Mr RR Simmers

The bank is a bunch of ******. I suggest that everyone who has a homeloan with a bank start to look at their installments and how much they still owe on their bonds.

I had to assist my father with his query regarding the interest rate he was charged on his homeloan.

You sign a contract with the bank and in the contract it gives you a rough idea as to how much interest you could end up paying over the full term. What they don't tell you, is that you first pay off the interest of the loan and then you pay off the loan itself. They won't admit to it, but this is basically what I was told by the banks complaints department.

My father's homeloan was for 240 months, but because he's retired he sold his house within 81 months since the inception of the homeloan, but he was still charged almost twice the value of the loan he initially took from the bank and the lady at the complaints department basically told me that you pay the interest first. When I ask her why it did state this in the contract, she basically said that that is not what they do, but the practice is common among the banks. So basically the bank does what they don't stipulate in the contract.

When I add what they charged my father and what my father paid the bank, it showed that the bank owes him a substantial amount, which they dispute, because they have an unspoken rule that only banks know off and that is that the clients first pay off the interest before the actual loan is even touched.

Please guys, those who have home loans, especially with Standard Bank, please findout about this unspoken code of conduct that they claim they don't do, but do.....