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The platform allows users to get home loan offers from multiple South African banks through a single application on a dedicated Takealot-branded web app.
“We’ve partnered with MortgageMarket to let you apply once and receive offers from multiple trusted South African banks. It’s like adding a home loan to your cart,” the retailer said.
It added that the service is free with no hidden costs or obligations.
“You can explore your options, get pre-approved, and compare offers without paying anything to us,” it said.
According to the website’s how-to, the pre-approval process involves creating a profile on the Takealot Home Loan Hub and filling in the necessary details for applications.
Once completed, users can track their pre-approved loans from their profile page.
A full application requires more documentation and a lengthier processing. These documents include:
- A South African ID or a Passport
- Latest payslip
- 3 months of bank statements
- Signed Offer to Purchase
The group said that all documents must be in electronic format (.pdf/.doc/.png/.jpeg), should be clear and legible, and the bank statements must be for a consecutive three-month period.
If users don’t have a signed offer to purchase yet, they can still use the pre-approval tool anytime to see how much they might qualify for.
The pre-approval tool yields results based on affordability and credit score. The hub will conduct a “soft credit check” through Experian, which will not affect a user’s credit score.
Takealot said the entire process should take less than 30 minutes if all documents are ready. Further, multiple home loan offers from different banks should show up on profiles within 72 hours.
Seven banks and financial institutions are participating on the platform — Absa, FNB, Housing Investment Partners, Investec, RMB, and Standard Bank.
“You will receive regular feedback from the banks through the platform. Each package comes with different terms, rates, and benefits and will be determined by the offering bank, not the Takealot Home Loan Hub platform,” it said.
Users can compare the different offers side-by-side on the user dashboard and, once an offer is selected, the bank will be notified and will make contact to finalise the loan.
As a sweetener to use the hub, Takealot is offering users R20,000 in Takealot vouchers for successfully registering a bond through the platform.
The voucher offer applies to the main applicant whose name appears on the offer to purchase and who completes their online application on Takealot Home Loan Hub.
“On successful bond registration of your new home that was purchased via Takealot Home Loan Hub. You will qualify for a Takealot Voucher based on the value of your home loan, up to a maximum to R20,000,” it said.
The group has published a dedicated help page for the platform, but directs users to MortgageMarket for more detailed assistance.
Issued on BusinessTech | https://businesstech.co.za/news/property/835821/takealot-launches-home-loan-service-in-south-africa/
