Are you looking for information about how the Absa Flexi bond work in South Africa? Look no further! Read through this guide to get all the information you need.
We will start off by explaining what a Flexi bond is?
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What Is A Flexi Bond
Flexi bond is a facility that allows you to save money for a long period using your home loan.
It is an investment that involves monthly deposits and can be withdrawn with time.
You reduce the size of your loan when you make extra payments to your Absa loan, and with emergencies, you can conveniently withdraw your extra payments.
How Does Absa Flexi Bond Work
We will now show you exactly how the Absa Flexi bond works in South Africa.
Absa Flexi bond saves on interests as the extra payments reduce the size of your home loan.
If you keep up your monthly repayments, you qualify for extra payments in your Absa Flexi bond.
Available repayments will be deducted from your Flexi bond whenever you skip your monthly installments.
If your home loan is a joint account, you and your partner can both withdraw cash.
You have to sign a power of attorney to link one transaction account to the joint home loan account.
This answers the question, how does Absa Flexi bond work in South Africa.
Now that you understand how Absa Flexi bonds work in South Africa, we will go ahead and show you how to apply for Absa Flexi bonds in South Africa.
How Applying For Absa Flexi Bond Work In South Africa
When you apply for a home loan in Absa, South Africa, you are offered a Flexi bond facility.
You have to fill out forms at Absa to apply for Flexi bond.
You can not withdraw your extra payments if you do not have an Absa Flexi bond account.
This is how you apply for Absa Flexi bond in South Africa.
How To Access Flexi Bond Account In South Africa
We will finally show you how to access your Absa Flexi bond in South Africa.
You can transfer available Flexi funds from your home loan into your linked transaction account.
You can use the Absa banking app or the Absa online banking service to make transactions.
You have to transfer funds first to pay a third party as you can only withdraw to your own Absa Flexi account.
The minimum amount that you can withdraw is R1000.
This is all you need to know about how Absa Flexi bond work in South Africa.
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