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 Rating agencies may come knocking
It is only the middle of February, but the rand has already made two big moves. The first was the rand moving from R14.60 to R 13.20 at the beginning of the year, as emerging markets (EM) became fashionable again. The second was where the rand gave away nearly 90 cents in 2 weeks as the EM rally ran out of steam, and local events started to hit the headlines.Read more
The cost of sending money home to neighbouring countries
Transferring money home within the Southern African Development Community (SADC) provides vital financial support for many households in neighbouring countries.Read more
Student bank accounts: Which come out on top?
Being a student signals budgeting and not having a lot of money at your disposal. This means streamlining expenses such as your grocery costs and entertainment budget. But what if your bank account is in fact costing you more than you can afford?Read more
Can you afford an ambulance in South Africa?
When a loved one is straddling the line between life and death, you won’t hesitate to call an ambulance. This week, Justmoney found out how much an ambulance ride costs in South Africa, whether you can refuse to get into an ambulance, and who pays the bill if you’re unconscious.Read more
Sign UpTo our weekly newsletter for advice you can bank on
President Hotel Easter Special
Price: From R1,500
When: 15 March to 30 April
Where: Cape Town
Kulula-Preskil Island Resort Special
When: 11 May -14 September
A Touch Of Madness Tuck In Tuesday Special
Where: Cape Town