Tag Archives: applying for a home loan

Nedbank Home Loans

Nedbank’s earnings from their home loan products are up by more than 25%, a percentage they are looking to increase even further by the time that they release their full year results in the second half of this year. To achieve their goal, Nedbank aims to “compete across all client segments with differentiated products and tailored distribution. A key part of this is the implementation of our ‘bank for all’ strategy.”
In addition to their Buy-to-Let and Building products, Nedbank has two flexible mortgage products through which to meet their targets. These are:
Ordinary Home Loan Alphabond 
Ordinary Home LoanThe Ordinary Home Loan is a flexible home loan that can be tailored to meet individual requirements. It suits prospective home buyers who have the cash to pay the registration and transfer fees of their new property.Features and BenefitsSome of the features and benefits of Ordinary Home Loan include:
Loan Term 
Loan terms of up to 30 years are granted.
Financing 
Up to 100% financing can be provided. The minimum loan amount is R 70,000. There is no maximum set. Presents you with a choice between fixed interest rates and variable interest rates. Ability to register a second home loan Includes Readvance. Readvance provides you with access to the difference between your original loan amount and that portion of the principal that you have already repaid.
Transacting
You are allowed to make additional deposits and / or to pay more than the minimum amount every month in order to save on interest and to reduce your term. Includes NedRevolve, an add-on that allows you to either access the additional deposits you make into your home loan account or to use as a method to accrue interest-free savings. Qualifying criteriaTo qualify for Ordinary Home Loan, you will need to meet Nedbank’s credit requirements, earn a minimum of R 2,500 per month – singly or jointly – and possess a valid South African Identification Document.CommentThe Ordinary Home Loan can be used for the purchase of an established residential property or to buy vacant residential land for development purposes.AlphabondAlphabond is designed for first time home buyers who do not have the cash to pay the upfront registration and transfer costs of a property.Features and BenefitsSome of the features and benefits of Alphabond includes:
Loan Term 
Loan terms of up to 30 years are granted.
Financing 
You have a choice between a 108%, and a 104% home loan. If you choose 108%, there is a guaranteed cash back. If you opt for a 104% home loan, you only start making your repayments in month four. If you prefer a home loan of less than 100%, Nedbank will offer you a rates concession. The minimum loan amount is R 70,000. There is no maximum set.Choose between a fixed interest rate and a variable interest rate. Ability to register a second home loan Includes Readvance. Readvance provides you with access to the difference between your original loan amount and that portion of the principal that you have already repaid.

Transacting
Payment by debit order compulsory. You are allowed to make additional deposits and / or to pay more than the minimum amount every month in order to save on interest and to reduce your term. Includes NedRevolve after your home loan is less than 100%. This is an add-on that allows you to either access the additional deposits you make into your home loan account or to use as a means to accrue interest-free savings.Access to Further Bond. Further Bond allows the registration of an amount of money additional to your current, registered mortgage. Qualifying criteriaTo qualify for Alphabond, you have to be a first time home buyer, meet Nedbank’s credit requirements, earn a minimum of R 2,500 per month – singly or jointly -, and prove stable employment in the same career stream for two years or longer.

Standard Bank Home Loans

Standard Bank is the second largest mortgage lender in South Africa and enjoys a market share of about 30%.If you consider that the downward slide of the property industry started gaining momentum last year, Standard Bank must have been doing something right to achieve this type of growth.

Dream Start
A home loan aimed at making home finance more accessible to low income earners. That is, those earning a single or joint income of between R1 500 and R6 000 a month, excluding housing subsidies or allowances.

* You can apply for a DreamStart home loan if You earn a joint income of between R1 500 and R6 000 a month and want to buy a home
*
* You are building a new home
You are looking to move to a bigger or better home

Taking your first steps:
A personal interview will be conducted with you where you will be guided through the home buying process, information will be shared with you, and an affordability calculation will be done. There are specialised consultants at designated branches who will answer any questions you have.

Life assurance:
Standard Bank has arranged a life assurance policy to ensure that your loan is repaid should you die. This policy will settle the outstanding balance on your home loan account.

Repayment methods:
To make your monthly repayments easier, you can pay your installment through a debit order directly from your account. If you do not have an account, ask your Standard Bank consultant about opening an E Plan account and arrange for your salary to be deposited in this account.

Interest:
The interest rate that Standard Bank charges for lending you money is based on the risk to the bank. You will be advised of the repayment and interest rate that will apply to your account in your Letter of Grant. If you pay your minimum home loan installment on time every month, you may qualify for a reward after two years and again after three years.

Access Bond:
If you pay more than your monthly installment every month, you will lower the amount of interest you have to pay and will pay your home loan off faster. You will have to apply for this facility and meet certain qualifying criteria.

Standard Home Loan:
For most of us, a home is the biggest and most significant investment of our lives. It’s more than just shelter. It’s where we raise our families.

