New stands released at Hillside in Lenasia South

As a developer-marketer of top quality, entry-level housing, Urban Housing’s primary business focus is to seek out, acquire and manage suitable development land to be used for entry-level housing projects across South Africa.  These homes are typically priced between R300 000 and R600 000.

Urban Housing - which offers a complete home ownership solution, packaged from start to finish – is now offering a range of freehold two- and three-bedroom family homes in Lenasia South within a development called Hillside. These homes are ideally suited to young families and first-time buyers and range in size from 45m2 to 81m2. They are set on stands measuring between 250m2 and 300m2.

Priced from R365 000, Brendan Cullingworth, divisional manager of Urban Housing, says that properties within the Hillside development offer buyers value for money. “Added to which, Hillside is located in a popular, well-established area that offers its residents a wide selection of amenities including shopping malls, a clinic and schools. Hillside residents will also enjoy easy access to the major transport routes,” he says.

To date, 68 units out of the potential 200 homes have been sold, and the first 31 families are due to move in soon.

Cullingworth notes that interested buyers may be able to qualify for a 100% home loan. Some of the qualifying criteria for the 100% loans includes that the applicant is a South African citizen and is permanently and formally employed. Applicants need to earn a gross salary of between R5600 and R25 000 per month.

For a better chance of approval when looking to buy your first home, Cullingworth advises potential buyers to focus on paying down their debt to increase their affordability levels and chances of getting housing finance approval.

“Applicants will be required to fill out a pre-screening form to determine whether they will be able to qualify for one of the homes within Hillside,” says Cullingworth. “The pre-screening form requires the applicant to answer a few questions regarding their marital status, income and whether or not they are employed or self-employed. There are also a number of documents that the buyer can get ready before they apply such as a copy of their ID, marriage certificate, latest payslip and three months bank statements. Self-employed applicants will require some additional documents such as an accountant’s letter, financial statements, registration documents and six months business bank statements.”

Once the pre-screening form has been received with the required supporting documentation, Urban Housing will then request a credit report and check the applicant’s affordability ratios. Cullingworth says that if there is no adverse information on the credit report and affordability is evident, Urban Housing will submit the information to the bank for pre-approval. He notes that the applicant will then be able to choose a home and sign a contract along with the other bank application forms necessary to submit for a formal bond approval.

“After the construction of the property is complete, the new homeowner will be contacted to go through the pre-inspection process of the home, where the final handover of the property will take place. This is an exciting time for any first-time buyer,” says Cullingworth.

Urban Housing’s current portfolio comprises a range of developments across the country including areas such as Randfontein, Carnival City, Mamelodi, Port Elizabeth, Bloemfontein, Kimberly and Mafikeng.

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