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Product Guide: ABSA MyHome Loan

Absa MyHome Loan

Comparison Overview:

  • Product Category: MyHome Loan
  • Minimum Monthly Income: less than R20,001.00
  • Interest Charged: competitive fixed or variable interest rate
  • Monthly Service Fee: -
  • Initiation Fee: -
  • Minimum Age: -
  • Maximum Age: -
  • Max Repayment Term: 30 years
  • Insurance Options: Home-owner's comprehensive insurance to cover the structure of your property. A life policy so that, should you pass away, your home loan will be settled and your family is protected.

Product Overview

Turn your dream of owning a home into a reality. A great option if you earn a gross single or joint monthly household income of less than R20 001.

What you get

  • Flexible repayment terms of up to 30 years.
  • You can choose a variable or fixed interest rate.
  • An optional Absa Home Loan Protector Policy that pays off your home loan in the event of your death.
  • Up to a 100% home loan.
  • Free home loan training.
  • Pay a deposit and reduce your monthly repayments.

What you’ll need

  • A gross monthly household income of less than R20 001 (single or joint).
  • A South African identity document.
  • Latest salary advice or, if self-employed, a letter from your bookkeeper confirming your income.
  • An offer to purchase.
  • Consent for Absa to retrieve three months' bank statements if you bank with FNB or Nedbank, otherwise simply provide three months' bank statements.
  • Home-owner's comprehensive insurance to cover the structure of your property.
  • A life policy so that, should you pass away, your home loan will be settled and your family is protected.
  • To complete Absa’s home loan training programme before your MyHome finance can be registered.