How is HiP different?
It’s not just our offering that is different, it’s our approach. We are not here to sell you a product, we’re here to partner with you in securing the most valuable asset you will ever own – your home. That’s why we help you finance the right home to suit your future earnings potential, and also supply you with all the information you will need to make an informed decision about your purchase.
To qualify, you must be:
- In full time employment (not self-employed)
- Employed by your current company for two years or more
- A South African citizen
- Aged 21 to 40 years
- Earning between R3 500 to R30 000 per month (gross)
- Cleared by the credit bureau
- Loan values between R 250,000 and R650,000
What are the benefits of HiP Home Finance?
- Improved affordability
- More home finance than what you would have qualified for through conventional offerings, both sooner and at a lower initial repayment.
- Affordability is maintained throughout the term of the agreement.
- Repayments are predictable and always a fixed percentage of your salary (maximum of 30 %) for the duration of the loan.
- Access to finance for those who otherwise would not have qualified due to affordability.
- Consideration of your future earnings stream.
- Repayments are escalated annually – in line with your salary increase.
- Repayments are not impacted by changes in the interest rate.
- Home ownership – at least 5 years earlier than conventionally possible.
What documents must l submit to HiP in order to process my application?
- Fully completed home loan application form
- Copy of identity document
- Copy of signed offer to purchase
- Last 3 months bank statements, original and stamped
- Latest salary advise ( 3 months )
- If commission/overtime forms part of earnings, 6 months’ salary advise or commission schedules
Ways to apply or obtain for information:
- Complete the call me back form on our website: www.hiphousing.co.za
- Email firstname.lastname@example.org
- HiPs Customer Contact Centre 086 1123447
What is my overall contribution in all this?
- Where conveyancing costs are not included in the purchase price you will need to pay the conveyancing costs associated with the registration of the property.
- You will need to pay a once-off initiation fee (this will not Exceed R5 700) and a monthly service fee of R57 (All costs are in line with the requirements of the National Credit Act.)
- Home Owners Comprehensive (HOC) insurance is compulsory. HOC protects you against damage to your property.
- Life Cover for the main applicant is not required as this Business risk is insured and paid for by HiP to ensure that your loan is settled in the event of your untimely death.Co-applicants will be responsible for taking out their own life Cover and ceding it to HiP.