To apply for a Standard construction loan you need:
- Be between 18 to 60 years old
- Be a resident citizen of South Africa
- Have a formal source of income
- Have a positive financial history
How do I apply for a Standard construction loan?
To be eligible for the Standard construction loan, you must own land on which to build the property.
This land may be included in the financing of your property through Standard if you have a down payment.
If you already have the land under financing from another bank, you will need to transfer this financing to Standard to unify the two products.
With the land ownership letter in hand, it is necessary to have the architectural project calculate the construction period and amounts to be paid in materials and labor.
Your project must be already approved and regularized by competent bodies.
Thus, based on the documents generated by these steps, the bank will be able to evaluate the construction and will indicate the maximum amount to be released for its hiring.
Know that Standard aims to assist you at all times during the Standard construction loan contract. It is important to inform if you have values available for the down payment, for the documentation, and for the costs that may arise even before the beginning of the work.
It is a laborious loan to be released, but if you already have construction plans, you know that everything related to construction generates an absurd amount of work.
Trust the process and you’ll go far!
How will the Standard construction loan installments be paid?
For the payment of the monthly installments, several options can be considered.
If you have a public service job, or a formal job with an employment contract, you can request the automatic discount of the installments directly in your paycheck.
You can configure automatic debits in your account, you can make the payment by deposit directly with Standard and by bank slip at any financial institution.
The important thing is not to delay payment so as not to be affected by interest and fines!
Want to know even more about Standard’s construction loan? Click the button below and learn every detail to make this contract effective!
