ABSA give HIV patients leeway on bond payments
ABSA has sourced insurance to cover mortgage instalments for the lower income customers who can't work due to AIDS-related diseases.
"Mortgage payments will be covered [by insurance] until you get better," Luthando Vutula, managing executive of Absa Home Loans told Fin24.com
"HIV/Aids voluntary counselling, testing and treatment programmes as well as borrower education will be provided by the banks' external partners. :
Vutula was, however, mum on the partners getting on board for this venture.
The 110% MyHome Loan product is now available to households earning less than R15 142 a month, up from R11 000 previously.
ABSA said it believes that it is important to intensify its focus on the affordable housing market but, as per the national credit regulator, only 30% of a household's income may be spent on bond repayments.
That means a household earning R15 142 per month (via either joint or single income) will be able to afford a house of up to R450 000 if no deposit is paid.
100% home loans have been on offer recently, with stricter lending criteria in place, meaning banks had a lower approval rate than in the past but Vutula insists that this criteria does not stop clients from getting home loans.
"If you can afford it, there's absolutely no way you can't get it," he concluded.
Featured Register your customary marriage or lose the right to inherit estate
December is that time of the year when we will see at least one suitor sending his uncles to negotiate the price of his future wife. Lobola, as the bride price is known, has always been an important element of the African marriage.Read more
Changing from one medical scheme to another - effortlessly
It is coming up to the end of the year and you might be looking to change medical schemes, or options within a scheme in preparation for the new year. While you don’t necessarily have to wait for year-end to do so, providers often recommend it.Read more
Your guide to financially surviving Christmas
There are a few times each year where you need to dig deeper into your pocket and spend more money such as birthdays, anniversaries, and the Christmas period. Whether you celebrate this religious holiday or not, the festive period - depending on how you choose to spend it - means increased travelling, buying of gifts, entertaining, and eating out at restaurants.
Trump, Trump and a little bit of South Africa
What a November we had, with the rand staging one of its best months and closing below the R14.00 level. To be honest, this looked like quite a far-fetched possibility at one stage during the month. It seems that the tide has changed a little, even though it might be short lived since the US dollar bulls are not so sure of their case anymore.Read more
Sign UpTo our weekly newsletter for advice you can bank on
Free iCollege Scholarship
When: Until 16 May 2019
Telkom December Big Deal
Price: R459 pm
When: Until 31 December
Money Savvy Kids Giveaway
When: 8 December
Where: Johannesburg (Milpark)