Most South Africans do not know about the Absa international mortgages. Read through this article to learn about this mortgage.
Absa has come to rescue non-south African residents looking to invest in South African residential property.
You will get help through the whole process of property acquisition and finances to fund your suitable investment.
We will first show you the requirements to apply for this mortgage.
Absa International Mortgages
According to South African law, You need to make a 50% deposit to get an international mortgage.
You can make additional deposits at any stage to reduce your interest cost.
The loan can be structured up to a maximum term of 30 years which is subject to change at no additional cost.
The bank will request additional information to confirm your affordability if the repayment terms change to cause an increase in your repayment.
You should have a debit order repayment instruction.
Monthly repayments should meet the terms of the mortgage loan agreement.
The interest on the loan is calculated based on the daily outstanding balance and capitalized monthly.
This is how the international mortgages work in South Africa.
What Are The Requirements For International Mortgages
Below are the basic requirements for Absa international mortgages:
- You to have a valid passport
- Have an employment confirmation letter
- Prove of income such as your three months bank statements
- You need proof of residence and your residence permit
- A signed offer to purchase
- Make a 50% deposit
These are the requirements to qualify for the Absa international mortgages in South Africa.
What Are The Benefits
You have electronic access to your home loan with Absa online and cellphone banking, provided you have an Absa transactional account.
Get free e-statements from your mortgage account.
Get registered automatically for the Absa cash rewards program.
You can track your application online form when you apply for registration.
These are the benefits of the Absa international mortgages in South Africa.