If you would love to purchase your own home but you lack the financial capability, or you already own a home but you would love to purchase another one for whatever reason, but your finances won’t allow you; your greatest chance is to get a loan from a financial institution. After you have found your dream house, you will have to start another search and that is to find the most suitable financial institution that will offer you the best home loan. One of the best home loan institutions in South Africa is the Standard Bank home loan
What is the Standard Bank?
You will be surprised to note that the financial institution called Standard Bank is the second largest mortgage lending agency in South Africa. Not only are they the second largest, but they have in their possession approximately 30 percent of the market share. Also, there has been an increasing use of their mortgage offers by South Africans, as it has been revealed through their Annual Financial Statements that the bank’s income from the home loan business has increased by 20% against a downturn in the home loan markets.
What is the Standard Bank’s Motto?
The Standard Bank’s motto is “Simpler Better Faster”, with their commitment and dedication to serving their customers, the bank is offering simple but superior service in motgages packages called DreamStart, JumpStart, Ordinary Loan and Cost Inclusive, they have outdone their competitors. Let’s look at some of these mortage packages to asses which one is best for you.
DreamStart Home Loan
This package is geared towards assisting consumers who fall in the lower income brackets to buy their own houses. The DreamStart home loan package is also designed to benefit prospective home owners, mainly because a standard repayment term of 20 years is offered and financing is usually provided for up to 80 percent of the purchase price. However, if you are without 20 percent deposit, the Standard Bank may require some form of collateral from you.
JumpStart Home Loan
If you are a first time home prospective buyer and you are without the cash to pay the upfront transfer costs of the property that you intend to purchase, then the JumpStart home loan is ideal for you. The repayment terms last up to 30 years and usually financing can be designed to cover either of the two: 100% of the purchase price and 8% for transfer and registration costs or 100% of the purchase price and a payment holiday of about two to three months.
Ordinary Home Loan
These home loans are traditional loans specifically designed for customers who are in possession of the cash to pay transfer and upfront registration fees. The benefits of these loans include a loan term of 30 years repayment term and financing of up to 100 percent of the purchase price with no deposit required.
Cost Inclusive Loan
Finally, Standard bank home loans are constructed for persons who already own a home but they lack the finances to cover transfer costs of a property and the upfront registration fees. The benefits of the Cost Inclusive loan includes a 30 years repayment term with financing that covers up to 100 percent of the purchase price and 8 percent for other costs with no deposit required.