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Home and Credit Insurance by SA Home Loans

Your home loan will only be paid out if you have an active home or life insurance policy. If you don’t, you can get the right cover for less. Allow SA Home Loans to protect your investment with a range of innovative and convenient products.

See an overview of the insurance products by SA Home Loans.

What is Interim Interest?

After your bond is approved, Capitec applies for cancellation figures from your current lender. These figures are estimated by adding the outstanding loan amount + 3 months' interest. We call this interim interest.

This interim provision is required in order to safeguard against a shortfall in the amount outstanding on registration. On registration, we pay the full cancellation fees to your lender who then refunds you with the interim interest in full, provided your account has been conducted normally.

What are these fees?

It’s important to understand the full cost implications of purchasing property. The estimated costs of buying a home include a number of once-off fees, many of which are legal or administrative costs, for which you need to be financially prepared.

Taxes and fees you can expect to pay when buying a property include:
Transfer duty

This is the government tax levied for transferring a property from a seller’s name to a buyer’s name. This fee is paid directly to a transferring attorney, who is then responsible for paying it across to the South African Revenue Services, on the buyer’s behalf, before the transfer of the property goes through. No property transfer will be recognised until this fee is paid to the state.

The transfer duty amount you’ll be expected to pay depends on the purchase price of the property. There’s no transfer duty paid on properties of R1 million or less, for example; different tax thresholds then apply to the transfer of properties of more than R1 million, calculated according to the price range of the property.

Conveyancing costs

Conveyancing attorneys are paid a fee for registering and transferring a title deed into a buyer’s name. This fee amount is determined on a sliding scale, based on the value of the property.

Bond registration

You can expect to pay a once-off fee to the Deeds Office for the legal registration of your home loan. This fee is a fixed amount based on the amount of your home loan and is paid to the Deeds Office before the registration of your bond. Your bond will have to be registered at the same time as the seller’s bond is cancelled and the transferred is registered with the Deeds Office.

Postage and sundries

The registering (bond) attorney will charge you a small fee for the postage of all necessary documents (i.e. to you, the Deeds Office, estate agent etc.) to register the property in your name.

Home loan initiation fees

There are some administrative setup fees involved in processing your home loan application. This amount is paid on registration of your bond and is often added to your outstanding home loan balance.

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