Pension-backed home loan
Find new ways to build, buy, or renovate your dream home with a pension-backed home loan. Its an alternative form of housing finance where the loan is secured by your retirement fund savings instead of a bond.
Some of the benefits
Access to finance
Borrow an amount equal to what you’re able to cash out from your fund
Save on costs
You don’t need to pay bond registration costs or property assessment fees
Personalised interest
Get tailored competitive interest rates and fees
How it works
- You need to be formally employed for 12 months
- You need to have a company pension or provident fund
- We set up a loan scheme arrangement between you, your employer and the fund
- The amount you can borrow depends on your fund savings, what you can afford, and the percentage as per fund rules
- Repayments are deducted from your wage or salary
- A further loan can be available at any time, subject to affordability and fund rules
- If the prime rate changes, your loan term is adjusted, keeping your repayment consistent
- The maximum loan term is dependent on the fund or normal retirement age, whichever comes first
What it costs
- Favourable interest rates, initiation fee and monthly service fee negotiated at a Fund level
- No initiation fee on further loans
- The fund or fund administrator may also charge you a handling fee
You can use the pension-backed loan to:
- Build or buy your primary residence
- Renovate your existing residence
- Pay transfer and registration fees
How to apply
- Complete the application and email to PBLLoanorigination@standardbank.co.za
- Contact our Call Centre on 0861 009 429
- Email us on PBL.Callcentre@standardbank.co.za
We’ll need the following documents:
- Completed and signed Standard Bank PBHL application form
- Most recent pension or provident fund benefit statement
- A consent letter from your spouse if you are married in community of property (or your spouse’s signature on the application form)
- South African ID or passport
- Proof of residence not older than 3 months
- 3 Recent consecutive payslips (or, if you earn commission, your last 6 payslips)
- A recent 3-month bank statement if you are not banking with us
- Building documents, such as plans and renovation quotes
- The offer to purchase if you’re buying a home
-
How it works
-
What it costs
-
How to apply
- You need to be formally employed for 12 months
- You need to have a company pension or provident fund
- We set up a loan scheme arrangement between you, your employer and the fund
- The amount you can borrow depends on your fund savings, what you can afford, and the percentage as per fund rules
- Repayments are deducted from your wage or salary
- A further loan can be available at any time, subject to affordability and fund rules
- If the prime rate changes, your loan term is adjusted, keeping your repayment consistent
- The maximum loan term is dependent on the fund or normal retirement age, whichever comes first
- Favourable interest rates, initiation fee and monthly service fee negotiated at a Fund level
- No initiation fee on further loans
- The fund or fund administrator may also charge you a handling fee
You can use the pension-backed loan to:
- Build or buy your primary residence
- Renovate your existing residence
- Pay transfer and registration fees
- Complete the application and email to PBLLoanorigination@standardbank.co.za
- Contact our Call Centre on 0861 009 429
- Email us on PBL.Callcentre@standardbank.co.za
We’ll need the following documents:
- Completed and signed Standard Bank PBHL application form
- Most recent pension or provident fund benefit statement
- A consent letter from your spouse if you are married in community of property (or your spouse’s signature on the application form)
- South African ID or passport
- Proof of residence not older than 3 months
- 3 Recent consecutive payslips (or, if you earn commission, your last 6 payslips)
- A recent 3-month bank statement if you are not banking with us
- Building documents, such as plans and renovation quotes
- The offer to purchase if you’re buying a home
Learn more about borrowing
Loans & Credit
Pension-backed home loans: What you need to know
A pension-backed home loan (as per the Pension Funds Act 19 (5) (a) and 37D) is an alternative form of housing finance where the loan is secured by your retirement fund savings instead of a mortgage bond.
Loans & Credit
AccessBond: What you need to know
With an AccessBond facility on your home loan, you won’t have to take out a personal loan to cover unexpected expenses such as fixing your pool or repairing your roof.
Lifestyle
Home buying tips for first-timers
Buying your first home is exciting, but it can also be a little scary. Make sure your joy is not overshadowed by concerns about debt with our home buying tips.
Lifestyle
How to add value to your home
Before you start with major renovations, consider which home improvements will add the most value to your home. Here are some tips on how to increase your property value.
Lifestyle
How to finance your home renovation
Raise the market value of your home by refinancing your home loan and affordably fund a home renovation project.
Investing
Tips for property investment
Buying an investment property can be a savvy decision if you have factored in all of the costs and risks.