Nedbank Home Loans

Are you looking to buy a new home? Nedbank Home Loans can be of help when this is the case. Although Nedbank has had some struggles in the past, a complete turnaround occurred between 2004 and 2007 so now you can choose this lender with confidence. There are two types of financing you may choose from. The first is the Ordinary Home Loan and the Second is the Alphabond.

Most select the Ordinary Home Loan when choosing from the two Nedbank Home Loans. This type of loan is very flexible so you can tailor it to meet your personal needs. If you have the up front money to pay for registration and transfer, this likely is the option for you. You can choose loan terms that fit your budget, up to 30 years is possible. With this type of loan, you may be eligible to receive 100% financing and the minimum amount to borrow is R 70,000. There is not a maximum either.

Choose from either a fixed interest or variable rate loan and consider taking the Readvance option. Here you can access the equity of your home if you choose to. Pay down your loan as you choose by making additional deposits or increasing your monthly payment when you want. NedR evolve is also offered so you can access these deposits or use them to save money interest free. Credit requirements must be met and you must have a valid South African Identification Documents. In addition, you must earn at least R 2,500, either alone or with a co-signer, to qualify.

Alphabond is the other of the two Nebank Home Loans and is used by those who are purchasing a home for the first time and can’t pay transfer fees and upfront registration. Loan terms are flexible up to 30 years and you can choose from either a 104% or 108% home loan. With the 108% option, you are guaranteed to get cash back. A rates concession is offered for those who choose to borrow less than 100%. As with an Ordinary Home Loan, you can choose the type of interest rate and opt to participate in Readvance.

In order to take advantage of the Alphabond Nedbank Home Loans, you must pay by debit order. As with Ordinary Home Loans, you may also make additional payments or pay down the loan early. You may also choose to participate in Further Bond. Here you have the option of registering money in addition to your mortgage. To qualify, you must be buying your first home, meet credit and income requirements and show that you have stable employment in the same field for a minimum of two years. This type of loan is only available to citizens of South Africa.