Standard bank is one of the leading and growing banks of South Africa that provides a number of personal, business as well as corporate banking solutions to its customers. The best personal banking product offered by the bank is the Standard bank home loan. The bank has its branches in Johannesburg, Cape town, Port Elizabeth, Gauteng, Durban etc from where it provides home loans all its customers in SA.
Standard Bank Home Loan Department
The Standard bank home loan department is the department which provides housing loans to its customers. This department looks in to all the home loan applications, scrutinizes the application forms, performs a thorough check on the applicant, his details mentioned and lots more. It is in this department that the status of your application form can be found out. The Standard bank home loan department has all the right to reject a particular form if it feels that the applicant will not be able to pay back the loan; or even if it finds any wrong information mentioned in the form.
Standard Bank Home Loan Division
Standard bank home loan division is a sub-part of the Standard bank home loan department. This division comes under the home loan department and is responsible of providing guidance to loan applicants. All the details such as interest rates charged, the loan tenure and the repayment types is provided by this division. The Standard bank home loan division takes its course after the home loan department has completed its scrutinizing process.
Standard Bank Rates
There are two types of Standard bank interest rates. One is the fixed interest rate and the second is the variable rate of interest. The bank's home loan base rate is charged at 10.5% per annum. This rate has been applicable after 14 Aug 2009. The Standard variable rate of interest keeps fluctuating every month, whereas the fixed interest rate remains the same till 10 years. The bank gives the option of switching over from one rate of interest to the other if the customer wishes so. In case you wish to cancel the fixed interest rate option and opt for the variable rate of interest then the bank charges a penalty of 1.5% on the outstanding balance of the home finance. The PLR is 10% and is effective from 26 March 2010. You can apply for Standard Bank Home Loans Dream Start or an Ordinary home loan as it saves large amounts on the interest rate.
Standard Bank Home Loan Calculator
Standard Bank home loan calculators are used to calculate the estimated repayments the customers will have to pay after availing the home finance. The calculators provide a clear picture of affordability, estimated repayments and the loan tenure. With the results shown in the calculator, the borrower can also make adjustments in his loan amount and the rate of interest. The borrower can try all techniques possible to reduce his/her repayments.