If you are a Standard Bank home loan customer, you can take a "payment holiday" for up to three months.
This new facility is aimed mainly at customers needing to take the financial pressure off themselves over the short-term.
Hannalie Crous, director of Standard Bank Home Loan Products, says first-time home buyers wanting to defer payments for a few months, as well as customers going on maternity leave and contract workers could benefit from this facility. The deferred instalments will be payable over the remaining term of the original loan.
To make use of this facility, you must have a loan of R150 000, a clean credit record and not have had arrears on your home loan in the past 12 months.
Also, after you have "skipped" one, two or three months, the balance of the loan must not be more than 90 percent of the assessed value of the property.
While you may skip your monthly repayments, you are still required to pay your monthly assurance and insurance premiums, as well as the monthly administration fee.
Apply for the facility through the Standard Bank Customer Contact Centre on 0860 123 001.