Standard Bank Home Loans
Standard Bank are ideal bond providers for first-time homeowners, those wanting to invest in additional property or those wanting to build or renovate their homes. Purchasing your first property is a big step, and choosing a home loan provider can be daunting if you have never been through the loan application process before. The good news is that Standard Bank has a wide range of loan options that are designed for various income levels and specific needs.
As the second largest home loan provider in South Africa, your Standard Bank home loan offers a good option to finance your dream home. To arm you with all the information you need to make an educated decision, we have compiled an overview of things you need to know about Standard Bank homeloans. This will help you find the best loan provider to suit your specific needs and budget, helping you get that much closer to purchasing your new home.
What You Should Know About Standard Bank Home Loans
Standard Bank home loans offer four different options that you may consider. With a focus on simplicity, the home loan process was designed to be as user-friendly as possible. The available Standard Bank home loans that you may consider include the following:
- DreamStart – this option is designed for the lower income market to afford their dream home. With a standard loan repayment period of 20 years, buyers can get up to 80% financing on their ideal homes, with the remaining 20% required through a deposit or collateral. This option is perfect for new homeowners who need an affordable Standard Bank home loan.
- JumpStart – this loan is designed for first-time buyers who do not have the finances to pay upfront registration and transfer costs on their property. These loans can include 100% of the total cost plus 8% on transfer fees, or 100% plus a 3 month payment holiday if you choose to finance your own transfer fees. If you are a new buyer who needs access to funds quickly and simply, this home loan will be ideal.
- Ordinary Loan – this is the standard option for Standard Bank home loans. With loan terms up to 30 years, plus 100% of the purchase price, no deposit is required. This loan offers a choice of variable or fixed interest options, with fixed interest offered over 12, 18 or 24 months. This loan option is ideal for those who can afford to pay the various transfer fees.
- Cost Inclusive – this loan is developed for non-first-time buyers who do not have the finances to pay for the upfront registration and transfer costs. You will receive 100% of the purchase price along with 8% for transfer and registration costs. This option is ideal for those who wish to invest in additional residential properties.
How to Apply for Standard Bank Home Loans
Even if you are a first-time buyer with no previous experience, you will be able to apply for Standard Bank home loans simply and efficiently. To get started, you will need to calculate your budget and choose a property within that budget. From there, you need to register to get an Offer to Purchase, before making your application. Standard Bank will do a property evaluation and your application will be processed to see if you are eligible for a Standard Bank homeloan.
You will need to provide documents such as South African ID, proof of income, bank statements, copy of Offer to Purchase and your application form. From there, you will be able to achieve your dream of owning your own home.
Wish to get quick and simple information on Standard Bank home loans? All you need to do is fill out the form below, and a customer service representative will get back to you with all the details you need!