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