Standard Bank DreamStart is a home loan aimed at making home finance more accessible to low income earners with single or joint income of between R1 500 and R6 000 a month, excluding housing subsidies or allowances Dream start loans go up to 100% of the purchase price of the property you would like to buy. The purpose of these loans is to make financing more affordable to the average South African.
By making regular payments on your bond you will have AccessBond facilities as soon as you owe less than 80% of the value of your property. If you get afford to pay extra money into your bond account you will save money on interest and pay off your home loan faster.
Who can apply for a DreamStart home loan?
You can apply for a DreamStart home loan if:
You earn a joint income of between R1 500 and R6 000 a month and want to buy a home
You are building a new home
You are looking to move to a bigger or better home
Taking your first steps
A personal interview will be conducted with you where you will be guided through the home buying process, information will be shared with you, and an affordability calculation will be done
There are specialised consultants at designated branches who will answer any questions you have. If you are not sure which is your nearest designated branch, call our Customer Contact Centre on 0860 123 001.
We have arranged a life assurance policy to ensure that your loan is repaid should you die. This policy will settle the outstanding balance on your home loan account.
To make your monthly repayments easier, you can pay your instalment through a debit order directly from your account. If you do not have an account, ask your Standard Bank consultant about opening an E Plan account and arrange for your salary to be deposited in this account.
The interest rate that we charge for lending you money is based on your circumstances. You will be advised of the repayment and interest rate that will apply to your account in your Letter of Grant. If you pay your minimum home loan instalment on time every month, you may qualify for a reward after two years and again after three years.
If you pay more than your monthly instalment every month, you will lower the amount of interest you have to pay and will pay your home loan off faster. You will have to apply for this facility and meet certain qualifying criteria.
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