Who qualifies for a MyHome Loan in South Africa?

South African residents who meet affordability, credit, and income requirements may qualify for a MyHome Loan, particularly those earning within the specified income threshold.

What are the benefits of a MyHome Loan?

Benefits include up to 108% financing, discounted bond registration fees, access to financial education programmes, and value-added services such as insurance and financial planning.

Can I get additional financial assistance with a MyHome Loan?

Yes, eligible applicants in South Africa may qualify for government housing subsidies, which can assist with reducing the overall cost of purchasing a home.

What additional products can I get with a MyHome Loan?

You can apply for additional products such as Homeowner’s Comprehensive Insurance, a Home Loan Protector Policy, and access financial planning services.

Can I apply for a home loan near me as a first-time buyer?

Yes, first-time home buyers in South Africa can apply for a home loan online or at their nearest branch, depending on their preference.

Get an Absa MyHome Loan of up to 108%

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Find your forever home with Absa MyHome Loan

MyHome Loan is ideal for buyers with a single or joint gross monthly income of up to R34 800.

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Here’s what you get

Financing of up to 108%

Use the additional 8% for bond registration and transfer costs.

Free courses

Get a training course on homeownership.

Great discounts

Save 50% on bond registration fees.

Value-added services

Easily apply for comprehensive home insurance and more.

What you need to know

What you get
Financing of up to 100% for properties capped at R2.5 million and the possibility of an extra 8% towards transfer and bond registration costs

50% off bond registration fees when you use an Absa-approved attorney

A free professional Borrower Education Programme to help you with budgeting and more

Access to financial planners at virtualadviser@absa.co.za

Easily apply for Homeowner’s Comprehensive Insurance to protect your home’s structure

Apply for added protection with the Absa Home Loan Protector Policy, which pays off your loan if you pass away or become disabled

Absa Home Loans customers with a monthly debit order and a minimum Home Loan balance of R50 000 or more will receive 85 points towards their Absa Rewards score

Absa Rewards members could earn up to 30% real cash back on everyday purchases from our grocery, fuel, and health and beauty partners, depending on their Rewards Tier.

Terms and conditions apply

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Housing subsidy
First Home Finance is a housing subsidy that allows qualifying applicants to buy or build their first home with the assistance of a once-off government housing subsidy.

The once-off subsidy amount ranges between R38 911.40 and R169 265.00, depending on the applicant’s monthly income.

To qualify for this subsidy, you must:

Earn a single or joint gross monthly income of less than R22 000

Have a valid South African ID or permanent residency permit

Be over 18 years old

Have financial dependants

Not be receiving any other government subsidy.

How to apply

Once you’ve found a property and the bank has approved your loan, you’ll need to contact the National Housing Finance Corporation on 010 085 2199 or via firsthomefinanceenquiries@nhfc.co.za, or by visiting www.nhfc.co.za. Alternatively, you can visit the Provincial Department of Human Settlements.

Terms and conditions apply.
What you need to apply
Your ID (a South African identity document or a passport, permanent residency permit or visa)

Three months’ bank statements (if you’re employed full time)

Six months’ bank statements (if you’re self-employed)

Proof of income requirements for:

If you’re employed fulltime:

Latest payslip (not older than two months)

Six months’ payslips if you have a variable income

Employment contract if you do not receive a payslip or have been recently employed.

Pensioners:

Proof of advice or letter of pension.

Self-employed:

Salary advice

Latest IT34 (last tax year).

Offer to purchase (if applicable).

Find out what your ideal home could cost

Use our quick and easy calculator to get an estimate of your monthly home loan repayment.

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Frequently asked questions

Who qualifies for a MyHome Loan?

If you earn a single or joint gross monthly household income of R34 800 or less, you may qualify for a MyHome Loan.
What are the benefits?

A MyHome Loan provides financing of up to 108%, a 50% discount on attorney bond registration fees and free homeownership education.
Is there additional assistance?

Yes, you may qualify for the First Home Finance government subsidy if you’re a first-time homebuyer earning between R3 501 and R22 000 monthly. The subsidy can be used as a deposit, to cover attorney costs (transfer and bond registration fees) or to reduce the loan amount.
What other products can I get alongside a MyHome Loan?

You could apply for Absa Homeowner’s Comprehensive Insurance to protect your home.