How to take the hassle out of FNB home loans
You will get up to 100% of the building contract price (including the land) and you get breathing space with up to six progress payments so you can ensure the building process can stay on track. The building Loan repayments are interest-only repayments until the last payout and you can choose your loan term for up to 20 years. The interest rates are limited to variable until the building process is complete, but then you get to choose your rate. You will need to make sure your home is built by a registered builder. Future Use and FlexiBond add-on options give you the same flexibility as the Traditional Home Loan in insuring against leaner months and unexpected setbacks.FNB Home Loan strategies were sometimes controversial but FNB stuck to its underlying mission of trying to help the people. (sometimes pig-headed) South African consumer. When First National Bank announced it was reassessing bonds where homes had not yet been transferred, the brown smelly stuff really hit the fan. To themselves prioritize clients’ long-term capacity to pay off their mortgage in an increasingly difficult economic climate – the bank’s intention, however, was to go where no bank had gone before. Should we actively help customers dig themselves into a financial hole they will never get out of,why, argued FNB, albeit not in so many words? The Traditional Home Loan, the Building Loan and their home loan optional add-on features and tailor-made solutions,let’s take a look at some of FNB’s home loan options. The basic building block that provides finance to purchase a home is the Traditional Home Loan. It’s a flexible home loan that can be adapted with a host of add-ons in a myriad of ways to suit your personal needs. Do you have any idea about the structuring of the Traditional Home Loan? You and your partners, should have at least a joint income of R10,000. The property you wish to purchase should have a value of at least R300,000. You can select your loan term for up to 30 years and interest rate options include variable, fixed and BA linked to finance is offered for up to 100% of the property value. Future Use and FlexiBond options allow you to tailor this loan to your needs so that you can draw cash against your loan in the lean years but remain in control of your debt without becoming unwittingly drawn into a financial scenario you can’t afford. If you are just getting started, the classic Building Loan is aimed at anyone who wants to build their own dream home but needs a little help. Once the property is up, the bond reverts to a traditional home loan.Your family growing, your career advances and your lifestyle changes may change your housing needs. You want a home loan to help you handle your personal needs, and FNB knows all about this. Plenty of experience in the global financial marketplace and is proudly South African,FNB is your uncle in the home loans business has.
Add comment January 16th, 2009