What is a home loan?

Author
MyProperty
South Africa's #1 independent property portal

A home loan is the funds a buyer has to borrow from a bank or financial institution to purchase a property, generally secured by a registered mortgage to the bank over the property being purchased.

A home loan requires you to pledge your home as the lender's security for repayment of your loan.

The lender agrees to hold the title or deed to your property until you have paid back your loan plus interest.