Comparison Overview:

• Product Category: Home Loan
• Minimum Monthly Income: R25,000.00
• Interest Charged: 9.25%
• Monthly Service Fee: R57.00
• Initiation Fee: R5,700.00
• Minimum Age: 18
• Maximum Age: 75
• Max Repayment Term: term according to borrower’s age
• Insurance Options: home-owner’s cover

Product Overview

The Traditional Home Loan is a loan to assist the customer with finance when purchasing an existing residential property. The traditional home loan may be combined with a range of additional facilities and options to personalise your home loan. You can also view optional extras on the Traditional Home Loan page.

Costs Involved

    

Expense	Description	Amount
Purchase price deposit (if necessary)	This is a payment made to secure the property. The amount will be stated in the Offer to Purchase contract	Varies according to property value
Registration costs	A fee that is paid by you to the attorney	From 0,5% to 1,8% of the value of the bond to be registered
Transferring costs	A fee that is paid to the attorney nominated by the seller to transfer ownership of the property	This fee also varies and is based on the purchase price of the property
Postage and sundries	The cost of documents and certificates that the conveyancing attorney will need to submit to the Deeds Office, the bank, the estate agent and you	Minimum R300
Deeds Office registry fee	A fixed fee for the local registration of the loan	Minimum R200 to R1 000
Transfer duty	This is a government tax, which you will need to pay based on the purchase price	Acquisition of property by natural persons: Less than R750,000 = No transfer duty payable R750,001 to R1,250,000 = 3% of the value exceeding R750,000 R1,250,001 to R1,750,000 = R15,000 plus 6% of the value exceeding R1,250,000 R1,750,001 to R2,250 000 = R45,000 plus 8% of the value exceeding R1,750,000 R2,250,001+ = R85,000 +11% if the value exceeding R2,250,000
Initiation fee	A fee charged by FNB to process your home loan application	See annual pricing guide for details. FNB will debit this fee to your home loan on registration.
Monthly Service fee	A monthly service fee will be charged on all loans	See the FNB annual pricing guide for details

Do you qualify?

The Traditional Home Loan is available to individuals, joint applicants and property-owning juristic persons e.g. trusts, non-trading close corporations and private companies.  The term of the loan must expire before you reach the age of 75.

Types of Buyers

First Bond

A First Bond application for finance through FNB is for a fully built property where no previous finance for the property is in place. The qualifying criteria on a New Home Loan must be met.

First Time Home Buyer

A First Time Home Buyer has never owned a property before and is approaching FNB for finance. You will need to meet the following criteria when applying for a home loan for the very first time:

• The qualifying criteria on a New Home Loan must be met.
• You must be purchasing a property for the first time.

Vacant Land

A Vacant Land application is submitted when a customer requires finance for a portion of land where no building exists.

Do you qualify?

You will need to meet the following criteria when applying for Vacant Land finance from FNB Home Loans:

• The qualifying criteria on a Traditional Home Loan must be met.
• The vacant land must have existing municipal service connections.

What you need to apply?

• A copy of an Offer to Purchase (if applicable)
• Proof of income
• If self-employed provide the latest financial statements
• Suitable proof of residence
• Copy of South African identity document
• Copy of your marriage certificate (if applicable)
• Completed application form

APPLY FOR A PERSONAL LOAN HERE