All about home loan calculators

Calculators on Bank Websites
All four of our major banks have financial calculators on their websites to assist you in the budgeting process and to establish accurately what you will be repaying on bonds and loans. In the privacy of your home, access any of the banks' websites and search for 'Calculators'. Just click on the Calculator to be redirected to the various loan repayment scenarios.

Alternatively, our own internal E&V Financial Services team will assist you in establishing the maximum bond you will be granted, in order to plan for 2014.

Is your loan covered in the event of any unforeseen circumstance?

A sound bit of advice, although always a sensitive topic and not pleasant to consider, is the unfortunate chain of events that could result if a bond holder is not able to continue paying their bond, whether due to retrenchment, death, disability etc.

It is the responsibility of every bond holder to ensure that their bond insurance is up to date and relevant to the property insured. This would make the future of any spouse and children that are left behind, a tolerable and survivable prospect.

According to Standard Bank, a Home Loan Protection Plan covers the payment of home loans up to R1.2 million in the event of death, dreaded disease, permanent disability or retrenchment.

A Home Loan Protection Plan covers your bond installments for up to 12 months if you are temporarily disabled. If you are retrenched, it pays six months' worth of installments. Premiums are calculated on the plan chosen, age band of the insured, smoker and non-smoker status, income band and outstanding balance.

Access Home Loan customers qualify for death, temporary disability and permanent disability options only and the maximum sum insured is R810 000. Insurance is a requirement of the bond deed. Insurance is mandatory however you have an option to cede your personal insurance which has same benefits.

Insurance on your bond should be considered urgently, if this is not already in place. Contact the specific bank where your home loan was granted to establish the local costs and coverage which they can provide.

Nedbank's Ordinary Home Loan to Upgrade Your Home
When you decide to take a loan in order to upgrade your home, a good option to consider is Nedbank's Ordinary Home Loan, a flexible Home Loan that can be tailored to suit your individual needs.

You can use your home loan to finance significant structural improvements to your existing home, changing it into your dream home. Apply to the bank where you have your home loan to establish what they can offer you and whether you can afford it.

To discuss a confidential analysis and assistance with your finance application, please contact our experienced financial team, who will be able to consult you in a confidential manner and provide you with the best advice to suit your budget.

Article from: www.engelvoelkers.com

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