The South African government has made a concerted effort to make housing more accessible to all citizens. Despite these efforts, there is still a major housing backlog, with an estimated 12 million people without adequate housing. Standard Bank, a leading banking institution in the country, was named fourth in a list of South Africa’s top 10 brands according to BrandFinance South Africa’s 50 Most Valuable Survey. Standard Bank’s products are designed to surpass customer expectations and provide quality solutions to the financial needs of clients. Standard Bank’s Dream Start Home loan has been created to meet the needs of entry-level income earners with a single or joint income of between R1500 and R6000 a month without subsidies or allowances. If you are looking at building a new home or moving into a bigger and better home, Standard Bank’s Dream Start Home would be ideal.
The loan carries a few benefits, such as life assurance, which ensures that the loan’s outstanding amounts are repaid should a client die. In addition to this, if a client pays their minimum home loan instalments on time every month, they qualify for a reward after two years and again after three years. The loans are available in 20 or 30 year terms where debit interest rates are linked to Prime. Repayments are also determined after considering the unique circumstances of the debtor. These terms are communicated via a letter of grant.
Potential candidates will be subjected to a personal interview, where an affordability calculation will be done. Qualifying clients will have to pay costs which include an initiation fee, registration costs, transfer duty and attorney costs which are payable upfront. A monthly management fee and structural insurance are also charged. Clients are given the option of paying amounts higher than their monthly instalment. They will have to apply for this facility, which lowers the amount of interest paid.
Standard Bank’s Home Loans Centre can be contacted via 0860 123 001.
