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For most people, a home is the biggest investment they will ever make. Finance your home with a loan from one of the most experienced lenders in Africa. Being a member of Africa’s largest banking group gives us the scale and resources to weather any storm. The interest rate for our mortgage is floating in line with the prevailing market condition.
If you have a one-time borrowing need such as home improvements that require a substantial lump sum payment upfront or for debt consolidation, a home equity loan is the way to go. You’ll have a fixed-rate and payment for the term of your loan giving you protection from rate fluctuations. A home loan is a mortgage that enables you to own a house for residential use. The loan may also be used to finance improvement or refurbishment of a house you already own.
Ways to finance a home renovation
Access a wide range of banking services and features digitally. This can only be done if the additional amount you require exceeds your existing registered loan amount and the value of your existing property has increased since purchase. Another option is to take out a second loan, or further loan, on your property over and above your existing bond. Look at applying for a re-advance on your home loan if you’ve already paid a portion of your home loan’s total amount.
Check out the chart below to get an overview of what makes these loans different and visit our Home Equity Line of Credit page to learn more. Pay off your home sooner - By condensing your loan term into 15 years, you'll eliminate your housing debt in half the time. Santander Bank®does not offer a home equity loan, but does offer a Home Equity Line of Credit , which is an alternative way to access funds using a home as collateral. Understanding first how a home equity loan works can often be useful information when deciding if a HELOC is the best borrowing option for you. A HELOC may be the best option if you aren’t sure when or how much money you need.
Dollar Bank's Lending Team is here to help 1-800-242-2265
3Deposit accounts include personal consumer checking, savings, and money market accounts. Funds must be in deposit account prior to final loan approval. 3Eligible deposit accounts include personal consumer checking, savings, and money market accounts. Get easy access when you need it with a home equity line of credit. To learn more about loan options, loan rates, or apply online, visit our website at or stop by your local Standard Bank office . A Personal Term Loan or Line of Credit are unsecured loans that are good options if you are not a homeowner or are lacking home equity.
Fortunately, there are different ways to finance a home renovation, even if you don’t have the available cash. In early 2023, the banks plan to fully merge operations and offices. Until then, Standard Bank will continue to service all of their customers’ deposits and loans from current Standard Bank locations. New consumer and business loans, however, will now be processed through Dollar Bank. Refinancing options are also available for investment properties and second homes.
Open an Account
Use play/pause button, slide pagination, left/right arrow keys, or swiping to navigate through all slides. Access funds for home improvements or personal use with a re-advance or an additional bond. As you pay off your home loan and progress to new tiers, the interest rate on your loan will reduce too. Mobile Banking Deposit checks and pay friends with our mobile app. Office Locations Standard Bank currently has 17 locations and surcharge-free access to over 9,000 ATMs.
This is the percentage of your monthly net income which we would permit you to use to service your mortgage facility. And once your home loan balance reduces, you can apply for another re-advance. Refinancing your mortgage with a 15-year Home Equity Installment Loan is a smart financial decision for many. To register for online account access, please contact your Financial Advisor.
Personal Loans & Lines of Credit
2Automatic payment from Pelican Standard Bank checking account is required or 0.25% will be added to the APR. A Home Equity Installment Loan is a fixed term loan with a fixed interest rate. The borrower will receive the lump sum of the amount they are approved for, and then will pay it back with a fixed term and fixed interest rate.
ToolsFDIC Consumer Education The FDIC provides information to keep your data and accounts safe. Annual premium on Home Owners Comprehensive Policy is calculated as 0.132% of property value and is payable annually. Bank Statements from your current Bankers for a period of 6 months if not banking with Standard bank. Once you have opened an account with us, you can choose any digital platform you prefer and enjoy 247 banking moments.
While a home equity loan can be used for anything, many borrowers choose to use the loan to improve their homes. This can increase the value of the home over time, which could lead to greater returns when selling the home. In addition to home improvements, borrowers can also use a home equity loan for other significant expenses, such as financing education or debt consolidation.
Please try again in a few minutes time or visit your nearest branch. It takes years to furnish your home, and just seconds for your hard work to be undone. With the right cover, it won’t take as long the second-time round. Buying your first home is exciting, but it can also be a little scary. Make sure your joy is not overshadowed by concerns about debt with our home buying tips. Let us guide you through each step of the way when you switch your existing home loan to us.
Online Banking Banking online is easy, safe, and efficient. LoansWe offer a wide variety of short to long term loans to finance your lifestyle. Higher education can be the key to a better life, opening the door to higher paying jobs in more interesting fields. A student loan from Standard Bank will help you to afford the fees and textbooks. It is computed using a formula which spreads interest and principal repayments into equal monthly amounts over the tenure of the loan.
These loans have fixed-rates and monthly payments for the entire loan term. The great American dream for many people means owning their own home. To achieve this goal, most homeowners will need to take out a mortgage loan to cover the costs. Then, once you own your home, you’ll have more options for financing other life goals. But, how do you know what kind of loan you’ll need? Mortgages and home equity loans both use collateral to secure them.
Personal Credit Cards
An overdraft is a credit facility loaded to your current account. This means that you have the convenience of borrowing on the same account that is used for your daily banking transactions. A full range of insurance products to cover you when life takes an unexpected turn. Transact and access accounts online anywhere, anytime.
Home equity loans – sometimes called second mortgages – take the value of your home minus the amount you owe and allow you to use the cash difference to finance other goals or projects. In other words, it’s using the equity you have already paid into your home as a separate loan. If you have home improvements, a large project, taxes, or tuition that may take several months and payments to complete, a home equity line of credit is a good option. It’s an open-ended loan that gives you the flexibility to borrow again and again without having to reapply.
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