Access bond
Clients can access funds for home improvements for personal use through a re-advance on their bond, or by registering an additional bond on their property.
What is it
Re-Advance
- Borrow the full amount or a portion of the original home loan.
- Access funds registered by the client for future use.
- A re-advance is considered on the remaining term of the original loan.
- No need to register a new bond.
Further Bond
- Apply for an additional bond on the property to access more funds.
- Client can use the funds to increase the property’s value by doing alterations or additions, or use the funds for personal use.
- Approved building plans and quotations must be provided for extensions or additions to the property.
- A new bond must be registered.
- Debit orders are compulsory on all accounts.
- Monthly instalments include - reduction of capital, interest, monthly service/management fee, insurance.
How it works
- Individuals 18 years or older.
- Minimum joint net monthly income of 45/50% and 50/60% for single monthly net income.
- Client must have a Standard Bank Home Loan.
- There must be sufficient equity in the property (Further Bond).
- The home loan must not have been in arrears for at least 6 – 12 months.
- Proof of identity: Valid Lesotho ID/ Passport.
- Proof of income: recent payslips.
- Proof of employment: Letter for employer confirming employment terms.
- Loan will be approved subject to a positive credit bureau report.
What it costs
- Personalised interest rates.
- Interest rate is variable and attached to the prime lending rate.
- Interest is calculated daily and debited to the account at the end of the month.
- A monthly service/ management fee is charged.
- Early settlement fees (1 month interest).
- Legal fees is paid to the Bank appointed lawyer (where applicable).
- A full range of charges can be found in the latest Pricing Guide.
How to get it
- You can visit the nearest branch or contact Home Loan Consultant for details on how you can be assisted on +266 2221 2754/56.
- You can also call the Standard Lesotho Bank Contact Center for guidance on 8002 2221, or 2221 2221.
-
What is it
-
How it works
-
What it costs
-
How to get it
Re-Advance
- Borrow the full amount or a portion of the original home loan.
- Access funds registered by the client for future use.
- A re-advance is considered on the remaining term of the original loan.
- No need to register a new bond.
Further Bond
- Apply for an additional bond on the property to access more funds.
- Client can use the funds to increase the property’s value by doing alterations or additions, or use the funds for personal use.
- Approved building plans and quotations must be provided for extensions or additions to the property.
- A new bond must be registered.
- Debit orders are compulsory on all accounts.
- Monthly instalments include - reduction of capital, interest, monthly service/management fee, insurance.
- Individuals 18 years or older.
- Minimum joint net monthly income of 45/50% and 50/60% for single monthly net income.
- Client must have a Standard Bank Home Loan.
- There must be sufficient equity in the property (Further Bond).
- The home loan must not have been in arrears for at least 6 – 12 months.
- Proof of identity: Valid Lesotho ID/ Passport.
- Proof of income: recent payslips.
- Proof of employment: Letter for employer confirming employment terms.
- Loan will be approved subject to a positive credit bureau report.
- Personalised interest rates.
- Interest rate is variable and attached to the prime lending rate.
- Interest is calculated daily and debited to the account at the end of the month.
- A monthly service/ management fee is charged.
- Early settlement fees (1 month interest).
- Legal fees is paid to the Bank appointed lawyer (where applicable).
- A full range of charges can be found in the latest Pricing Guide.
- You can visit the nearest branch or contact Home Loan Consultant for details on how you can be assisted on +266 2221 2754/56.
- You can also call the Standard Lesotho Bank Contact Center for guidance on 8002 2221, or 2221 2221.