Needing extra cash is normal in people’s lives as there are a variety of needs and expenses to pay. While applying for a loan makes sense to pay for a child’s education or pay other major expenses, there are other cheaper alternatives that can be used to obtain a loan. An equity home loan from SA Home Loans can be the answer to people’s financial problems.
While most banks offer a bond to buy a home or renovate one, SA Home Loans also offers a facility where people can use their current home to get more funding through an equity home loan. SA Home Loans assesses every application individually and examines every aspect of the applicant’s financial history and current situation.
SA Home Loans offers home equity products such as quick cash where people can get up to R75 000 after approval within 72 hours and up to R150 000 after signing the relevant documents. People can also get a further loan on their existing property, which is typically the most cost effective way to get finance. Rapid Advance is a further lending option that gives homeowners the opportunity to re-apply any additional repayments that have been made on their loan. People who initially registered for a higher bond amount than their original loan requirement can easily access additional funds by obtaining a Further Advance.
Equity is the difference between the realistic market value of the property and the outstanding amount on the bond. People who pay their current home loan significantly well could qualify for a higher home equity loan. Therefore if people owe a lesser amount on their existing bond the amount of equity on the property will be higher. A bond that is correctly leveraged can provide people with finances to renovate their house, take their children to university and take a family holiday.
Real estate generally increase in value over time therefore people’s current property may have accumulated a significant amount of equity since it was first purchased. This increases the amount of money that people are able to access when applying for a home equity loan. To apply for a home equity loan, people can visit their nearest branch or www.sahomeloans.com or call 0860 24 68 10.