Absa home loans; Everything you need to know and more

absa-home-loans

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. Still, with this scheme, you can not only make your dream a reality, you can now enjoy the smooth process of actualizing it.

Absa home loan is available to provide you with a range of flexible options to make your dream come true. However, the Absa group has 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. With the sole aim of adding value and improving the lives of Africans. Finally, the Absa group offers a wide range of retail, business, corporate and investment and insurance solutions.

How do I qualify for an Absa home loan?

Briefly, we are going to be looking at the steps involved in applying for an Absa home loan. To apply for an Absa home loan, prospective applicants must;

  • Be a single or joint gross monthly household income of R18 601 or more.
  • Be a South African identity document, or a passport if you are not a South African resident.
  • A regular monthly income. 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.
  • Absa home loans contact – 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 a home loan at Absa

Absa home loan application doesn’t have to be hard or complicated. The steps are

  1. Apply for your home loan

Applying for a Home Loan with Absa is super easy. Prospective applicants can apply either by filling out the online application where you can get Absa home loans contact.

  1. Receive an outcome

If Absa approves your application 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 receive a final offer.
  • Should you accept their quote, the registration attorney registers 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.
  • Consider your insurance needs.
    • If your property is free-standing, get Homeowner’s Comprehensive insurance (HOC) policy before your bond is registered.
  1. Transfer and bond registration.

Here is what you need to do to transfer bond registration;

  • 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.

  • Sign all the documents and the attorneys will lodge them at the deeds office.
  • Documents assessments usually take two to three weeks.
  • The entire 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. Some of these benefits includes;

  1. MyHome Loan Discount

Do 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
  1. 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.
  1. Private Bank Discount

Do you have a Private Banking Account? These are the service you qualify for.

  • 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. Choosing Absa Loan, you get;

  • Flexible repayment terms of up to 30 years.
  • Fixed or variable interest rate options. (Check out banks that offer the lowest interest on home loans)
  • 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.

You can also check out other ways to get home loans in South Africa

How long does Absa take to approve a home loan?

Getting a home loan from Absa could take up to 3 months from start to registration date. However, the earlier your documents are in place, the faster your loans are approved.

Absa home loans contact

To apply for a home loan or any other alternative home loan solutions you can call 086-0111007 or visit their website today.

Conclusion

In conclusion, 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 Absa group has put together the home loan. With the primary purpose of equipping interested applicants with financial assistance, they need to actualize their dream.

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