One of the largest banks in South Africa, Nedbank is a organization with a market capitalization of approximately US$73 billion as of 31 December 2009. Through the years it has proved to be the most affordable bank in the country. The home loans market of the bank provides the most affordable housing offerings. There are many Nedbank branches spread across all the major cities of South Africa. The bank has its head office in Johannesburg and branches in locations such as Gauteng, Namibia, Cape town, Western cape, Durban, Port Elizabeth, Centurion and Musgrave. The Nedbank swift code in South Africa is NEDSZAJJ.
Nedbank also offers internet banking facility in which there is a 24 hour mobile access from any location in the world. It is a feature provided by the bank to do your banking transaction with complete security and comfort.
HSBC made an offer to buy up to 70% on August 2010 but it withdrew its offer to Nedbank following the expiration of the agreed exclusivity period. With decreased interest rates and introduction of new loans the bank has managed to earn a lot of customer appreciation and trust.
Two new loan products that have been introduced recently are
Ordinary Home Loan and
Bond Alpha.
- The Ordinary Home Loan: It is a very flexible loan tailored to meet individual requirements and provides up to 100% finance. However you need to earn at least R2, 500 to avail the loan. You can select the type of loan fixed or variable according to suitability. The minimum loan amount you get is R70, 000. You are eligible to apply for the loan once you pay upfront fees and the registration costs.
- Bond Alpha: This loan is for those customers who are not able to pay the upfront fees and the transfer of the property costs but has a regular income to pay off a loan. This loan is only available to South African citizens. The Loan term is upto 30 years.
These two home loan system gives two options.
- 108% home loan which assures guaranteed cash back
- 104% home loan where you wait a period of four months before starting your repayments.
There are two more feature, one is
ReAdvance and another is
NedResolve.
Readvance allows to access the capital portion of the money you've already paid. Nedresolve allows you to gain access to any extra deposited funds you make into your home loan account
