How is a home loan regulated in South Africa?

Prior to the NCA most home loans were regulated by the Usury Act 73 of 1968. This act prescribed a maximum monthly service fee of R5 per month (excluding VAT) for loans below R500 000. The Usury act was repealed by the NCA in 2007.

https://obssa.co.za/wp-content/uploads/2018/02/CIN-7-Home-loan-monthly-service-fee-Final-February-2018.pdf

What do you have to pay for a home loan?

You will have to pay o˜ your home loan in monthly instalments. Homeowner’s insurance (HOC) This is mandatory for all home loans. It o˜ers protection against loss and damage in respect of the home and/or its use and covers the physical structure, permanent fixtures and fittings, lapas and swimming pools.

https://www.nedbank.co.za/content/dam/nedbank/site-assets/Personal/Home_Loans/Brochures/Buyers%20Guide/buyers-guide_full.pdf

What is the registered amount of a home loan?

Registered amount This is the amount registered at the deeds office and noted on the title deed (usually the registered amount is the same as the loan amount, unless it is a HomeVision home loan). Registration cost This refers to attorney’s fees for registering the home loan and includes stamp duty, postage, conveyancing fees and VAT.

https://www.nedbank.co.za/content/dam/nedbank/site-assets/Personal/Home_Loans/Brochures/Buyers%20Guide/buyers-guide_full.pdf

How is interest calculated on Nedbank loans?

Interest is calculated on the outstanding daily balance and debited on the first working day of the following month. Loan amount This is the amount the client requires from Nedbank to finance the purchase of a property. New development This is a property bought o˜-plan in a development.

https://www.nedbank.co.za/content/dam/nedbank/site-assets/Personal/Home_Loans/Brochures/Buyers%20Guide/buyers-guide_full.pdf