Who qualifies for an Absa home loan?
Anyone who wants to own a home (or already does), including: • Individuals (single or joint) with a regular and reliable source of income. • Any person whose employer has a group scheme arrangement with Absa. • A close corporation, trust or company that was formed for the purpose of owning a residential property (the income of the individual {be it a member, trustee, or director}is assessed for affordability). Potential borrowers should also bear in mind that a monthly household income of at least R3 500 (single or joint) is required and that monthly home loan repayments may not exceed 30% of their total monthly income (single or joint). The bank’s home loan pricing is competitive and Absa also offers the option of a fixed interest rate which will protect home buyers against future rate increases. Although the fixed rate may be slightly higher than a variable rate, the fixed monthly rate over a predetermined period will enable buyers to control their monthly budget and plan ahead finan
