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Absa Bank Home Loans

Platinum Home

A unique home loan offering designed to meet the needs of Absa Personal Financial Services clients purchasing an existing residential property or wanting to build their own unique home.

Features

Preferential interest rates.
No minimum property values.
No minimum or maximum home loan amounts.
Flexibility to combine Platinum Home with one or more of Absa's unique home loan products e.g. MultiPlan or Fastforward.
Enhanced and efficient processing and management of your home loan account.
Option of linking your account with the other products available under the Home Loan portfolio.

Qualification Criteria and Requirements

Minimum single Income of R500,000.00 per annum.

MyHome

A home loan solution specifically designed for home buyers who earn a joint monthly income of R6000.00 or less

Features

A loan to finance the purchase of your home.
Educational programme provides all important information relevant to home ownership.
Life cover ( including permanent and temporary disability, HIV/Aids cover ) and an optional cash benefit with no need for a medical examination.
Deposit additional funds into your home loan at any time using FlexiReserve (explain further down).
Repayments made using debit orders and salary deductions only.
Electronic access to your home loan via Absa Internet Banking.

Qualification Criteria and Requirements

Individuals with a single joint or monthly income of R6000.00 or less will qualify.
Normal lending criteria will also apply.
Repayments may not exceed 30% of total single or joint income. However, if income is less than R3500.00, repayments may not exceed 25% of income.
Repayments are made using debit order or salary deductions.
Loan granted up to 80%. Additional 20% can be included, provided acceptable security is obtained (e.g. employer, or CRIS).
Under normal circumstances you would be expected to pay a 20% deposit but the collateral replacement indemnity scheme allows you to obtain a 100% loan.

Absa pension-backed Loan

A Pension-backed Loan is a non-mortgage lending product which is secured against your pension fund benefit. It is a alternative way of obtaining housing finance for employees that would normally not qualify for a mortgage loan.

Features

You and/or your spouse must own the the immovable property and you and your family must live in it to be eligible.
Loan must be used for - buying and existing home - building a new home - improvements to an existing home.
Interest rate linked to prime rate and will fluctuate accordingly
Loan negotiated via your employer.

Qualification Criteria and Requirements

You have to be in a position to make the necessary repayments.
Enough benefit needs to be built in your pension fund, which can be used as collateral for the loan.
An agreement between Absa bank, your employer and the pension fund administrators must be in place.

Gold Facility

The Absa Gold Facility is a bundled offering, including an Absa Gold cheque account, up to 110% Absa Home Loan and Absa electronic Banking facilities. All the products available are priced at a single management fee of only R190.00, creating value for money.

Features

Absa Gold Cheque Account.
Up to 110% Absa Home Loan.
Electronic banking Facilities.
Single monthly management fee of R190.00.
Cheque account customers with a home loan and other debt that requires consolidation into one facility.
Home buyers looking for a cheque, home loan and electronic bundle, including an additional 10% unsecured loan.
Affordable all-in-one management fee option for your portfolio.

Qualification Criteria and Requirements

An individual earning R10,000.00 per month or more
Home Loan granted amount of at least R400,000.00

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