Absa Home Loans – We all have a dream home and sometimes making that dream a reality can be a challenge. Absa Home Loans are there to assist you in making that dream home a reality. Whether you want to buy, build or invest in property Absa Home loans will assist you own your dream home and make the best financial decision.
Buying a home or investing in a property is a big decision which should not be taken lightly. If you are not sure which home loan solution to take you should ask for advice from Absa finance specialists. When you apply for Absa Home loans you can make use of the Home Loan Estimator to find out how much you qualify for.
Absa Home Loans Solutions
Absa Home Loan
This Absa Home Loans solution is structured to suit your individual and family needs to purchase your home. You can get finance for all residential property, whether it is a freestanding house, a flat, a townhouse or vacant land. This loan comes with flexible repayment terms of up to 30 years and the term can be changed at any time at no cost.
During application you can choose either a fixed or variable interest rate option to suit your needs and budget. Absa home Loan also gives you immediate access to any extra payments you have made into your bond with Flexi Reserve. Absa will allow you to get more out of your home loan if you register for Absa Cash Rewards. You can also get more out by paying a deposit which will reduce your monthly repayments. The interest cost on your home loan can be reduced by paying extra every month into your home loan. To qualify you need to earn at least R20 000 per month.
Loyalty Home Loan
This is ideal for existing Absa customers (Absa Home Loan Customers) who are looking at selling and buying a new home. As the name suggests it is Absa’s way of rewarding you for staying with them. Clients get up to 0.5% cash back on the value of your new home loan up to a maximum of R6 000. You will also benefit from getting 25% reduction on your home loan initiation fees.
Loans gives you flexible repayment terms of up to 30 years and the term can be changed at any time at no cost. You can choose either a fixed or variable interest rate option to suit your needs and budget. To qualify you need to earn at least R20 000 per month.
MyHome Home Loan
This is for those who earn a single or joint monthly income of R20 000 or less. With such ones they can still make owning their dream home a reality. You get 100% home loan with a choice of fixed or variable interest rate. This loan comes with flexible repayment terms of up to 30 years and the term can be changed at any time at no cost. You get free, compulsory home loan training. If you do not bank with Absa you are required to submit 3 months banks statements showing your 3 months’ salary deposit. You can also get more out of your loan by paying a deposit which will reduce your monthly repayments. The interest cost on your home loan is reduced if you pay extra every month into your home loan.
This is ideal if you would like finance to build a home. Progress payments are made for completed work in stages. An Absa assessor will visit the site before the payment of each progress payment to inspect building work progress. Interest will be debited and capitalised from the date of first payment. Repayments will start 9 months after bond registration. The final payment is only made once the work has been completed in full and after the loan is fully paid out, the loan becomes a normal home loan.
Other Absa Home Loans Solutions
Private Bank Loan – This is a Premier Home solution suitable for Absa Private Bank customers looking for home finance.
Buy-to-Let – Suitable for those looking at investing in residential property to rent it out.
Private Bank Universal Solution – This is a Premier Home solution suitable for Absa Private Bank customers looking for a single flexible solution to suit their day-to-day and long term financial needs.
International Mortgages – This is suitable for foreigners who wish to buy residential property in South Africa.
Family Springboard – This is ideal for a first-time home buyer who does not have a deposit.
Supporting Documentation required when applying for Absa Home Loans
- ID Book for South African Citizens and for Foreigners you need a valid passport with a valid permit from the department of Home Affairs
- A signed offer to purchase
- A copy of your building contract if you are building your home
- Proof of income – your latest payslip if you have a account with Absa and if you don’t have an account you need 3months bank statements including your latest payslip
Absa Home Loans Contact Details
For more information on Absa Home Loans you can visit their website www.absa.co.za or you can call them on 0860 111 007. You can also contact them by means of email using their email address email@example.com and they will assist you accordingly.