The current reality in South Africa is that a house for first time home owners is not as spacious as it used to be. Today’s standards are somewhat poor. The house is small and the rooms can feel like they are squeezing in on you. These type of properties are called starter homes. You may have a started home and you don’t want to sell it but want to extend it. You can afford to since you got a bonus of an increment to your salary. Or you may be looking to do some home improvements to your house like add a garage or build a new fence. But the problem is that you can’t afford the building material right-away.
About NORUFIN Housing
Norufin Housing was established in 1998, its main purpose is to provide funds for housing and home improvements. Based in Mahikeng it serves the interests of both rural and urban locations. It’s not only limited to its home base but operates within South Africa’s 9 provinces.
Services – NORUFIN Housing
Loans are available that are designed for incremental housing and home improvement. Also building material loans. If you are looking to increase the size of your house and make some additions, the loan will cover the costs of materials needed.
You can borrow from R1000 up to R50 000 for building materiel. When you borrow do make sure that you include labor in the amount. You don’t want to borrow and have no money to pay workers who will do the home extension or improvement.
The interest rate on the loan is competitive. The repayments are also flexible. You choose what you can afford and how much to pay back over the agreed term period. Do make sure that you pay every month. When you omit a month there will be arrears. The maximum repayments go up to 48 months.
When you request a loan there will be admin fees and initiation fees.
NORUFIN Housing loan Application
You can apply for the loan online. To obtain the loan you should be employed and your salary must be an amount which will allow you to borrow and pay back without any difficulties. The loan is not a personal one but it’s designed for property usage. Norufin has partnerships whereby you can have discounts when you buy products from these supplies. These are the documents you will need to get the loan processed.
- South African Identity Document or card
- Pay Slip for the past 3 months
- Bank account details not older than 3 months
- Proof of residential address
- Cellphone number (that you use daily)
The loan request will be processed. When you qualify contact will be made and you will have funds made available to you.
Having a house is one of life’s most affirming things. You feel grounded and also it makes you want to take care of the property. Having home improvements can increase the value of your property also it can make your house very attractive.