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PEOPLE earning less than R15000 now have access to a home loan, Absa said.
The bank said it had launched the product in an effort to address South Africa's troubling lack of affordable housing.
Luthando Vutula, managing director of Absa Home Loans, said yesterday the 110percent home loan product would provide access to financing where borrowers would not have to pay a deposit. He said the facility would also allow for all bond costs and insurance against HIV-Aids, free-testing and anti-retroviral treatment.
"We are looking at the blue-collar market," Vutula said. "Teachers, nurses and police officers are typical potential customers.
"We want to make financing for homes costing less than R500000 available to them, and we are working with the government."
He said the bank was also working with property developers to build affordable houses in Mogale City, Ekurhuleni, Kagiso, Knysna, Port Alfred and Witbank.