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| The actual bond costs and transfer fees that will be applicable to your home loan may differ slightly from those reflected as attorneys work only to recommended fee structures.
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| DEFINITIONS |
| Bond Amount: When a loan is granted for the sole purpose of purchasing a property, an amount (not less than the loan granted amount) is registered at the Deeds Office as security in favour of the Lender (the bank). |
| The Borrower (you) may, however, request that an amount higher than the loan granted amount be registered to provide for future improvements/renovations to your property without the delay of having to register another bond. This is also a cost saving as the additional stamp duty to register the higher amount is less than the cost of registering a bond. |
| Transfer costs: The cost of transferring ownership of a property from the current owner to the new owner (normally payable by the purchaser in terms of the agreement). These costs include inter alia transfer duty on a sliding scale or VAT at the applicable rate payable to SARS, transfer fees (conveyancing fees) payable to the transferring (conveyancing) attorney for services rendered as well as certain disbursements, inter alia the Deeds Office registration charge. |
| Bond registration costs: Consists of the fees and disbursements payable by the Mortgagor to the bond registration attorney (conveyancer) who attends to the registration of a bond over the property in favour of the Mortgagee (normally the Bank) and includes inter alia the fees payable to the bond registration attorney (conveyancer) as well as certain disbursements, inter alia the Deeds Office registration charge. |
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| These costs are also payable when switching from one bank to another. |
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*Initiation Fees will be charged on all loans not regulated by the NCA. |
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The monthly service fee on accounts with a Total Loan granted > R 500 000, that does not fall within the NCA has been increased to R 28.50 (including VAT). The fee comes into force from the 1 August 2008.
Customers whose loans fall under the Usury Act (Total Loan granted < R 500 000, and entered into before the introduction of the NCA), will remain on the legislated fee of R 5, 70. |
| DISCLAIMER |
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| While every effort has been made to ensure the accuracy of all calculators, no responsibility can be accepted for errors or omissions however caused. No responsibility for any loss occasioned to any person acting or refraining from action as result of material in this programme is accepted by Absa Bank Limited. |
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