In our guide today, we will discuss the Absa Multiplan in South Africa.
This product allows you to structure your home loan into multiple accounts to suit your individual needs.
With Multiplan, you can save interest by financing more debt at the preferential home loan over a short period.
We will first show you where this product can be found
You will have one primary account, the original home loan account, and one or more secondary accounts for different purposes.
Each secondary account will have its repayment term, not exceeding the primary account, and a fixed or variable interest rate.
You can repay each loan separately through a debit order.
Receive each account’s statement monthly.
You can be more specific with the account and name it Dinah’s University Account or New Furniture Account.
Increase your home loan and set up Multiplan accounts by applying for a Further Advance if there is equity in the property value.
You can also apply for a ReAdvance to take your loan up to the loan granted amount.
This is how the Absa Multiplan works in South Africa.
Where Is Multiplan Available
The product is available on the following loans:
- The Absa home loan
- MyHome loan
- Absa Private Bank Home Loan
- Loyalty Home Loan
These are the Absa loans that have the Multiplan option in South Africa.
Features Of Multiplan
Now that you know where the product is available, we will show you the features.
The product allows you to structure your home loans for each purpose.
For example, you can structure your loan for a second car, home improvements, or furniture expenses.
You can keep separate accounts and save interest by financing more expensive debt at the preferred home loan rate.
You can opt for FlexiReserve on each account, where you have access to funds paid over and above the required monthly repayment amount.
The product is an extremely flexible and inexpensive money management tool for south Africans.
These are the features of the Absa Multiplan in south Africa.