Every one of us dreams of having a wonderful house. We often call this our dream house – the house that comprises our own creative design, the house that contains our own desires and aspirations, and the house that we strive of having. Living in this house with our loved ones is a treasure that no money or gem can ever surpass.
However, building or buying a house is not that easy. The construction and the maintenance require a lot of money, which takes years and years of earning. Not all of us live in an ideal condition where we can save a fraction of our salary every month for a house – some finance for his or her family’s expenses, some provide for his or herself, and some earn a smaller salary than others. This makes earning money for a house seem less than ideal. Fortunately, 100 percent home loans are now available to help you possess your dream house.
If you have a good credit record and stable source of income, then you are highly qualified for this no-deposit type of loan. This is very important for first timers who find it hard to save for a deposit but urgently needs to get a home loan. With this, the chances of getting that dream house become pretty high and the time for you to wait to finally live inside that house become dramatically shorter. You do not have to save millions of money anymore to reach your ultimate dream. So if you feel that you are highly qualified for a 100 percent mortgage, then the next step is to search for a bank that is currently offering such loans.
Absa (Amalgamated Banks of South Africa Limited) offers 100 percent home loans to everyone who wants to purchase a house. Absa requires several requirements for you to be able to apply for a home loan: home loan application form, SA identity document copy, proof of income, and Offer to Purchase copy. If you are not yet an Absa customer, you are also required to bring copies of the last 6 months’ banks statements. The earlier you finish these requirements, the shorter time it will take for you to wait for the bank’s approval. The bank will approve your application if you have a good credit rating and a clean credit record.
Getting a 100 percent mortgage from Absa offers the following benefits: no-deposit 100 percent loan, up to 30 years repayment term, choice of interest rate (fixed or variable), and more. There are three types of Absa home loans: First-Time Home Loan, MyHome Loan, and Building Loan. For the First-Time Home Loan, the minimum amount is R120 000 and there is no need for cash for the registration or transfer fees. For the MyHome Loan, no deposit is required and you can choose your own repayment period. If you earn R7 500 or less a month, you can apply for this type of loan. For the ABSA Building Loan, a contract price will be given based from the estimation of the builder.
Apply now for your 100 percent home loan and escape the difficulty of buying or building a house. Go grab that dream house of yours.