Standard Bank Home Loans
If you have lived in South Africa for any length of time, you know Standard Bank. It is one “the” banks of the country if not “the bank.” Yet you might not be aware of how Standard Bank can fit into your home-buying scenario. Here is a little bit about Standard Bank and how it can help you reach your goal of owning your own home.
For starters, Standard Bank is a prestigious bank with an outstanding reputation. One of the ways it maintains this reputation is by making good loans and handling risk management. It maintains a stringent process for first-time home-buyers because it wants to ensure that every borrower will successfully meet their goals rather than throwing in the towel and getting a default, and worse, having their home foreclosed.
One of the nice services that Standard Bank offers is called JumpStart. This is offered to a private individual, mostly with the purpose of helping them buy their first home. JumpStart must be applied for by a private citizen. This is not for businesses or corporations looking for a cheap start or an easy loan. The loan also must be used for a home. No vacant lots or business mortgages are allowed.
One of the nice things about JumpStart is that the costs associated with the bond can be added to the bond itself, so that they are covered by your monthly payments. The downside is that you are essentially paying for the actual borrowing of the money. But sometimes you have to do what you have to do.
Even when shopping for a loan with a bank like Standard Bank, you should still be careful that you are following all the necessary steps in making yourself as prepared as possible to handle the repayment of a loan. Make sure that you are doing your research. Know the process of buying a home and all the fees involved. Don’t take the first great-sounding deal that comes along. Also, make sure you are armed with all the possibilities before going into meetings with loan officers. Use your home loan payment calculator to estimate what your various costs will be and how you can use the interest rate to your advantage.
Standard Bank has been in business a long time and they know what you need. Their helpful staff can assist you in choosing the loan terms that are in line with what you were hoping to pay, within reason. And they offer a Loan Protection Plan to cover your loan in case something goes wrong in your life.
Take the time to investigate the banks and other lending institutions to make sure that you know who you are dealing with. And that’s not just a warning about unscrupulous lenders. Sometimes you may find that your circumstances are perfectly matched to the terms that a particular bank is prepared to offer. But the only way you to know that is to make the effort and find out what’s out there. If you are serious about buying a home, then start researching now. In a year, you could be cutting the lawn in from of your new home.