100% Home Loans in South Africa

There are so many conflicting reports these days as to which banks offer 100% home loans and which don’t.

Let me clear that up for you. Just keep in mind that sometimes it depends if you also have your personal bank account at that bank or not.

Absa Home Loans - On home loans of under R1.5 million, maximum loan of up to 90% if the applicant with the biggest salary banks there. Maximum 70% if you don’t bank there.

If you earn under R15 000 per month (joint or single income) you can qualify for up to 110% loan – this means no deposit, PLUS all your attorney fees are covered.

Standard bank Home Loans – On home loans of under R2.5 mil, a maximum loan of up to 90% – Standard Bank have advertised that they offer 100% home loans if you work directly with them and not through an originator, but I have yet to hear of more than 1 client confirming that they got a 100% loan from Std Bank.

Under R15 000 income you can qualify for up to 104%, which is also the full purchase price plus costs.

FNB Home Loans – On home loans of under R2 mil up to 100% loans. If your income is under R15 000 you can also qualify for a up to 104% home loan

Nedbank Home Loans – up to 100% home loans if the purchase price is under R3 mil.

SA Home Loans – 95% home loans for purchases.

They also have a new offering of a 90% home loan with interest only for the first 3 years. This means better house – for the same instalment. So you get the home you really want. With EDGE, clients pay the lowest possible instalment – the interest only – for the first 3 years, then revert to a standard loan for a further 20 year period. This makes it ideal for clients who want to buy up now, knowing their income will grow to match their repayments.
 

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Speak to a home loan consultant about financing your new property or reviewing your existing mortgage. We are able to assist in lowering your bond repayments and securing attorney discounts.

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Email: morne@mortgagepluscc.co.za

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Home Loans in SA : When it comes to purchasing a home, you are probably very excited about the fact that you will be starting a new chapter of your life. Everything happens so fast sometimes that you might think that there will barely be any time to read through your loan documents.
You could not be more wrong though. Even though those documents are going to be long and drawn out, it is extremely important to make sure that you or your attorney go through them with a fine tooth comb. Before you even get to that part though, you will want to make sure that you are even applying for the correct loan to begin with.

There are a few types of home loans out there and it is important to make sure that you understand the basics of each in order to make sure that you are making the right decision for you and your family. Going with the wrong loan could cause you to default on your loan and lose your house. Since this is not something that you want to have happen, it is important to make sure that you are taking the proper precautions from the start.

What Types of Home Loans Are There. The loan that many people consider to be the best option is the fixed rate mortgage. This is a pretty straightforward loan. You have a set interest rate, which will never change for the period it’s fixed, and a set number of years to repay the debt. Another major loan product out there would be the variable rate mortgage.

This is a risky loan in a rising interest rate market because if the prime interest rate goes up, the mortgage company will also begin to increase your interest rate. This means that you can never predict what your payments are going to be in the future. Many people have found themselves in foreclosure simply because the payments adjusted to an amount that was too much to handle.
Interest only home loans are another option. The thing is though, during the first couple of years of the mortgage, none of your payments goes to the principal balance. If you plan on selling you home within the first couple of years then your payoff amount is basically going to be the same as the first day you took out the loan.

As you can see, there are a few different options out there for you. You really have to look through them all to make sure that you are getting the right type of loan for your needs.

If you need any more information about  Home Loans or other home loans related questions fo not hesitate to contact us on :

(011)327-4489 / www.mortgagepluscc.co.za