KCI also source funding for the purposes of financing home loans in specific segments in the South African housing market. Applications are received from a wide range of sources such as property developers, employers, pension funds, first time home buyers and other individuals. Generally applications are for loans from about R150,000 up to but not greater than R600,000. The minimum values of the properties should not be lower than R280,000 (at 2013 values). The gross monthly income levels of applicants vary from a minimum of R8000.00 up to R40,000.00.
An in-depth analysis is done on all aspects that may have an effect on the applicants’ future credit behaviour and particular emphasis is placed on the following:
The applicant must be able to afford the monthly payments and have adequate cash to meet this commitment.
The applicant must be able to also meet all his/her other commitment inclusive of household/living expenses. Provision is made for other contingencies.
The applicant must be willing to give an undertaking to participate in a coaching programme that would assist with household expense and income planning and budgets. Amongst other benefits, the programme also deals with the owner’s responsibilities towards maintaining the property and meeting the rates and taxes obligation towards his/her local authority.
An important feature of KCI’s offering is that it differentiate itself from most other home loan providers in that;
It has the ability to accommodate pension fund contributions (pension fund backed home loans) as part of the bigger home loan and that it has the ability, skills and technological platforms to administer and control these.
Despite a negative credit history, applications would still be considered as KCI has gained extensive experience through its Debt Consolidation product to deal with clients that have an adverse credit history, defaults and judgments.
It has the ability to develop unique financial rescue plans for qualified applicants.
The KCI Service
KCI has invested substantially in obtaining and grooming the required skills over the last 7 years as well as developing and acquiring adequate and efficient technologies to administer home loans and other loan portfolios. Currently, KCI also acts as a service provider to other lenders and offers an administrative service to credit providers particularly in the mortgage market.
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