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HOME LOANS

An Ithala Home Loan offers you an opportunity to buy, build, improve or renovate your own property in urban and rural areas. The loan is secured by registering a mortgage bond against your property or registering a cession in the case of a rural title.

Services and Benefits

  • Build, buy, improve, renovate or extend your house while you are economically active;
  • Use equity on your home loan for the additional funding of needs you may have;
  • Use equity on your existing property for managing your debts;
  • Repayment terms are up to 360 months;
  • Loan is repaid before your retirement;
  • Competitive interest rates;
  • Loan amounts are up to 100% of the property value.
  • Who qualifies for the Home Loan?

    • Self-employed or permanently employed South African citizens;
    • The property should be within KwaZulu-Natal;
    • Earn a minimum salary of R3 500.

    Instalments and fees

    Monthly repayments are made through debit orders or employer deductions. The interest rate is prime-linked over the term of the loan.

    Apply now at your nearest Ithala branch

    These are the minimum required documents:
    • South African bar-coded identity document/card;
    • Latest payslip, if employed or past two years financial statements and six months management accounts for self-employed individuals;
    • Three months bank statements if employed or six months bank statement for self-employed individuals;
    • Proof of residential address not older than three months;
    • Agreement of sale and/or approved building plans with builder’s quotation.

    Submission of all the above at the time of completing your application will assist in speeding-up the application process.

    Further Information

    Ithala also offers Insurance Cover to assist in paying-off your loan in the event of death or permanent disability.

    Apply Now

RURAL HOME LOANS

A Rural Home Loan offers you the opportunity to buy, build, improve or renovate your own property in rural areas. The loan is secured by registering a cession on Permission to Occupy or Leasehold title.

Benefits

  • Build, buy, improve, renovate or extend your house while you are economically active;
  • Repayment terms are up to 240 months;
  • The loan is repaid before your retirement;
  • Competitive interest rates;
  • Loan amounts are up to 100% of the property value.

Who Qualifies for a Rural Home Loan?

  • Self-employed or permanently employed South African citizens;
  • The property should be within KwaZulu-Natal;
  • Earn a minimum gross salary of R3 500.

Instalments and Fees

Monthly repayments are made through debit orders or by employer deductions. The interest rate is prime-linked over the term of the loan.

Required Documents for an Application

  • South African bar-coded identity documents/card;
  • Latest payslip, if employed or past two years financial statements and six months bank statements for self-employed individuals;
  • Proof of address not older than three months;
  • Agreement of sale and/or building plans with builder’s quotation.

Further Information

Ithala also offers Insurance Cover to assist in paying-off your loan in the event of death or permanent disability.

Apply Now

PENSION BACKED LOAN (HIL)

An Ithala Home Loan offers you the opportunity to buy, build, improve or renovate your own property in urban and rural areas. The loan is secured by registering a mortgage bond against your property or registering a cession in the case of a rural title. This means your property becomes a security and entitles you to market-competitive interest rates.

Services and Benefits

  • Build, buy, improve, renovate or extend your house while you are employed;
  • Repayment term from 12 months to 240 months;
  • Loan is repaid before you retire;
  • Competitive interest rates.

Who Qualifies for a Home Improvement Loan?

  • Permanently employed South African citizens;
  • Salary or wage earner;
  • Earn a salary of R3 500 and above;
  • Member of a Pension/Provident Fund listed under FSB.

A Home Improvement Loan is specifically for the improvement of fixed property or for purchasing a property. The loan is secured either by a Company Guarantee, or pledge of Pension/Provident Fund benefits. The rate of interest is prime-linked and negotiated with the relevant Fund upfront upon signing of the agreement.

Instalments and Fees

Monthly repayments are through salary deductions by the employer.

What Documents do I Need?

  • South African Green Bar-coded identity document;
  • Latest payslip;
  • Three months bank statements;
  • Proof of address (Municipality utility bill, letter from Ward Councillor, letter from INkosi/Induna) not older than three months;
  • Written quotation from builder or supplier;
  • Benefit statement from Pension/Provident Fund;
  • SARS information letter.

Further Information

Submission of all of the above at the time of completing your application will assist in speeding-up the application process.

The KZN Growth Fund Managers primary mandate is investment in infrastructure to promote economic development within the Province. The Growth Fund endeavours to ensure an even spatial distribution of investment across the province. Furthermore, all projects are undertaken with a view to broadening participation in the economy, with special emphasis on Black Economic Empowerment.

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