vB
veronica B

1 reviews | Active since Aug 2015

06 Feb 2025, 11:07

Interest and Instalment not corresponding with outstanding bond amount

I would like to urge all Standard Bank homeowners to review the interest rates app**** by the bank. This situation is quite remarkable, and I am taken aback by the organisation's apparent arrogance. My outstanding bond amounts to R509,439.32, with a bond installment of R17,720. Notably, the interest charged on the outstanding bond with Standard Bank is R5,534. It is astonishing to witness such a high interest payment on a home loan when the outstanding amount is merely R510,000, with a remaining term of 9 years and 2 months. It appears that Standard Bank has some challenges in their bond calculations. This raises questions, especially in light of the court case in 2024, where the bank lost to a homeowner facing similar calculation discrepancies. The court confirmed that Standard Bank's bond calculations were incorrect. Therefore, I strongly encourage all homeowners to verify their own calculations. I would appreciate clarification on the methodology used to arrive at the significant interest on the outstanding amount of R510,000, as well as the process by which the substantial installment amount was determined. According to my calculations, the monthly installment for the bond should be R7,800 rather than R17,720.

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Replies (1)
Standard Bank
Standard Bank's reply06 Feb 2025, 11:14
Official
Good day Veronica, 

Thank you for bringing this issue to our attention. 

As Standard Bank, we are committed to providing you with the best possible service and will ensure that this issue is taken care of. 

We sincerely apologise for any inconvenience or unwarranted frustration this has given you. 

Kindest regards, 
Standard Bank Hello Peter Team 
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