If you are selling your property before your home loan has been paid in full, you will need to apply to the bank for the early cancellation of your bond.
In terms of the National Credit Act, banks are entitled to levy a penalty if you cancel your bond before the end of the agreed loan period. If you cancel your bond within a few years of buying your property, banks are permitted to levy a 1% penalty on the outstanding bond amount.
Read more at the Alberton Record…
