Johannesburg Stock Exchange listed and South Africa’s fastest growing full service retail bank, Capitec Bank, announced at its AGM on 30 May that it will launch a home loan offering in answer to market demand.
Johannesburg Stock Exchange listed and South Africa’s fastest growing full service retail bank, Capitec Bank, announced at its AGM on 30 May that it will launch a home loan offering in answer to market demand.
Capitec Bank has concluded a co-operation agreement with SA Home Loans to pilot the introduction of home loans throughout branches in Gauteng for a period and thereafter in the rest of the country, whereever SA Home Loans has the necessary support infrastructure.
With 5.4 million clients, R10.0 billion in equity and R46.2 billion in assets as of 28 February 2014, the bank offers affordable, simplified and transparent banking with personalised service.
Using innovative technology to drive down costs, increased accessibility and simplified client interactions, Capitec Bank's Global One facility offers a range of transacting, saving and credit options accessed in real-time using paperless processes and the country’s first in-branch biometric client identification system.
In a media statement, Capitec chief executive officer Gerrie Fourie said: “We recently embarked on the #AskWhy Campaign and the feedback from our customers was that they wanted the 'Capitec simplicity approach' to home loans.
“In response to this, we entered into an agreement with SA Home Loans to deliver home loans to the market in the simple, efficient way that both our client service models are well-known for.”
Furthermore, Fourie said the offer will be piloted in 160 Capitec branches in Gauteng from 7 July and will be rolled out to the rest of the country in due course.
Capitec’s in-branch consultants will assist with the application and initial approval process whereafter customers will be contacted by a dedicated SA Home Loans consultant within one business day to guide them through their full evaluation and registration process.
The bank signed the cooperation agreement with SA Home Loans because the company had a good “cultural fit” with Capitec, according to Fourie.
Founded in 1999, SA Home Loans offers non-traditional, quick, easy, transparent and personalised service.
“The fit between our Companies creates a powerful platform to broaden consumers’ access to home finance.
“Both companies are 21st century entrepreneurial success stories, both founded with a similar ethos: to offer SA consumers a greater choice of quality, differentiated financial services and as the smaller niche player, SA Home Loans brings a client-focused, single product expertise, whilst benefiting from Capitec’s extensive and rapidly growing distribution reach and client base,” explained Kevin Penwarden, SA Home Loans chief executive officer.
Talk to your Capitec branch consultant about applying for a home loan through SA Home Loans. The Capitec consultant will do a quick credit check and if you qualify, will refer you to an SA Home Loans consultant, who will contact you within one business day.
The product will be the same as that which is currently offered by SA Home Loans, and will be available to new bond applicants as well as Capitec clients with existing home loans who would like to benefit from switching their bond to SA Home Loans.
“While this boosts our product offering and brings us closer to becoming a one stop solution for clients, the agreement expands distribution for SA Home Loans through most of our over 630 branches,” Fourie said.
Scoring a loan
1. How do I apply for a home loan through Capitec Bank?
Talk to your Capitec branch consultant about applying for a home loan through SA Home Loans. The Capitec consultant will do a quick credit check and if you qualify, will refer you to an SA Home Loans consultant, who will contact you within one business day.
A dedicated SA Home Loans consultant will assist you with your home loan application process all the way to the end, to ensure that you have a simple, easy and stress free experience acquiring your own home.
The entire SA Home Loans application process has been streamlined for efficiency, allowing customers to have their bond application processed and approved within five working days.
2. How does the SA Home Loans offer fit into the current Capitec offer?
The SA Home Loans product forms part of the Capitec Bank credit offer and a credit ticket will be issued to the customer once entering a branch.
3. Which documents will the customer require?
All formal documentation will be requested by the SA Home Loans team, who will contact the customer within one business day from applying in the Capitec branch.
The customer will need to indicate that they have signed an offer to purchase before the application can be processed. An offer to purchase is a written contract setting out the terms under which a buyer agrees to buy a home and is a document that is generated by the estate agent dealing with the sale.
4. Does the SA Home Loans applicant have to be a Capitec client?
No, the service will be available to any customer.
5. How will customer support work for home loan applicants?
Customers can visit a Capitec branch or contact the Capitec Client Care Centre to track the progress of their application. Existing SA Home Loan clients who wish to query their loan will need to talk to the SA Home Loans team directly.
Email Client Care or contact them on 0860 10 20 43 for more information and application processes.
Print
