Standard Bank is one of South Africa’s leading financial institutions. They offer several home loan packages with both fixed rates, as well as variable home loan options. Whether you are a first time buyer or a low income earner, Standard Bank Home Loans have different options available for you depending on your income, personal needs and individual preferences.
Entry level options
Different home loan options are available, offering tailored options for both individuals, as well as couples, who are looking to buy their first home. If you earn at least R 6 000 income per month, you are eligible for a home loan. These loans are available at 100%, with the additional cost of up to a 4% interest rate. All loans will be repaid over a period of twenty years. These conditions also apply to the different type of other loans on offer through Standard Bank. Another option for entry level home buyers is the DreamStart choice. This home loan is available to a buyer who earns an income of R 1 500 to R 6000 per month. This income can be earned between couples and allows a greater opportunity for people to acquire a home. Both of these loans will be paid through a debit order on a monthly basis.
Standard bank has many standard loan options available. These include the ability for both couples and individual buyers who earn an income of more than R 6 000, and who have permanent employment, to successfully apply. The required repay instalment on these loans is 30% of their earnings and it is paid through a debit order, or can be deducted from the monthly salary and paid through the loaner’s employer directly. Unlike other loans offered to people who earn a lower income, these options never exceed 95% of the home’s purchase price and do not include transfer or any registration cost or charges. These loans require the loan to have enough money available to pay these additional costs and the deposit as well.
Another option offered is AccessBond which allows people to transfer money both in and out of the loan account from their other Stand Bank accounts. Even though this has some limits, it allows the loaner greater flexibility in managing their loan and offers them the opportunity to lower their interest rate by adding extra money into their account. Another option is that when perspective buyers apply for a home loan, they are offered with a “pledge” which indicates the loan amount they qualify for. This option is fast and valid for a three month period, allowing perspective buyers to know what properties they can look at to buy. Standard bank will then assess this property before approving their home loan.
Through Standard Bank home loans, it is possible to take advantage of the many different home loan options available. Whether you are a first time buyer or have a low income, the different options available will allow you to get the financial support you depending on your needs and personal preferences.