FNB or First National Bank of South Africa offers a wide array of home loan packages that can suit anybody’s home buying needs.
SecuBond will guide you every step of the way when it comes to getting a FNB home loan approved. We will submit your application and pressurise them to get you the best rate on your home loan.
Traditional Home Loan
This type of home loan is solely for buying a residential property. In essence, this is the most basic type which means that you are borrowing money from the bank so you can finance the home that you want to buy. In order to qualify for a traditional home loan, you must either be an individual, or joint applicants, or property owning juristic persons (Trusts, Private Companies, and non-trading Close Corporations) who earn at least R15000 a month and have a clear credit history.
Foreign Choice Home Loan
If you are a foreigner or ex-South Africans (either individual or joint applicants) living abroad who want to purchase a property in South Africa then this home loan is for you. You only have to pay for 50% of the purchase value while the bank finances the other 50%.
Smart Bond Home Loan
This type of home loan is for South African applicants who earn a monthly income of R15000 and below. If you belong in this category, and your application is approved, you will be able to enjoy 100% financing with no deposit required! It’s very affordable. These days, it’s no longer true that just because you are not earning as much as you want to, you can’t afford to buy your own home. You still can! Smart Bond will assist you in making this dream come true, create an investment portfolio for you, and still manage to have the independent lifestyle you need and want.
IslamicFinance Home Loan
This kind of home loan is compliant with the Islamic law ‘Shari’ah’ which does not allow the use of interest (Riba). In FNB, the IslamicFinance Home Loan offers an Agency Agreement (Wakalah) contract. This contract will act as an agent, with a fixed fee, when they purchase a property on your behalf. If this type of loan is the one suited for you, the agency agreement will be concluded and all the fees and charges will be are levied through this agreement.
The good thing about this type of loan is that you won’t be affected by any changes in the market since all profit is disclosed and the installments are fixed until the end of your loan period. You also have the option to repay for up to 20 years. On the other hand, you won’t be allowed further loans, re-advances, flexi facility and building loans in keeping with the Shari’ah Law
With these many options, you can take your time and plan which type home loan you would be most comfortable with. Then you can start calculating your budget, looking for a nice home, putting up an offer and applying for your FNB home loan.