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Financial services group Capitec has partnered with SA Home Loans to launch its first full mortgage loan offering.
The bank said its new offering will allow clients to initiate an application in less than 5 minutes, along with competitive linked interest rates of 6%.
“We have continually received requests from both customers and the public asking us to challenge home loan regulations as we have done with banking,” said Francois Viviers, Capitec’s marketing and communications executive.
“Previously, the application processes required a lot of paperwork and time. We have simplified this by offering potential clients a simple four-step online application that takes less than five minutes to complete. “
Viviers said clients do not require documents by hand and questions are easily answered through multiple options or simple entries like first name, last name and income.
“We also make it easy for clients to track the progress of their application in real time through our online portal. We found that most of the app tracking is vague or uses terms that are not easy for someone unfamiliar with the process to understand.
“Our follow-up is made up of six easy-to-follow steps, with clear communication outlining the details of each step and if anything is required from the customer.”
Capitec said it will offer home loans of up to R5 million for 30 years, while clients will receive a discount of up to 50% on attorneys ‘fees through SA Home Loans’ national panel of attorneys.
There is also an added benefit for government employees who, if they apply for a new home loan or change their existing bonds, could qualify for a discounted interest rate.
Applications can be tracked in real time on the home loan portal, the bank said.
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