Nedbank Home Loans

Nedbank’s earnings from their home loan products are up by more than 25%, a percentage they are looking to increase even further by the time that they release their full year results in the second half of this year. To achieve their goal, Nedbank aims to “compete across all client segments with differentiated products and tailored distribution. A key part of this is the implementation of our ‘bank for all’ strategy.”
In addition to their Buy-to-Let and Building products, Nedbank has two flexible mortgage products through which to meet their targets. These are:
Ordinary Home Loan Alphabond 
Ordinary Home LoanThe Ordinary Home Loan is a flexible home loan that can be tailored to meet individual requirements. It suits prospective home buyers who have the cash to pay the registration and transfer fees of their new property.Features and BenefitsSome of the features and benefits of Ordinary Home Loan include:
Loan Term 
Loan terms of up to 30 years are granted.
Financing 
Up to 100% financing can be provided. The minimum loan amount is R 70,000. There is no maximum set. Presents you with a choice between fixed interest rates and variable interest rates. Ability to register a second home loan Includes Readvance. Readvance provides you with access to the difference between your original loan amount and that portion of the principal that you have already repaid.
Transacting
You are allowed to make additional deposits and / or to pay more than the minimum amount every month in order to save on interest and to reduce your term. Includes NedRevolve, an add-on that allows you to either access the additional deposits you make into your home loan account or to use as a method to accrue interest-free savings. Qualifying criteriaTo qualify for Ordinary Home Loan, you will need to meet Nedbank’s credit requirements, earn a minimum of R 2,500 per month – singly or jointly – and possess a valid South African Identification Document.CommentThe Ordinary Home Loan can be used for the purchase of an established residential property or to buy vacant residential land for development purposes.AlphabondAlphabond is designed for first time home buyers who do not have the cash to pay the upfront registration and transfer costs of a property.Features and BenefitsSome of the features and benefits of Alphabond includes:
Loan Term 
Loan terms of up to 30 years are granted.
Financing 
You have a choice between a 108%, and a 104% home loan. If you choose 108%, there is a guaranteed cash back. If you opt for a 104% home loan, you only start making your repayments in month four. If you prefer a home loan of less than 100%, Nedbank will offer you a rates concession. The minimum loan amount is R 70,000. There is no maximum set.Choose between a fixed interest rate and a variable interest rate. Ability to register a second home loan Includes Readvance. Readvance provides you with access to the difference between your original loan amount and that portion of the principal that you have already repaid.

Transacting
Payment by debit order compulsory. You are allowed to make additional deposits and / or to pay more than the minimum amount every month in order to save on interest and to reduce your term. Includes NedRevolve after your home loan is less than 100%. This is an add-on that allows you to either access the additional deposits you make into your home loan account or to use as a means to accrue interest-free savings.Access to Further Bond. Further Bond allows the registration of an amount of money additional to your current, registered mortgage. Qualifying criteriaTo qualify for Alphabond, you have to be a first time home buyer, meet Nedbank’s credit requirements, earn a minimum of R 2,500 per month – singly or jointly -, and prove stable employment in the same career stream for two years or longer

Standard Bank Home Loans

Standard Bank is the second largest mortgage lender in South Africa and enjoys a market share of about 30%.If you consider that the downward slide of the property industry started gaining momentum last year, Standard Bank must have been doing something right to achieve this type of growth.

Dream Start
A home loan aimed at making home finance more accessible to low income earners. That is, those earning a single or joint income of between R1 500 and R6 000 a month, excluding housing subsidies or allowances.

* You can apply for a DreamStart home loan if You earn a joint income of between R1 500 and R6 000 a month and want to buy a home
*
* You are building a new home
You are looking to move to a bigger or better home

Taking your first steps:
A personal interview will be conducted with you where you will be guided through the home buying process, information will be shared with you, and an affordability calculation will be done. There are specialised consultants at designated branches who will answer any questions you have.

Life assurance:
Standard Bank has arranged a life assurance policy to ensure that your loan is repaid should you die. This policy will settle the outstanding balance on your home loan account.

Repayment methods:
To make your monthly repayments easier, you can pay your installment through a debit order directly from your account. If you do not have an account, ask your Standard Bank consultant about opening an E Plan account and arrange for your salary to be deposited in this account.

Interest:
The interest rate that Standard Bank charges for lending you money is based on the risk to the bank. You will be advised of the repayment and interest rate that will apply to your account in your Letter of Grant. If you pay your minimum home loan installment on time every month, you may qualify for a reward after two years and again after three years.

Access Bond:
If you pay more than your monthly installment every month, you will lower the amount of interest you have to pay and will pay your home loan off faster. You will have to apply for this facility and meet certain qualifying criteria.

Standard Home Loan:
For most of us, a home is the biggest and most significant investment of our lives. It’s more than just shelter. It’s where we raise our families.