Leading mortgage financier, Swaziland Building Society (SBS), always ensures that home buyers are protected when purchasing a property. Each time a customer applies for a mortgage loan, the Society has your back to protect your investment.
Senior Mortgages Officer Phindokuhle Dlamini says for most people, a bank is the gatekeeper to home ownership. She says the Society acts as a crucial line of defence for the homebuyer, incorporating a series of protections designed to prevent one of life’s biggest purchases from becoming a financial disaster.
“We use processes that protect the buyer from fraud, overpaying and unstable financial commitments,” she said. Dlamini noted that the mortgage process could feel tedious, but it is to protect the lender’s investment and, by extension, to protect the homebuyer from making a catastrophic mistake.
The following are the vital ways to safeguard a homebuyer:
Appraisal: The Society would do an independent appraisal to ascertain if the property is worth that amount. This is a vital protection for the buyer. The appraisal acts as a neutral, professional reality check. If the appraisal comes in low, it gives the buyer powerful leverage to renegotiate the price.
History: The Society ascertains the ownership history of the property, if there are no outstanding claims against the property.
Submission: The process where buyers submit payslips, tax returns and bank statements is designed to confirm the buyer can truly afford the home long-term loan.
The Society is required to assess a borrower’s ability to repay, thus protecting buyers from over indebtedness. For further assistance, customers are encouraged to contact the SBS Mortgage Department at 2405 6119, email mortgage@sbs.co.sz, or visit the nearest branch.
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