The FNB home loan is a long-term mortgage with a repayment period of up to 20 years. Individuals earning R25,000.00 or more per month are eligible for the FNB home loan. Joint applicants with a joint income of R25,000.00 or more can also apply for the home loan.
Private clients can obtain their own specialised home loans, but they must have a minimum annual income of R750,000.00. Private clients have access to private lending, which means they have a dedicated private banker at their disposal.
The FNB home loan has a monthly service fee of R69.00; however, existing clients do not have to pay this fee. A one-time initiation fee of R6,037.50 is also required. Juristic persons pay an R240.00 monthly service fee.
The FNB home loans comes with different types of loans which we discuss below.
FNB offers property finance solutions that cater to the needs of any type of individuals. Within the FNB property solutions, there is also Shari’ah property finance and foreign home loan.
Let’s look at property finance solutions that FNB has in offer for individuals and businesses.
Like any other loan, each application is assessed on receipt of necessary documents in line with the bank policy and lending criteria. So before submitting your application for a building loan you need to ensure that you have a good credit record.
When building a home there are expenses that you will need to cover. FNB has a list of expenses that comes with building a home. These costs are once-off and others are recurring.
Once-off costs are expenses that you will incur when building your home. For building loan purposes, the once-off costs that you will incur include:
Recurring costs are those costs that you will need to pay on a monthly basis.
FNB offers Islamic property Finance solutions. This product is available for anyone that uses Islamic banking as their option of banking.
FNB foreign choice home loan is a product for non-residents and foreign nationals who want to purchase residential property in South Africa or for South Africans who are working and living in another country looking to buy a property in South Africa.
This product helps non-residents and foreigners to purchase property in South Africa. You can apply for this product as an individual or as joint applicants.
The product makes it possible for non-residents of South Africa, Lesotho, Swaziland, or Namibia who are not living in the common monetary area to buy property in South Africa.
Finance is also available for foreign nationals who are living in South Africa on a temporary basis. This inclusion is for those who have a working permit to work in South Africa.
When buying a property with a loan from FNB you will incur costs. These costs are listed on a table below.
Individuals and businesses can get a home loan from FNB to buy an existing property. This financing option is the most popular and most common type of home loan.
You can apply for this loan as an individual or jointly. Depending on your income you will get a home loan that is suitable for your income. Trusts are also welcome to apply for this loan.
FNB home loans come in different forms. There are options for different lenders and FNB has included Islamic banking to its home loans.
By taking out an FNB home loan you will qualify to get cashback in eBucks. This return is something that you don’t get every day. You get a chance to redeem some of your repayments in eBucks and can be up to 50% of your home value.