Home Loan
Your home is the foundation on which you build your hopes and dreams for you and your family. Ubank now makes it easy for you if you have a provident or pension fund to apply for a Home Loan and to afford a place you can call your own.
A home loan designed to help you
- As long as you earn a salary, have a bank account and a provident or pension fund that allows provident-backed lending, and who the bank has an agreement with, and are between 18 and 65 years you can apply for a Home Loan
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You can borrow any amount from R5 000 to R350 000
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You can have up to 10 years/120 months to pay back the loan
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You can use the loan to improve your existing house or to buy a new one
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Your loan is secured against your provident/pension fund
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We give you a payment holiday so you can skip a payment for the month of December every year if you want or need to
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The loan payments will come straight off your salary
- Finally we will run a credit check to confirm that you have a credit record and that you can afford the loan
To apply you will need the following
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A green bar-coded identity book or South African passport
- An active member who contributes to a provident/pension fund that allows provident-backed lending, and who the bank has an agreement with
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If you are married you may need to bring your marriage certificate plus your wife/husband’s valid green bar-coded identity book or South African passport
- Latest original salary advice
- Proof of physical address (not older than 3 months)
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Your banking details and last three months’ banking statements
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We also need your latest provident or pension fund statements. Ask your employer to help you with this
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You need to be able to sign the contract legally
After we’ve approved your application
Once your application has been processed based on everything you have told and shown us, the money will be paid directly into your bank account.
Terms and conditions
Other important requirements:
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The loan will only be granted for housing purposes as contemplated in Section 19 (5) (a) of the Pension Funds Act (Act 24 of 1956) as amended:
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Purchasing of a stand/dwelling or immovable property
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The improvement or alteration to own property
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Purchasing of a stand or dwelling or immovable property in respect of immediate family
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Your employer must be able to offer a payroll deduction facility for your payment to be paid directly to Ubank
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The loan must be repaid by the time you qualify to take retirement
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Repeat loans are subject to Ubank Housing Policy requirements
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Random inspections on the approved loan usage will be carried out
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The Fund (pension/provident) must have an agreement in place with Ubank
Remember to borrow responsibly
Only borrow money if you are sure you can afford to make your repayments. Follow these simple guidelines to make sure you know how borrowing money will affect you:
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Only borrow money from a bank that you know or a registered micro-lender. Both of these have rules they have to follow to protect you!
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Do NOT let anyone who helps you at the bank keep your bank card
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Do NOT give them your PIN number or leave your ID book with them
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Do NOT sign a blank document given to you
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Never pay any staff member cash in return for a loan
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When you sign a loan contract, please make sure it has the following:
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The amount you are borrowing
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The number of instalments and how often you need to pay
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The amount payable every time you have to make a payment
- The amount of time the loan must be paid back in and
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The amount of interest that you will have to pay
What if you can’t afford the repayments any longer?
If you find yourself in financial trouble please speak to your Ubank sales consultant urgently.
Please make sure you let us know if there are any changes to your address or contact numbers.
Talk to us
For more information speak to your Ubank consultant at your nearest Ubank branch or call 086 000 8322
