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BUYING LAND
Buying land can be risky when you do not have the necessary
knowledge regarding the appropriate financing of your purchase.
This is where CKM Home Loans
can assist you as they are experts in the finance industry
in South Africa and as such the specialists in property loans
to contact regarding applying for financial support when looking
to buy land.
Making an application for a property loan is a complex process
and involves numerous costs and tasks which need to be implemented
through your loan application in order to ensure that the
loan process is carried out appropriately and efficiently.
The Cost of Buying Land
As mentioned, there are various costs which come along with
taking out a loan for financial support when buying land or
a new piece of property. CKM Home Loans
knows what these costs are and will ensure that these are
paid out as your loan application develops.
Some of the important costs involved when buying land include
the following essentials:
- Deposit: It is a requirement of most
banks that you pay a deposit when applying for a loan. The
only time that this will not be required is the case of
first time buyers. In general, deposits to be paid depend
on the property's value; but on average it comes to 20%.
- Bank Costs and Transfer Duties: These
are the costs which are quite often the most overlooked
when buying land or property. They are however very important
and should therefore be studied very carefully so as to
ensure that you have an understanding of how it is worked
out. (CKM Home Loans
can help you there). Bank costs and transfer duties can
add up to a large amount of money and so you need to make
sure that you know what they are as this will affect the
total value of the property and land you are looking to
purchase.
- Conveyancing Fees (Transfer and Registration Fees:
You have to pay the conveyancers (attorneys) who register
the property in your name, as well as the conveyancers appointed
by the bank to register a mortgage bond over your property.
The Law Society has recommended tariffs that conveyancers
may charge to transfer property into your name and register
your bond. The higher the purchase price of the property,
the higher the fee. The fee's are worked out on a sliding
scale.
Making Loan Application Quick and Simple
In most cases a loan application should not take longer than
2 to 4 days. This is provided that you have all the necessary
information and documentation readily available. So, to ensure
that the process of loan application goes quickly and simply,
make sure that you have the necessary information on hand
which is required. Therefore. when you apply for a loan there
is certain documentation that you need to provide, and having
these on hand ensures that the process goes smoothly.
As such you should have the following information with you
when applying for a loan:
- Your Last 2 Salary Slips.
- If you are self employed - Certified Financial Statements
form your Accountant.
- Your last 6 months bank statements.
- Proof of residential address ( utility bill - electricity,
telephone )
- I.D. Documents
- Marriage Certificate ( If applicable )
This information is essential and required by the financial
institution you are applying for a loan from for the following
reasons:
- To Check your credit rating
- To Determine your monthly installments
- To Determine the value of the Home Loan
- To determine your monthly expenses to make sure you can
repay the loan.
With knowledge in all that is required by the applicant a
loan, CKM Home Loans
is here to help make the process go that much quicker and
efficiently; ensuring that applicants have all the important
documentation with them at all times in the duration of their
loan application. As such, CKM Home Loans
will go step by step with these applicants through the process
of loan application to get for them the best and most affordable
loan possible.
Don't leave yourself in the dark when buying land and looking
to get a loan to finance your purchase. Get in touch with
CKM Home Loans
and let them do all the gritty legwork for you. They are the
experts and can be trusted when it comes to making the right
loan decision.
Intoweb Design is a website design company independently
creating business for CKM Home Loans via an affiliate marketing campaign, The information
on this page describes the services CKM Home Loans renders to the marketplace which was created by independent
online marketing specialists in the Intoweb company. E-mail
us if you are interested in affiliate marketing strategies
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