Image via WikipediaStandard Bank is a very large banking institution in South America, in addition to dealing with Europe, Asia as well as the United States. Thus you can see that Standard Bank home loans are just that, residential loans proudly made by Standard Bank.
Heavily principled, this bank deals with the highest standards of fairness, integrity, and professionalism. Undoubtedly you are now interested in the particulars offered by Standard Bank Home loans.
If this is your first home, there are some rather strict criteria, all listed actually to keep you from eventually losing your home to a foreclosure, for instance. These are called JumpStart loans. Your income must be at or above a certain amount per month. You must agree to obtain structural insurance. The JumpStart is not to be used for vacant land, a business mortgage, or where the residence will be owned by a company, trust or some other type of corporate vehicle.
Also, 104% of the loan to value ratio based on the assessed value of the property can be loaned, allowing for the various bond costs to be tacked onto the bond. Debit orders are compulsory. The borrowers are given the choice of a fixed rate, or to have a variable rate applied to the loan. If they plan on staying in the home for a long time, then a fixed rate when interest rates are low is warranted. If, however, the buyers intend to resell the home quickly, then a variable rate might be more advisable, as the payments will be lower.
If you are interested in obtaining Standard Bank home loans, then a visit to their site is definitely in order. There you will find complete explanations of each unfamiliar term you may encounter, as well as explanations of all of your choices. In addition, you will see various calculators available to you to figure out perhaps what you can afford, what the bond costs will run you, see the effects of multiple payments, and many other interesting but necessary calculators such as calculators that can figure out what duplicate payments will do to the remainder of what you owe. You may be pleasantly surprised to see the figure that the calculator says you are qualified to receive.
When receiving a Standard Bank home loan, you will also note that this is the perfect time to take out a Standard Home Loan Protection Plan. Within certain limits, should you be deceased during the life of your mortgage, their Protection Plan will repay your heirs by paying what's owed on the loan with a capped limit. This will also help you pay the loan down by giving you payments for disability, permanent disability, dread disease, and even retrenchment. Your heirs will not receive the death benefit though if suicide is proven to be your demise. There are also exclusions on various pre-existing conditions.
Although there is no medical exam required for the Standard Home Loan Protection Plan, the rates for it are adjusted according to your age, and how much is still owed on the loan. Finally death coverage will cease at age 75. Article Source: http://EzineArticles.com/?expert=Chris_DuToit
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