Author: Daniel Els – STBB
19 July 2016
WHAT IS HOME LOAN INSURANCE?
Banks require home loan applicants to take out a homeowner’s insurance policy to cover the risk of damage to the property that may result from natural disasters such as fires, storms etc. The value of the cover is determined by the value of the property.
In addition, an applicant may be required to take out a life insurance policy to cover the bond instalments due in the event of death, disability and/or retrenchment. The value of this policy will depend on the balance owing under the home loan.
When considering to purchase a home with a mortgage bond, contact a conveyancer at STBB beforehand for assistance with all aspects of the transaction.
Daniel is an Attorney and Conveyancer practicing at our Helderberg branch. He attended Stellenbosch University where he studied BA International Studies and LLB.
In 2012 he completed his Law degree in the Netherlands at the University of Amsterdam. Daniel also studied in Germany at Humboldt University of Berlin and was selected to participate in the annual conference on International Law hosted by the Hebrew University of Jerusalem, Israel. In 2013 he enrolled at the University of Cape Town to attend the School for Legal Practice.
Daniel joined STBB in 2014 and was appointed as an associate in 2015. He is part of our team that attends to the opening and extension of large sectional title schemes and practices in all areas of property law and conveyancing, including retail and development transfers, drafting of contracts, servitudes, subdivisions and consolidations. Daniel also provides training to estate agencies and banks.