In our guide today, we will walk you through the Absa building loan in South Africa.
This loan is essential if you want to build a home or property and you do not have enough finances.
We will first show you how you can apply for this loan.
How To Apply For Absa Building Loan
You can apply for a loan through online banking.
All you have to do at this moment is upload all the required documents.
You can also visit any Absa branch near you to apply for a loan.
Remember to carry your national ID or Passport and all the required documents with you.
This is how to apply for an Absa building loan in South Africa.
Absa Building Loan
You will need a building contract to a proof partnership between you and your builder.
It also outlines the terms of your building project and should contain the breakdown of all costs and work to be done to build a fully completed unit.
You need a bill of quantities to show the different phases of the building process.
Each phase of the process needs to be signed by a quantity surveyor before starting the next phase.
You should have a tender and schedule of finishes explaining the materials used throughout the building process and the required quantities.
You need a building plan which is a graphical representation of what your dwelling will look like once the building is complete.
You also need to have your builder’s NHBRC registration certificate to prove that your builder and the home intended to be built are registered with the national homebuilder’s registration council.
The council will inspect the building during the building process to ascertain that everything is up to standard and deal with complaints and non-compliance.
You are also covered against major structural defects for five years from the date of occupation.
You can get all these documents from our builder.
These are the required documents for your Absa building loan in South Africa.
What Is A Waiver Of Builders Lien
This is a written agreement between Absa and the builder assigned to your property.
The agreement states that the builder shall give up the right to place a lien on the property and return any extra money to Absa.
If you owe money for the building project, you must pay Absa and not the builder.
This is how the waiver of the builder’s lien works in Absa building insurance in South Africa.