Nedbank USSD Home Loan calculator
Nedbank’s recently launched USSD
(Unstructured Supplementary Service Data) Home Loan affordability calculator
attempts to help consumers in the entry level market understand what is needed
to own property.
According to a study conducted on
consumers in low-income groups, most respondents didn’t believe that owning a
home was within their reach – because they are either inadequately informed, or
uncomfortable using mobile apps, where affordability tools usually reside.
The USSD Home Loan calculator uses
mobile text code strings, like those used for loading prepaid data, airtime or
electricity.
To access the mobile affordability
calculator, users dial *120*001*123# and wait for prompts. The applicants
are asked some questions, including monthly income and expenses. In response
they receive an indication of the maximum amount they qualify for and can
afford, based on the correctness of the information provided.
As they enter their details, they
also have the option to speak to a consultant, who will take them through the
entire process, from saving for costs and getting a full pre-approval, to
applying and securing a home loan.
Platform: Cellular, feature and
smartphones
Expect to pay: A free service
Stockists: Dial *120*001*123#
Read more on the next page about an app that helps service providers go digital, and DStv’s new meme-only app.
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