What happens after you pay off your house?
When you finish paying off your home loan, you can choose to cancel the home loan account (requires a cancellation fee of around R4 000) or keep it open as a source of credit. Many homeowners prefer the latter option, as interest rates on home loans are lower than other types of loans.
If you do decide to cancel the account, the bank will release the title deed to you following your final repayment.
