Aspirant homebuyers can now calculate their home loan repayment plans by dialing Nedbank’s new USSD code on their phone, a move that opens access to homeownership for low income earners, the bank said.
The bank’s move coincides with the low interest rate environment in the property market that has provided a boost for the local housing market and has seen applications for bonds rise.
The USSD Home Loan affordability calculator is taking advantage of the convenience of USSD communication by forgoing the need to install an app on your phone or go online.
According to Nedbank’s Bruno Ching’andu, home loans head of consumer strategy, most consumers in the LSM groups from 1 to 5 do not believe owning a home is within their reach.
“What we found is that they are either inadequately informed, or uncomfortable to use mobile apps which require data, where affordability tools usually reside,” Ching’andu said.
The calculator can be accessed by dialing *120*001*123# and following the prompts. The applicant then receives an indication of the maximum loan amount they qualify for and can afford.
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