Owning a home you can call your own is a dream come true of many average/middle-class citizens. Understanding this fact, Absa in their infinite will to serve, has put together a great loaning scheme. They design this scheme to not only make their dream a reality, but also ease the process of ownership.
Absa home loan is available to provide you with a range of flexible options to make your dream come true. With options suitable for everyone, whether you plan on becoming a homeowner, a home builder, or are already a homeowner.
About Absa home loans
Listed on the JSE, the Absa Group is one of Africa’s largest diversified financial services providers. Committing a great percentage of their resources on finding local solutions to uniquely local challenges. They are driven by the zeal of adding value and improving the lives of Africans. To this end, the Absa group offers a wide range of retail, business, corporate and investment and insurance solutions.
What are the requirements for applying for an Absa home loan?
To apply for an Absa home loan, every prospective applicant must have and be ready to provide to following documents;
- A single or joint gross monthly household income of R18 601 or more.
- A South African identity document, or a passport if you are not a South African resident.
- Your latest salary advice or, if self-employed, a letter of income from your bookkeeper.
- An offer to purchase.
- Provide consent for Absa to obtain three months’ bank statements if you bank with FNB or Nedbank, otherwise simply provide three months’ bank statements.
- For alternative home loan solutions, please call 0860 111 007 or visit your nearest branch.
- Having all these documents readily available increases your chances of getting your loan application approved.
How to apply for an Absa home loan
Absa home loan application doesn’t have to be hard or complicated. The process is as easy as following the steps below:
- Apply for your home loan
Applying for a Home Loan with Absa is super easy and straightforward. Application is done either by filling out the convenient online application or calling their loan office on 0860 111 007.
- Receive an outcome
If your application is approved in principle:
- Absa will make you a loan offer – this is how much your loan could be.
- If you accept the loan offer, the analysis team will do a property valuation to confirm the value of the property.
- You will then receive a final offer.
- Should you accept their quote, the registration attorney begins to register your bond
- Consider your insurance needs.
- If your property is free-standing, you will have to get homeowner’s Comprehensive insurance (HOC) policy before your bond is registered.
- Life insurance may be mandatory for your home loan or you may want to protect your family should something happen to you (death or disability).
- Check out our insurance offerings for more information on how we can assist you.
- Transfer and bond registration.
This is the legal process required to:
- Transfer the property into your name
- Register a bond (home loan) with us, your bank
The attorneys will first contact you to sign the necessary documents.
- Once you have signed all the documents, the attorneys will lodge them at the deed’s office.
- It takes two to three weeks for the documents to be inspected.
- The whole process (from start to registration) can take up to 3 months.
- On registration, the home will be yours!
Yummy home loan discounts offered by Absa Group
All Absa home loans come with even a lot of mouth watering discounts and benefits. These benefits are offered based on financial and economic merit. A quick dive into these few discount is seen below;
- MyHome Loan Discount
If you earn a single or joint gross monthly household income of R25 400 or less, then MyHome Loan is the perfect for you.
- A home loan of up to 100%
- 50% discount on bond registration fees
- Zero initiation fee – you save R6 037.50
- Access to great insurance and retirement plans
- You may also qualify for a government housing subsidy programme – FLISP (Finance Linked Individual Subsidy Programme)
- Young Professional Discount
If you have a NQF Level 8 or higher and are under 35 years of age. This loan discount is the best deal you can get. With this qualification, you will receive;
- A home loan of up to 105%
- 30% discount on bond registration fees
- Access to great insurance and retirement plans.
- Private Bank Discount
The following deals are what you qualify for if you have an Absa private banking account;
- A direct point of entry for all your Home Loan needs.
- One-on-one specialised service.
- The convenience you expect
- Customised solutions to meet your needs.
Benefits of Absa Loan
Absa group has been in existence and operating for a very long time. This gives them the experience they need to serve efficiently. They cannot only offer home finance but also guidance to help you make the best choice. Choosing Absa Loan, you get;
- Flexible repayment terms of up to 30 years.
- Fixed or variable interest rate options.
- The option to increase your existing loan up to the current market value of your property, with further advance.
- The option to increase your loan back to its original loan amount with ReAdvane.
- Free eStatements.
- Electronic access to your home loan with Absa Online and telephone banking if you have an Absa transactional account.
- The ability to track your application online, from submission to registration.
Absa home loans contact
You can reach a representative of Absa home loans on 0860 111 007 or apply online by visiting their website on https://www.absa.co.za/personal/loans/for-a-home/understanding-home-loans
Pulling and organizing financial resources together to buy or build a home can be super challenging. Especially for average and middle-class citizens. It is because of this undeniable fact that Standard Bank has put together the home loan. With the primary purpose of equipping interested applicants with financial assistance, they need to actualize their dream.