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Absa Bank Home Loans

Absa Bank Home Loans

Home Loans from Absa is a unique home ownership solution that provides buyers with a wide range of home loan products, options and value-adds.

Apart from the Absa Home Loan, they offer you a range of home loan options to suit your specific requirements. These include :

The Absa Building Loan
First Time Home Loan
 Platinum Home
MyHome
Pension Backed Loan
Gold Facility

Options Include:

Variable of fixed interest rates
FastForward
Flexireserve
MultiPlan
Further Advance

Home Loans from Absa gives you access to a whole range of products from cheque accounts to credit cards, electronic banking and personal loans.

The Absa Home Loan

This product enables you to finance any residential property. The repayment term can be structured up to a maximum of 30 years. The general term is 20 years. Vacant land, however is repayable over a maximum of 15 years only.

Features

Loans of up to 110% may be granted.
You can register a higher value bond of up to 50% more than the value of your property.
Different repayment methods may be utilised to repay your home loan ( for example debit orders, electronic transfers, cash or cheque deposits ).
Loan Term may be increased/decreased at any time.
You can have access to your home loan via Absa Internet Banking.

Qualification Criteria & Requirements

A monthly income of at least R3500.00 ( single or joint ) is required.
Monthly home loan repayments may not exceed 30% of total monthly income ( single or joint ).
All other normal credit criteria apply.
Only residential properties may be financed.
Only individuals with a regular and reliable source of income or a close corporation, trust or company that was formed for the purpose of owning a residential property may be financed. ( The income of the individual [ be it a member, trustee, or director ] is assessed for affordability.)

The Absa Building Loan

The Absa Building Loan can be used to finance the purchase of a vacant stand with the specific intent of building a residential property. As they become required to complete the construction, funds will be placed into your Building Loan account.

Features

Repayment only starts when the loan has been paid out in full.
Put additional funds into your Building Loan using FlexiReserve ( explained further down the page.)
Various repayment options available - debit order, electronic transfers, cash or cheque deposits.
Register a bond up to 50% more than the value of your property.
Electronic access via Internet Banking
Various home ownership options available and value-adds can be linked to your Absa Home Loan. ( explained further down the page.)

Qualification Criteria & Requirements

A monthly income of at least R3500.00 ( single or joint ) is required.
Monthly home loan repayments may not exceed 30% of total monthly income ( single or joint ).
Only residential properties may be financed.
Only individuals with a regular and reliable source of income or a close corporation, trust or company that was formed for the purpose of owning a residential property may be financed. ( The income of the individual [ be it a member, trustee, or director ] is assessed for affordability.)

First Time Home Loan

This uniquely structured facility assists first-time home buyers to fund the transfer and registration costs via their home loan. Even though one home loan is granted, the account is set up in such away that the costs portion is separate from the purchase price.

Features

Up to 108% home loan to cover all costs associated with purchasing a home.
Option to repay costs (i.e the additional 8% ) over a shorter period and save on interest.
Life insurance is compulsory. Added disability and retrenchment cover is available.
Register a bond up to 50% more than the value of the property.
Various home ownership options and value-adds can be linked to your Absa Home Loan.
No cash up front required to pay transfer and registration costs.
Peace of mind knowing your dependents are provided for should anything happen to you.

Qualification Criteria & Requirements

You have to be a first time home buyer.
Only individuals with a regular and reliable source of income will qualify.
A single monthly income of R6000.00 or a joint monthly income of R10,000.00 is required.
The minimum loan amount is R120,000.00.
Life Insurance is compulsory.
Monthly repayments must be made by debit order or salary deduction.
Monthly home loan repayments may not exceed 30% of total monthly income (single or joint) for the TOTAL loan amount (purchase price plus cost).
Fixed rate option compulsory when repayments are greater than 27% of total income.
If repayments are 27% or less of you total income, you have the option to choose between a fixed or variable interest rate option.

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