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ABSA Home Loans

Absa Home Loans

Buying property is probably the biggest investment you will ever make. A home loan is a long-term commitment and therefor it is very important that you make the right, informed decisions.

With ABSA it doesn’t matter if you are building your own home or buying an already established home. ABSA will help you with your investment in the property market.

Documentation required when you apply for an ABSA Home Loan:

What Home Loan amount will you qualify for?

You are generally allowed to use about 30% of your income for home loan installments. These installments exclude your home insurance amount. Deduct all your monthly expenses from your monthly earnings. Your monthly earnings should include any housing subsidies. The amount that you are left with, is the amount you can afford to put towards a home loan repayment.

ABSA Home Loans

ABSA Home Loans enable you to finance residential property and also includes vacant land. This Home Loan can be adapted to suit your personal needs and requirements by adding various features and options to it.

Features of ABSA Home Loans:

Some of the Options Available from ABSA Home Loans

1. ABSA First-Time Home Loan

For ABSA’s first-time homebuyers only one home loan is granted but the account is split up between the cost portion and the purchase price. Keep in mind that a shorter period for repaying your additional purchasing cost will mean paying less interest on the amount for transfer and registration costs.

The criteria that applies to the ABSA First-Time Home Loan include:

Benefits of ABSA First-Time Home Loans:

2. ABSA MyHome Home Loan

ABSA has introduced this new option that is suited to those who earn R7500 or less per month. This is a 100% home loan that covers the total purchase price of the property.

The criteria that applies to the ABSA MyHome Home Loan include:

Benefits of ABSA MyHome Home Loans:

3. ABSA Building Loan

When you can not find a suitable home you feel like purchasing, ABSA’s Building Loan is the option for you. When you apply for a building loan you should keep in mind that you need to be very specific. You need to specify exactly what types of finishes you are going to use and this must be put into a formal contract. You and the builder must sign this contract. In the tender the builder should also state whether the contract price is subject to escalation and the rate of escalation should also be stated clearly.

The criteria that applies to the ABSA Building Loan include:

Unique costs to building a home:

Supporting documentation required for a Building Loan:

An ABSA assessor will assess your stand and the costs to complete the building of your house. He also checks to make sure the builder you are going to use is registered with the NHBRC (National Home Builders Registration Council) If everything seems secure and safe, the maximum home loan will be granted.

The options mentioned above are only a few options available from ABSA. Homebuyers can further experience the flexibility of ABSA Home Loans by making use of their home loan to finance any renovations or home improvements to their existing property.