|Nedbank home loan interest rates are offered according to the budget and requirements of the customer. The bank offers different types of home loans to its customers such as the Building Loan, Buy To Let Loan, Nedbank Home Vision, Ordinary Home Loan. The building loan is used to finance the construction of a house or make any improvements on the same. The minimum loan amount sanctioned is R100,000 up to a maximum of 360 months of interest rates. The loan applicant must have a minimum income of R2,500. Buy to let as the name suggests is used by those home owners who want to buy a house initially but have plans of renting it out to a third person. The minimum loan amount approved is R150,000. The loan applicant must have a very good credit history. Nedbank home vision sanctions more than the required amount of housing loan. The extra amount can be used for furnishing the house. Lastly, the ordinary home loans can be tailored to suit the individual needs. People applying for an ordinary home loan must have a South African citizenship, a minimum gross monthly income of R2,500 and a good credit record.
Nedbank Home Loan Rates
The prime rate of Nedbank housing loans are charged at 9% per annum as of January, 2011. This rate can be changed anytime without giving prior notice to the customer. It is always better to contact the Nedbank home loan department personally before availing a housing loan. The bank officials will be the right persons to guide you on the existing home loan interest rates.
However, the Nedbank offers two types of interest rates. One is the Fixed rate of interest and the second is the Variable interest rate. The customer can choose between any of the rates and tailor the home loan according to his/her budget and needs. The bank also gives an option of switching over from a variable rate of interest to a fixed interest rate. However, if the customer will be able to do so only after six months of home finance. Variable interest rate keeps fluctuating with the financial market; whereas the fixed rate remains the same till 10 years of the loan term. With the variable rate the amount of repayment also changes.
For more information on Nedbank home loan interest rates, you may visit the link given below: