Following in its competitors footsteps Nedbank has decided to relax its deposit requirements for home loans and in certain circumstances grant 100% home loans. Nedbank’s decision comes as no surprise as Absa announced last month that they will consider approving 110% mortgage bonds to clients who earn less than R11,000 per month. Absa was the first Bank to provide relief to people in the low-income bracket.
Following a tough 18 months for people selling their properties and estate agents this positive news is a welcome sign of improving economic conditions. The past year and a half witnessed thousands of property industry jobs being shed due to the dramatic drop in sales volume in the property market.
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Filed Under:
News - Published on
June 30, 2009
18 May 2005
The extensive restructuring and the re-establishment of a dedicated Nedbank Home Loan business unit has resulted in a marked decline in the bank’s loss of home loan market share compared to that of five months ago.
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Nedbank Home Loans is proud to announce that we now offer Initial Payment Holidays on all new loans – previously this option was restricted to the first time homebuyer only. The Initial Payment Holiday is now available on all 100% loans, except for the Buy to Let product.
The restriction for this option has been lifted on the AlphaBond and all qualifying clients including first time homebuyers are now eligible due to the increased demand in the market. Clients will receive a 104% Loan to Value bond that will cater for an initial payment holiday (deferred payment) of up to 3 months and payment is only required in month four.
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Buying a House is a Dream Come True
Buying a house is an expensive investment. Probably the most costly investment you will ever make in your life. Finding the right house can be an overwhelming undertaking. That is why Nedbank tries to make is as easy and painless as possible – because when your finances are taken care of, the procedure can actually be fun. Choose a home loan from four different options that are specially designed to fit your distinctive desires.
Special features
All Nedbank’s home loans have special features. NedRevolve allows you to have some control over your loan, permitting you to manage your money more effectively. This also enables you to accumulate savings – free of any taxes!
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