When must I notify my current Bank that I intend selling my property and/or cancelling my bond?

Author

Kruger Attorneys & Conveyancers Inc

It is crucial to give notice to your Bank as soon as you have decided to put your property on the market for sale and/or cancel your existing mortgage bond. This is just to avoid the 90-day penalty interest that the mortgage bondholder is entitled to charge the Seller on the bond cancellation figures.

If the transfer of the property then occurs after 60 days of the 90 days’ notice then the Seller will only be liable for 30 days of penalty interest over and above the cancellation amount with the Bank.

Home Loans Property News

Market & Opinion

Unlock the Power of Home Loan Cashback Rewards: A Guide to Maximizing Your Savings

22 Sep 2023

Are you planning to embark on the exciting journey of homeownership? Owning a home is a significant milestone in one's life, and we're here to help you make the most of this journey. At MyProperty, we understand that buying a home involves not just finding the right property but also securing the best financial deal. That's why we offer cashback rewards to our clients, helping them throughout the sales process and beyond.

Market & Opinion

How do you get a good interest rate on your home loan?

21 Sep 2023

Becoming a homeowner is a significant milestone in one's life, often accompanied by a sense of accomplishment and excitement. However, amid the joy of homeownership, first-time buyers sometimes overlook a crucial aspect that can greatly affect their financial journey—the interest rate on their home loan.

Market & Opinion

South Africa's residential property market is defying economic challenges

14 Sep 2023

With the easing in the consumer price inflation rate in recent months hopefully indicating that the interest rate hiking cycle is at an end, despite September's fuel hike, market sentiment in South Africa’s housing market remains positive, as indicated in the Pam Golding Residential Property Index, by the ongoing recovery which rose to 4.1% in July (2023), says Dr Andrew Golding, chief executive of the Pam Golding Property group.

Industry

MyProperty launches unparalleled home loan rewards program for buyers

13 Sep 2023

Buying a home often involves many unforeseen costs, including the cost of moving, and cleaning, along with small repairs and improvements. In response to this, MyProperty has launched an unrivaled cash back rewards program to assist home buyers.