The current economy we are living in has made it harder to save money, especially for a planned task that’s as big as buying a house, an ABSA Home Loan have made it possible for South Africans to get the home they always wanted.
ABSA offers home loans with personalised loan amounts you can choose any loan amount that suits you the is no minimum or maximum loan amount you can choose to borrow an amount that is enough for the home you want to purchase and then the repayment term ranges from 5 years to 30 years.
Home Loan Repayment and Affordability Example
- Loan Repayment Representative Example: If the house you are purchasing costs R500 000 and you deposit R10 000 you will repay R4946.11 per month for 30 years if that’s the repayment period you prefer with the interest of 11.75% included in the total.
- Affordability Representative Example: If you earn a monthly income of R10 000 you will be eligible for a loan amount of R297 203.39 with a monthly repayment of R3000
ABSA Home Loan Requirements
Just like any other credit, you must meet the requirements in order to qualify and they are as follows:
- Must be a South African citizen
- 18 years or older
- Must be permanently employed and have a stable source of income
- Have an active bank account where your salary is deposited
- Good credit score or credit history
- Must not be under debt review
- Have details of the seller and buyer
- Precise description of the property
- Price of the house
- The price of the house signed by the buyer and the seller
- Contact details of the seller
Documents Required for ABSA Home Loan
The following documents are crucial when applying for an ABSA Home Loan and providing the valid and precise documents required will help you and remember to have the original documents handy.
- Copy of South African ID card or document
- Copy of marriage or divorce certificate (if married or was married)
- Copy of proof of residence (i.e. latest water or electricity bill)
- Recent payslip
- Recent 3 months bank statement will be required if not banking with ABSA
How to Apply for the Home Loan
When you have all the documents needed, you meet the requirements mentioned above and you have settled everything with the seller you can visit your nearest ABSA branch to start the home loan application and the application takes about 3 months to process and you will receive your outcome then.
You can also start the application online and check how much you can qualify for and how much you will repay.
ABSA Contact Details
If wanna get in touch with ABSA to find out more information regarding their home loan you can use the following details:
- Phone: 0860 111 007
- Email: home@absa.co.za
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