HIP Housing

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HIP Housing

HIP Housing is for people between 21 and 40 and for first time home buyers only. A 2% deposit is required and a maximum loan of R950,000 is granted.

Qualifying criteria

  • Client between the ages of 21 and 40
  • Single applicant – maximum income or R30 000
  • Joint applicants – combined income may not exceed R50 000
  • Maximum 2 applicants
  • First Time Home Buyers only
  • Client employed minimum of 2 years (at current company)
  • 2% Deposit required
  • Normal Residential
  • Initiation fee capitalised if required
  • Building loans (Two payments only–on purchase of land, and on completion of the structure).
  • Building Loans will be granted to customers of Developers who meet HiP criteria only

Maximum Loan Amount

  • R950 000

Maximum LTV

  • 100%

RTI

  • Maximum RTI 30%

Exclusions

  • Vacant Land
  • Retirement Villages
  • Applicants 60 years or older
  • Self Employed Applications

Special Terms and Conditions

  • HOC Required
  • Life Insurance required for co-applicant
  • Must be creditworthy