subject: ABSA Home Loans: Simple Solutions For Everyone [print this page] ABSA Home Loans: Simple Solutions For Everyone
As much as ABSA loves thinking out of the box it also knows that buying a home is a serious undertaking and that its customers want sensible real-world home loans that reflect customer need and financial profiles. That's why there is a core range of three ABSA home loan products that specifically cater for customers buying property for traditional reasons. They each have their own qualifying criteria, features and benefits. All you have to do is match your needs to the right ABSA home loan.
The first of these three products is called, very simply, the Absa Home Loan. The product itself is also designed to be easy to use and to adapt to differential customer needs and there is whole spectrum of optional and value-adding features for you to choose from. To start with, even the loan term is adaptable with a maximum of thirty years and you can change the length of your home loan term at no extra charge. Because the ABSA Home Loan will give you financing of up to 100% you don't have to worry about saving up for a deposit and you can even apply for additional financing when the property value of your home goes up. Of course you can use this money for whatever you need or want so it's like built in savings plan for home improvement or major unexpected expenses. You can choose a fixed or variable interest rate and you can access your ABSA Home loan account by telephone or internet, giving you a flexible on-the-go solution. This is especially handy for making the extra deposits you're allowed to make
to help you bring down the term of your home loan and save on interest. What do you have to do to qualify? Just earn at least R 7 500.00 per month and meet the credit requirements. What doesn't this solution offer you? It doesn't cover transfer and registration costs so you will need to be able to pay these upfront.
Of course not everyone can afford to pay transfer and registration costs up front in cash and that's why ABSA has another home loan solution especially for first-time buyers. This product is called the First-Time Home Loan and it covers 100% the purchase price of your new home and those upfront costs so you also don't need a deposit. Truly ideal for first-time buyers. If you're buying on your own you'll have to earn R6 000.00 a month to qualify for this ABSA home loan, and a joint income of R10 000.00 is required for couples.
Because ABSA home loans really try and help every single one of their customers it also offers a product called MyHome for people whose income normally disqualifies them from buying property. To qualify for this ABSA home loan product you need to earn less than R 7 500.00 a month. There are various terms and conditions attached but this really is a progressive home loan solution that aims to broaden the net of property ownership.
