Fortunately, with Capitec’s home loan, it’s not. They offer a 100% home loan option that doesn’t require any deposit, which can be beneficial for first-time homebuyers or those who may not have significant savings for a deposit. This also means that the borrower doesn’t have to dip into their savings to pay for the deposit, allowing them to have more financial flexibility. However, it’s essential to keep in mind that although a deposit may not be necessary, it may still be a good idea to put down a deposit to reduce the overall loan amount and monthly payments.

Yes, you can choose to repay your Capitec home loan early without incurring any penalties. In fact, doing so can help you save on interest payments.

Generally, Capitec aims to complete the processing within five business days. It’s important to note that the exact processing time may vary based on individual circumstances. Some factors that can affect the processing time include the complexity of the application, the completeness of the information provided, and any additional documentation required. Capitec may also need to conduct a property valuation to ensure that the loan amount requested is appropriate for the value of the property being purchased.

To be eligible for a Capitec home loan, you need to have a good credit score, a regular income, and be able to provide proof of income, employment, and identification. You also need to be at least 18 years old and a South African citizen or permanent resident.