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Question
Posted by: kate | 2013/02/15

home loan

Morning good people

Kindly help me i want to buy a house i have been given 80% home loan by my bank so now i have to raise 20% which I dont have i went capitec bank to make a loan and their repayemnts are expensive for me. i would appreciate your advice and suggestions or if decline the offer are we going to be liable to any one? desparate pls help

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Our users say:
Posted by: Kate | 2013/02/15

Mara wena Amasi tltltltltltltltl, almost collapsing by your last sentence....... I think there is truth in what are saying yhaz! unfortunately i dont qaulify for FLIS damn , but im gonna try state Guarantee failing i will just take a break and enjoy Kit kat!

Reply to Kate
Posted by: Amasi | 2013/02/15

Kate
Amazingly, that is what I was talking about which can be known as FLIS (Finance Linked Individual Subsidy) but if you earn below R8000 a month.

State guarantee? I dont remember that thing anymore as I lost touch with government grants. If my memory is correct, the state tell the bank to ignore the deposit they want as they " guarantee"  that you will pay it. When you leave government, they pay it and take that money from you and so forth. when you have paid the instalment amounting to that 20% they remove it. My information is not certain and very outdated (more than 8years). So research, maybe it can be helpful to you. If not try things like SA Homeloans as they can contact other banks as well.

It is true that banks are like prostitutes " you can only get something from them when you prove that you have money" 

7x02d5

Reply to Amasi
Posted by: Kate | 2013/02/15

thank you , thank youvery much guys you have put me at ease i realy appreciate it . I think we will opt for that Petty just take a cooling off but my worry is that went through alot to be where we are as far as credit recornds are concerned and i also think Standard bank is not fair at all worse we are its clients.

Guys tell me how does a state gaurantee work?

Reply to Kate
Posted by: Petty | 2013/02/15

If you could afford the 100 percent and decide to cancel the offer then there were going to be cancellation fees and you were also going to be liable to the seller because remember you signed an offer to purchase (which is only absolved by conditions such as inability to obtain a bond).

I would advise that you leave it and take time to re-look your finances. cut things such as retail accounts and loans (basically things that are taking money and which you can live without) anything that appears on your credit record as a credit disadvantages your loan score.

If you do not have accounts you can consider buying at a lesser price, that way your score will be higher and thus the bank can afford you a 100 percent. Take about six months as a cooling off period and start again.

All the best.

Reply to Petty
Posted by: Woman | 2013/02/15

OTP doesnt bind you in any way. You can cancel it anytime without any penalties. Even if the mortgage is approved, they give you a grace period usually anything between 14 - 30 days to accept or decline the offer. The option of getting a further loan to make up for the deposit is a very bad move dear dont even think about it. Clearly your credit record/profile is good so try FNB Homeloans or SA Homeloans they offer 100% mortgage. Do also consider including registration and transfer costs when you apply. All the best

Reply to Woman
Posted by: FK | 2013/02/15

U will not, pay nothing dont worry.

Reply to FK
Posted by: kate | 2013/02/15

thaks FK, and there wont be cancellation fees? there is nothing stated in the contract

Reply to kate
Posted by: FK | 2013/02/15

just tell them u dont have deposit, they will cancell the contract.

Reply to FK

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