Wednesday, March 14, 2018
Your bank is a business which, while providing you with finance to purchase a home, also needs to generate an income to cover its overheads and be a profitable institution. This is why you pay bank charges on, for example your current account or savings account. The same applies to your home loan account.
The service Fee will be a lesser amount if you make use of the bank's insurance.
It will be in your best interest to budget for this amount.
A Debit Order is the most convenient (and safest) way of repaying your mortgage loan. Your repayment includes: