Most South Africans are well acquainted with the Absa myHome loan. If you are among the few who do not know, then check out this guide to learn.
You can get the home you have always wanted with a joint or single gross monthly income of R26 000 or less.
We will first show you the documents to bring when applying for the loan.
What Are The Requirements
Below are the documents you need to apply for Absa MyHome loan in South Africa:
- You need a copy of the offer to purchase containing details of the seller, purchaser, property description, purchase price, and contact details of the seller
The OTP should be signed by the seller, purchaser, and the relevant witness.
- You need a copy of your Id or passport for all involved parties.
- You need a copy of the marriage or divorce certificate if the surname in the ID differs from the one in the application form.
- You need a copy of proof of residence.
- You need your latest payslip and three months bank statement showing the latest three salary deposits.
These are the documents you need to apply for an Absa MyHome loan in South Africa.
Absa MyHome Loan
You get a home loan of up to 100% and a 50% discount on attorney bond registration costs.
The loan has a flexible repayment term of up to 30 years.
You can choose either fixed or variable interest rates for your loan.
You have free access to the professional Borrower Education Program, which provides you with the essential skills and knowledge required to access and manage housing finance.
You also have access to financial planning consultations by emailing Virtualadviser@absa.co.za.
You are advised to apply for an Absa homeowner’s comprehensive insurance to cover the structure of your property.
You also need to apply for an Absa home loan protector to protect your home in the event of disability, terminal illness, or death.
You get a death benefit for both natural and accidental death and permanent and temporary disability benefit.
You do not need to provide any medical evidence to increase the home protector premiums.
These are the features and benefits of the Absa MyHome loan in South Africa.
What Rewards To Get From The Absa MyHome Loan
You can join the Absa rewards program to earn more benefits from this product.
You get 10% cashback on MyTelnet home connectivity products and services.
You also get 10% cashback on Fidelity ADT monthly subscriptions.
These are the rewards you get from the Absa MyHome loan in South Africa.