The Different Absa Home Loans
The Absa Group happens to be one of the largest financial organizations in South Africa catering to a number of personal and corporate customers by offering them a vast range of services through their electronic as well as physical channels. Their products and services include customized solutions for the corporate sector and personal home loans and other services for the low and middle income earners in the country.
The ABSA Group offers various different ABSA Home Loan options for their customers who are not in a position to purchase a home outright or carry out extension work on an existing home. The different ABSA Home loans include “The Absa Home Loan”, “MyHome Home Loan” and loans for their “Regular Existing Customers”.
The ABSA Home Loan
The ABSA Home Loan is suitable for those who are hoping to buy a home, build a new house or add an extension to an existing home by calling for additional funds and investing in property, or using their home as equity to pay the loan. These home loans are tailor made to suite specific life styles and purposes. Let us now see what some of the key benefits of this home loan are:
Flexible Repayment: One of the most important decisions you will have to make is the repayment period of the loan. When you have come to a decision as to how much money you need, you have to work out how soon you can pay it back. With ABSA offering you repayment periods of 20 to 30 years, you have the option of choosing which is best for you.
Flexible Interest Rates: You have the option of managing the rate of interest on your loan by either choosing to pay interest over a fixed period or a variable rate of interest which fluctuates in accordance with the prime rate of interest.
Easy Access: If you are in need of additional cash, you are allowed to use the equity on your home loan to withdraw funds over and above the required minimum repayment in a lump sum or on monthly basis.
MyHome Home Loan
This is another type of ABSA Home Loan which is more suitable for those earning an income of R15000 or less per month. This income can be either singly or joint. In order to obtain this loan you have to be a citizen of South Africa and show proof of your income. In addition, you must have insurance cover to obtain the loan.
Loans for Existing customers
In order to show their good will, ABSA loans are granted to regular customers who wish to settle their existing home loan in order to arrange for a new one so that they might be able to buy a new property.
If you are planning to buy a new home or property, the different ABSA Home Loan options are tailor made to suite your financial circumstances as well as your particular lifestyle.
Testimonial
- Vino Pillay
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