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Product Guide: Standard Bank Buying Your 1st Home Loan

Buying Your First Home Loan

Comparison Overview:

  • 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

Product Overview

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.

Applications

You can either apply as a Private Individual or do a Juristic Application.