Product Guide: Standard Bank Buying Your 1st Home Loan
Buying Your First Home Loan
Product Category: First Home Loan
Minimum Monthly Income: -
Interest Charged: competitive interest rate
Monthly Service Fee: up to R300 depending on account
Initiation Fee: R5,700.00
Minimum Age: -
Maximum Age: -
Max Repayment Term: 20 years
Insurance Options: credit life insurance/home-owners insurance
Buying your first home can be complex and stressful, and finding extra money to pay a deposit and costs can be daunting. Let Standard Bank jumpstart you to home ownership by including your bond costs into your loan.
Features and Benefits
You can apply on your own or with a partner as long you and your partner have not owned a property.
You may qualify for a loan of up to 104% of the value of the property, provided the loan amount does not exceed R1 million and depending on your affordability and risk profile. The “extra” 4% may only be used to pay the transfer and bond registration costs.
You can repay your loan over 20 years.
Competitive interest rates.
Loans are available to private individuals only – you cannot register a loan in the name of a trust or other legal entity.
Credit life insurance may be needed - this covers payment of your home loan in the event of death, dread disease, permanent disability or retrenchment
*Terms and Conditions apply.
What you will need to apply
You have to be 18 years old or older or be an emancipated minor.
You have to earn a single or joint gross monthly salary of R3500 or more.
You need to have a transaction account into which your salary is deposited.
Home-owners insurance is compulsory. You have the option of arranging your own insurance over the property.
You must also bring all required documents. See the document checklist to help you get ready to apply.
When purchasing in a sectional title complex where the number of units is between 2 and 10, you must complete a letter of awareness (English) (Afrikaans) as indicated on the document checklist.
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