Home Loans

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STANDARD HOME LOANS

Last updated 3 November 2016

Please note that the prime rate was adjusted in late July 2015 and our rates will be adjusted as soon as the banks make their new rates available

Institution Absa
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FNB
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Investec
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Integer
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Nedbank
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SA Home Loans
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Sanlam
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Standard Bank
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Product Name MyHome loan Traditional Home loan Private Home loan Home loan account Ordinary Home loan Home loan Home loan Standard Home loan
Minimum Earning criteria (single, joint) per month R 18 601 R 25 001or more Over R45,833 R 10,500.00 R 2,500 R 8,000 R 10,000 R 3 500 – R4000.00
Minimum loan amount Negotiable R 600,000 Negotiable R 250,000 R 100,000 R 140,000 R 200,000 Dependent on salary
Interest rate options Fixed or variable Fixed or variable Fixed or variable Variable linked to prime Fixed or variable Fixed or capped Fixed or Variable Fixed or variable
Compulsory insurance with loan Home Loan Protection Plan Life Policy Home owners cover None Home owners cover Home owners insurance None Home owners insurance Home owners insurance
Access Facility FlexiReserve FlexiBond Available Available NedRevolve Not available Available AccessBond
Consolidation Facility/Product Gold Facility or Platinum One The One Account Available Available iCon Available Not available One Account or Liberator
Transfer Duties 5-8% of purchase price for bonds greater than R500 000 5-8% of purchase price for bonds greater than R500 000 5-8% of purchase price for bonds greater than R500 000 2-6% of purchase price for bonds greater than R500 000 5-8% of purchase price for bonds greater than R500 000 5-8% of purchase price for bonds greater than R500 000 5-8% of purchase price for bonds greater than R500 000 5-8% of purchase price for bonds greater than R500 000
Bond Registration Costs Based on amount of bond 0.5% to 1.2% of bond amount Based on amount of bond Based on amount of bond Based on amount of bond Based on amount of bond Based on amount of bond Based on amount of bond
Initiation fee R5 985.00 R5 985.00. re evaluation fee R1475.00
None R2 950.00 R5 700.00 % of bond amount Yes Yes
Administration fee (per month) R68.40 R68.40 R30.00 R35.00 R52.00 Yes Yes Yes R68.40

Here is a benchmark comparison from Australia.

Capitec Bank is now offering home loans, through SA Home Loans of up to R5 million for qualifying applicants. Available to Gauteng Capitec account holders only. http://www.capitec.co.za