A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

D

Debit order

A debit order is an authority to a bank, to deduct payments on a regular periodic basis from the client’s bank account in terms of a credit agreement signed. This is a convenient way to pay for monthly mortgage payments , vehicle payments and insurance premiums.

Debt Consolidation

Is the process whereby a borrower combines various debt obligations into one single debt , usually at a lower interest rate.

Default

A loan is in default when the borrower fails to pay several regular instalments on time (i.e., payments overdue by 180 days) or otherwise fails to meet the terms and conditions of the loan.

Deeds Office

The Deeds Office is a government department responsible for the registration and transfer of immovable property.

Deeds Office Fees

These fees are charged by the Deeds Office for registering the mortgage bond and title deed.

Deposit

This is the amount the customer has available to put towards the purchase of the property as a guarantee.

Disclosure statement

Provides the borrower with information about the actual cost of the loan, including the interest rate, origination, insurance, loan fees and any other types of finance charges. Lenders are required to provide the borrower with a disclosure statement before issuing a loan.

Domiclium Citandi et Executandi

This is a physical address where the delivery of legal notice will be accepted by a party to a written agreement.

E

Electrical Compliance Certificate

This certificate is issued by an electrician and registered with the local authority to verify that the electrical installation of the property complies with local by-laws. The seller is responsible for ensuring that an Electrical Compliance Certificate is obtained before a property is transferred to the buyers name.

F

FICA

The Financial Intelligence Center Act requires that various institutions including banks , estate agents and financial advisors/insurance brokers are able to verify their clients identities and keep records of documents such as copies of identity documents and utility bills

Finance Charges

This is the interest charged on the loan.

Fixed Interest Rate

This is when your home loan interest rate is fixed for a specified period usually a maximum of two years.

Final payment

Final payment is the last payment made on your offset finance.

Financial Services Board (FSB)

Independent statutory institution that oversees and regulates the South African Non-Banking Financial Services Industry - FSB website.