Home Buyers Advice Center
Buying a home can be quite a complex and daunting process. It is very important for home buyers to be well prepared by seeking advice and getting acquainted with relevant information relating to all the ABC’s of property buying, home finance process and all insurance related requirements.
Home Buyer's Guide
Buying a home is one of the most important decisions you will ever make – it can also be quite a daunting and intimidating process. It is always advisable that hone buyers begins this process by educating and familiarizing themselves with the related advise and guideline topics.
As your first starting point by reading through our Property Buying ABCs and our Blog for related blog content on home finance, property buying, property investment and other related articles. There are also many other online sources home buyers can reference as additional or supplemental reading on related topics for advice and guideline.
According to the eyes of the law there are certain classes of persons that are not permitted to enter into any form of contractual agreement. These classes of persons do not have contractual capacity by operation of the law. The consequence or implication of any contracts concluded by these classes would result to is a voidable contract as these according to law do not have contractual capacity.
Contractual Capacity
Its is important to know that marriage type does have influence on the normal home loan application process and its outcome. This is mainly due to the contractual (legally binding) nature of a home loan process.
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Marriage Regimes
Financing Options
Ordinary Loan: This type of loan is granted to an applicant(s) and normally use the proceeds to purchase immovable property. This is normally existing standing buildings structures and other fixtures and/or vacant land (plot).
Building Loan: Allows for the financing of both vacant land and construction costs to erect a building structure(s) on the acquired land. This loan type gives you the peace of mind and control over the disbursement of payments to ensure you are happy with the building progress and authorizing all payments to the building contractor responsible for the construction of your one of the most exciting projects of your life.
Ordinary Loan – Further Advances: This type of loan involves additional or further loans advances made available to already bonded properties subject to the value of the property being adequate security to cover the increased or requested additional advance. This type of loan in characterized by the freedom allowed to the applicant(s) to use the granted proceeds at own discretion.
Further Advances – Building Loan: This type of loan is also available as further advance to already bonded properties, in this case includes additions, alterations, improvements and renovations to already existing and bonded properties subject to the valuation of the being adequate to cover as security for the loan.
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The are various types of financing options that are provided by the various banking and other financial institutions from the financing of a property. Our consultants will hold your hand and guide you choose the best.
Home Loan Application Types
In general home loan finance can be classified in several categories. The section below gives an description and explanation of each classification.
Entity Types
Contractual Capacity: Also extends to non-natural (Juristic Persons), allowing them to enter into contractual agreement. It is important to understand that a home loan application constitute a legal binding contractual agreement between certain classes of entities seen in the eyes of the law as having contractual capacity.
This section gives an explanation of the stated entities permissible to enter into type of home contractual agreement.
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Property Types
Section gives a description and gives an explanation of the property types that can be acquired through the various types of home finance solutions.
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