Arta Developments are property developers offering value to our investors, their tenants and the surrounding neighbourhood that is enhanced through our state of the art complex –your future address.
What is the difference between sectional & full title?
Sectional title means that you are buying a unit or section in a building. You will have ownership of the specific unit as well as an undivided share (in accordance with your unit’s size) in all the common property such as: gardens, swimming pool, roads, and similar.
Full title means that you are buying a house that belongs to you. As the owner you will take full responsibility for all the costs involved, such as: rates, taxes, maintenance, gardens, driveways, and similar. It means that the buildings and the land belongs to you, and gets registered as such in the deeds office.
What is common property?
Common property is defined as any area which does not form part of your property-unit , but of the whole complex. Common property includes all the land, passages, stairways ,driveways, roofs, bin areas, gardens,and similar.
How do I check my credit rating?
You can have your credit record checked for FREE in your birthday month. Of course you could also get a copy of your credit report aby time BUT at a cost of R22.80 from the companies:
Every South African citizen is entitled to one free copy of his/her credit record per year (DO NOT FORGET: in your birthday month). When you receive your copy you MUST make sure that the following are correct:
your details
the contents
It is recommended to check your credit rating at least once every year.
If there is something that you do not agree with, the Credit Information Ombud will assist you, but follow the procedure as described on their website www.creditombud.org.za.
Types of Home Loans
The following types of home loans are offered by the majority of SA banks and also used in the case when you have an existing home loan and need additional funds.
Variable Rate Home Loan With a variable rate home loan, your interest rate is linked to the base home loan rate which moves up and down depending on market conditions. If the base rate decreases by one percent, so will your interest rate, and of course if the base rate increases so does your home loan rate.
Fixed Rate Home Loan Here your interest rate is fixed for a specified period, normally between one and two years. Generally the fixed interest rate will be slightly higher than the base home loan rate when the loan is taken out. A fixed rate loan protects you from rising interest rates and gives you the certainty of knowing exactly what your payments will be. However it does not allow you to benefit from any decreases in the interest rate over the fixed period.
Capped Rate Home Loan This type of home loan allows you to benefit from any decrease in interest rates, but has a maximum rate built in so you never pay more than the capped rate. These loans are not always available from banks, and generally the qualifying criteria are more stringent.
Reducing or Step Down Home Loan With this type of home loan, your interest rate is guaranteed to decrease by a set percentage in steps, such as 0.25% every six months for the agreed period, which is usually less than 5 years. This gradual reduction in interest rate applies regardless of whether the home loan interest rate rises or falls.
What is Bond &Mortgage Origination?
What Is Bond Origination? Bond originators give you independent advice on choosing a home loan and help you obtain it.
What is mortgage origination? Basically, it is the business of negotiating on the behalf of a prospective property owner, a home loan with a bank.
Why do I need a mortgage originator? Because your home purchase is probably the most expensive one you'll make in your life, the home loan itself is an important financial decision and the benefit to be gained from making a correct choice can amount to savings of hundreds of thousands of rands over the life of the loan.