Are you interested to learn about Absa loyalty home loan in South Africa? Then read through this guide.
This loan is meant for Absa’s existing customers interested in selling and buying a new home.
We will first show you the requirements to apply for this bond.
Requirements For The Absa Loyalty Home Loan
Below are the main basic requirements to apply for the loyalty home loan:
- A valid South African identity document
- You need an offer to purchase if you are purchasing a property
- Proof of income such as the latest payslips or income statement
- You should provide consent to request a three months bank statement if banking with other banks like FNB, Nedbank, or Standard Bank.
These are the basic requirements to apply for the Absa loyalty home loan in South Africa.
Benefits Of This Policy
You get a 25% reduction in NCA initiation fees.
You also get an added benefit of 0.5% cashback on the value of your new home loan to a maximum of R6000.
You can make additional payments to your bond at any stage, which will, in turn, reduce your interest cost.
You get a home repayment term of up to 30 years which you can reduce or increase at no cost.
These are some of the benefits of the loyalty home loan in South Africa.
Absa Loyalty Home Loan
The variable interest rate to this loan is linked to the Absa mortgage lending rate.
The interest rate changes as the prime interest rate changes.
The fixed interest rates are only available after you register your bond.
You can track your bond registration online from when you submit it to registration.
You have electronic access to your loan through Absa online and mobile phone banking, provided you have an Absa transactional account.
You get financial planning consultation with a qualified adviser to consider a will, a life policy, packaged insurance for your motor and home, and retirement planning.
You get a 90 days waiver for the early termination charge on the existing Absa home loan account, which must be settled.
The calculation of the early termination is the difference between three months and the period of settlement.
These are the features of the Absa loyalty home loan in South Africa.