Need a debt payment holiday? Read our article now.

 

WHAT ABOUT MORTGAGE PAYMENTS DURING THE COVID-19 DISASTER?

South Africa’s banks are providing some relief on the payments of home loans and/or other debt payments during the coronavirus crisis for those who expect difficulty in making repayments on their home loan or other accounts.

ABSA Bank has launched a payment relief plan to all qualifying customers in the form of a loan term adjustments or a three-month non-payment period. 

FIRST NATIONAL BANK (FNB) are providing debt repayment holidays for those customers who qualify and has launched a dedicated COVID-19 icon on the FNB banking app.

Nedbank may offer payment arrangements, payment holidays or the restructuring of payments. There are several options available to clients and they do not follow the standard “one size fits all” solution. Every individuals’ circumstances are evaluated, and a tailor-made solution is provided to qualifying clients.

Standard Bank has several financial relief options available during the COVID-19 pandemic and offers specific relief on home loan payments for qualifying account holders who earn less than R7 500.00 per month.

We advise that you contact your own bank as soon as possible to enquire whether you qualify for relief.

Also see the following articles for more information on the topic:

https://www.enca.com/business/need-help-your-home-loan-here-how-you-can-act-fast

https://www.businessinsider.co.za/all-the-help-south-african-banks-are-offering-consumers-during-covid-19-2020-4