ABSA and Barclays launches new home loan product

ABSA and Barclays has launched a new home loan product, which allows South African residents to buy property overseas and non South African residents to buy property in South Africa.

ABSA is the largest home loan provider in South Africa. Together with Barclays, they make the perfect team in providing expert market advice and offer the best home loan products for ABSA and Barclays costumers.

Non-residents and South African resident however, are affected by the exchange control rate when they decide to purchase property in a foreign country. For example, if a South African resident wants to purchase a property in a foreign country, they can only do so if Barclays is present in that country. They will also need to comply with the exchange control rulings which states how much money you are allowed to take abroad. This limit is currently R2 million per person and for a married couple R4 million. Non-residents can qualify for loans up to 50% of the of the total loan value.

ABSA international mortgages will introduce you to experts who will give you the necessary advice on tax implications, exchange control regulation, legal contracting across borders, credit lending policies and economic outlook on interest rates and exchange rates. South African residents who wish to purchase a home in the UK or any other territory where Barclays is present will be assured to be assisted by a reputable financial institute that has an established pedigree in financing international purchases.

For international investors, whether they decide to buy a home in South Africa, a holiday home or just invest, will be given the necessary expert advice and guidance from ABSA international mortgage. They will also be given tools, designed and developed to best meet their needs.

One can see that ABSA and Barclays joined together, offers the perfect solution to international mortgages and buying property abroad.