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FNB Traditional Home loan
The traditional home loan through FNB has various options through the bank. Those range from Flexi option, Re-advance, Future Use and Further Loans.
The FNB flexi option is FNB’s answer to a access bond.
A Re-advance allows you to withdraw funds from your home loan in a easy way using your existing FNB cheque account. In fact, with FNB’s online banking service this makes accessing funds from your FNB home loan really easy.
Applying for the FNB Home loan
You have found your Dream House, and now you need to raise a bond or home loan its possible, 100% Home Loans – Are Back! FNB is offering 100% Home Loans. They are now helping you with a Passport to Purchase (almost the same as the pre-approval the banks used to give before), a document that gives you freedom to shop for a home in your price range.
Although I have talked about the 100% loans that the bank is offering this will depend on the kind of loan you looking for and which category at fall under.
Well FNB Home Loans LTV:
- Vacant land: All Purchase prices = maximum 60%
- Purchase price = R2.0m: Salaried Applicant = max 100%
- Purchase price = R2.0m: Self-employed Applicant = max 95%
- Purchase price > R2.0m – R2.5 m= Max 95%
- Purchase price > R2.5m = Max 85%
For South African working and living abroad at the moment the maximum bond you can get is 50% same applies to non residents living in South Africa or working abroad.
They also have an amazing product called a smart bond. To qualify for this bond you must earn R16000.00 and below. If your combined salary is more than R16, 000.00 you automatically don’t qualify. I am sure you are wondering what the difference is from the other loans? The maximum LTV on smart bonds is 105% meaning costs are included. I would say owning a house made simpler by FNB
Finally from Wizard Midrand desk having failed to get a 100% loan that is not the end, we have an amazing product called a home starter where you can get up R100, 000.00. This is a product designed to assist home owners raise the difference required to purchase their home. For more information contact us or email us and will send you the necessary information.