Standard Bank Home Loans
Standard Bank is the second largest mortgage lender in South Africa and enjoys a market share of about 30%.If you consider that the downward slide of the property industry started gaining momentum last year, Standard Bank must have been doing something right to achieve this type of growth.
Dream Start
A home loan aimed at making home finance more accessible to low income earners. That is, those earning a single or joint income of between R1 500 and R6 000 a month, excluding housing subsidies or allowances.
* You can apply for a DreamStart home loan if You earn a joint income of between R1 500 and R6 000 a month and want to buy a home
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* You are building a new home
You are looking to move to a bigger or better home
Taking your first steps:
A personal interview will be conducted with you where you will be guided through the home buying process, information will be shared with you, and an affordability calculation will be done. There are specialised consultants at designated branches who will answer any questions you have.
Life assurance:
Standard Bank has arranged a life assurance policy to ensure that your loan is repaid should you die. This policy will settle the outstanding balance on your home loan account.
Repayment methods:
To make your monthly repayments easier, you can pay your installment through a debit order directly from your account. If you do not have an account, ask your Standard Bank consultant about opening an E Plan account and arrange for your salary to be deposited in this account.
Interest:
The interest rate that Standard Bank charges for lending you money is based on the risk to the bank. You will be advised of the repayment and interest rate that will apply to your account in your Letter of Grant. If you pay your minimum home loan installment on time every month, you may qualify for a reward after two years and again after three years.
Access Bond:
If you pay more than your monthly installment every month, you will lower the amount of interest you have to pay and will pay your home loan off faster. You will have to apply for this facility and meet certain qualifying criteria.
Standard Home Loan:
For most of us, a home is the biggest and most significant investment of our lives. It’s more than just shelter. It’s where we raise our families.