be able to obtain further financial assistance from the government in buying or building a home. This is a cash amount or capital subsidy that will pay part of the purchase price of your home. Subsidies are available from the government to first-time home owners, depending on household income. For details of the amount of subsidy you will qualify for, consult your Ithala advisor.
Repaying loan
The Ithala home loan is normally repaid in monthly installments over 20 years. Naturally, the more you pay each month, the sooner your loan will be paid off - and this will save you interest as well. Our interest rates are very competitive and in line with other banks. If the interest rate changes, the amount you need to pay Ithala each month will change as well. If it does change, Ithala will let you know so that you may make the necessary changes to your repayments. It is advisable to check your bond account and interest rates regularly.
Advice
Our staff will guide you through the process, and check to see whether you qualify for a loan. If you do not qualify now, they will inform you what you need to do to qualify in the future.
Most importantly, once your loan is approved, we'll work through an education package with you, so that you know exactly what to expect from your relationship with Ithala. We will discuss the process of home purchase and payment, the basics of insurance and your rights and responsibilities that go with the loan.
For instance, life cover and comprehensive insurance are automatic and not subject to medicals.
Although it is not compulsory for all applicants to have life and comprehensive insurance cover, applicants may choose to make use of the life and comprehensive insurance cover for which all applicants automatically qualify.
Because buying or building a home is one of the most important investments you will ever make, we are sure you will find this advice invaluable as you settle down in your new home.
Investing in the future
Owning your own home is like investing in the future. Not only yours, but your children's and their children's children. That is why Ithala assists people like you to own your dream home. So come and talk to us today.
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