No Deposit 110% home loans return
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
UPDATE: ABSA HOME LOANS have extended their 110% Home Loans offer.
Click Here: What are the Basic Requirements?
Following closely after Standard Banks’ announcement to relax its lending criteria and offer bigger mortgages, ABSA bank released a statement saying that the country’s largest home loan provider is now offering 110% Bonds.
These 110% ABSA home loans are only available to lower income earners with a monthly income of less than R11k. Alternatively 100% bond available to anyone looking to purchase an ABSA Repossessed Property.
According to the bank, the motivation behind this decision has been the 5% drop in interest rates experienced since December 08, as well as the recent improvement in the property market.
ABSA Home Loans are currently offering mortgages on a tiered basis.
To find out how size bond you’ll qualify for, speak to our consultants.
Complete the online form or call us directly on 0861 111 563
In Categories: ABSA Home Loans, Home Loan News, Standard Bank Home Loans
Related Tags: 100% homeloans, ABSA, Loan-to-Value, Standard Bank
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March 17th, 2010 at 11:29 am
I would like to know how do i go about applying for a repossessed home, and how much will i qualify for if I apply for a home loan if my monthly income is lesser than R11 000?
March 17th, 2010 at 11:40 am
Hi Sharmanie. Based on a net income of R11 000, and without considering your other monthly expenses you will be able to qualify for a bond of about R350 000. Depending on the area you are looking for you can find a number of repo properties in this price range. Click here to view a list of Repossessed Properties.
March 20th, 2010 at 4:28 pm
If u are overdebted but seek homeloan with an intention of consolidating all your debts to free yourself,can the banks offer you 100% if you indicate you also want to consolidate @the same time
March 21st, 2010 at 5:19 pm
Hi Linda, it is possible to secure a full 100% bond if you intend to use it for debt consolidation, but this would be subject to a favorable credit rating. To qualify for a 100% home loan you’ll need to have a very good rating score.
May 19th, 2010 at 1:15 pm
need to find out if ill be able to qualify for 110% bond. we have a joint income of approx R18000.00 but both have a single default that were busy paying off.