100% No Deposit Home Loans
South African Banks are constantly changing their lending policies.
100% Home Loans have returned & are available, but the banks are understandably more cautious when approving these bonds.
Read: How to secure a 100% Bond
Tips: How to secure a 110% Bond in South Africa
110% Bonds Are Back!
In September 2009, ABSA Home Loans announced the return of their 110% Home Loan product – the ABSA MYHOME bond.
Read: No Deposit 110% home loans return
The MyHome product was initially available to any clients earning R11 000 pm or less. But, six months later in March 2010 ABSA extended their 110% Bond offer to included clients who earn a salary of R15 142 pm or less.
No Deposit Home Loan
The reason 100% and 110% bonds are also known as no deposit home loans is because this type of home loan covers the full purchase price of your new home. You won’t need to put down a deposit to secure your property finance.
The difference with the 110% MyHome product from ABSA is that the attorney transfers and bond costs are also included in the home loan. These fees can amount to about 4% of you property purchase price.
Read: What are the costs of buying a property and registering a bond?
How To Secure a 110% Home loan
You need to earn R15 000 pm or less. Either as a single or joint application.
That means that if you intend applying for the home loan together with your spouse or friend the combined monthly income cannot be greater than R15000 per month.
Apply For a 110% Home loan NOW!
For more assistance with regards to applying for Home Loan finance contact one of our consultants.
Ph: 087 625 0590
or Complete An Application Form Online