Friday, 20 April 2007
Sanlam Home Loans!
Not sure if anyone's seen that advert on T.V.;
SANLAM BANK! BUY YOUR DREAM HOME @ 2.45% LESS PRIME!
*terms and conditions apply*
Just a note on this. This may be of some use to mortgage originators as well. The rate that Sanlam bank offer above is solely based on your property price and loan amount of your property that you are purchasing.
In other words, your bond must be over R2,000,000.00 and not more than 30% of your income must be used to repay the loan back on a monthly basis. The KEY factor to getting a rate concession (interest rate) of up to -2.45% is the loan to value. The bigger your deposit the better your rate concession.
If you're buying a place for lets say, R350,000.00 don't even bother asking for a rate of -2.45% not even if you have 16 properties in your name and have been a client with the bank for 50 years. You may get below prime but nothing close to -2.45%.
Sanlam will only be able to negotiate the rate in line with the value of the property and based on your monthly income.