Our Home Loan Payment Relief plan gives you a three-month non-payment period during which you will not have to make any repayments on your Home Loan. You may qualify provided your payments are up to date. Find out more about the Home Loans Payment Relief Plan below.
The Home Loan Payment Relief Plan gives you a 3-month non-payment period during which you will not have to make any repayments on your Home Loan. Interest, service fees and insurance will accrue and be capitalised but you will not need to pay these during this period.
The inclusion of insurance premiums as part of the payment relief plan only applies where the insurance premium is already part of the monthly Home Loan instalment.
At the end of your plan your loan term will be extended to cover the all capitalised amounts. Your loan terms will also be recalculated to ensure your new payment amount is not greater than your current repayment amount.
Anyone with an Absa Home Loan qualifies provided their payments are up to date.
The following exclusions apply - if you are currently:
- In a debt review
- Undergoing liquidation and insolvency
- In a legal and defended matter
- Part of a deceased estate
- Already made an arrangement with the bank (forbearance)
- Have more than one instalment in arrears
The following loan types are also excluded:
- Private Bank 1 and Universal Credit Facilities
- Pension Powered Home Loans
- Further Advance is excluded for the duration of the payment relief
- Re-Advance is excluded for the duration of the payment relief
- In a debt review
Yes, interest will still accrue during the payment relief period and be capitalised on a monthly basis.
Yes, your home loan term period will be extended to account for your Payment Relief Period but your terms will be recalculated to make sure your repayments stay the same.
The payment relief plan runs for three months.
If you have prepaid your loan then you will retain access to your FlexiReserve facility. You do not need to have a prepaid balance to benefit from the Home Loan Payment Relief Plan.
If you have a salary deduction or fixed debit order for your home loan you can still apply for the plan.
We cannot amend fixed debit orders and salary deductions so your payments will still go through automatically. Once the payment has been made, the funds will then be available to be withdrawn from your home loan account using your FlexiReserve facility.
You can use your FlexiReserve facility on your Absa Banking App or by logging into Absa Online.
If the deduction or fixed debit order is not successful your Home Loan account will not go into arrears during the plan however, you may be charged returned debit order fees.
Service fees will be suspended on the Home Loan Payment Relief Plan.
If your Home Loan monthly repayments already include Insurance Premiums for Homeowner’s Comprehensive Insurance (HOC) and Home Loan Protector Plan (HPP) or Life Insurance, then these will be covered as part of the payment relief plan.
If you have insurance from another provider or pay your insurance is paid from another account, then you will still be liable for those payments during the payment relief period.
You will continue with your monthly repayments once the Home Loan Payment Relief Plan ends. Defaulting on a payment within the next 12 months will result in the normal collections processes being carried out.