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Everything about First national bank
By admin | March 27, 2009
Your family growing, your career advances and your lifestyle changes may change your housing needs. You need a home loan to address your individual requirements and FNB has taken cognizance of this. FNB has plenty of experience in the global financial marketplace and is proudly South African.
FNB Home Loans was conceived in 1838 in the small university town of Grahamstown in the Eastern Cape,arguably the patriarch of South African banking. More than 140 years later, FNB is one of the four largest banks in the South African banking industry.Becoming a wholly South African-owned and -controlled entity,FNB metamorphosed from Barclays in 1968.As recently as a year ago, strategies were sometimes controversial but FNB stuck to its underlying mission of trying to help the customer. (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. FNB obliquely argues that they should not have to assist clients that have become heavily indebted. Let’s take a look at some of FNB’s home loan options: the Traditional Home Loan, the Building Loan and their home loan optional add-on features and tailor-made solutions. The basic building block that provides finance to purchase a home is the Traditional Home Loan. In a myriad of ways to suit your personal needs,it’s a flexible home loan that can be adapted with a host of add-ons. 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 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. Bond reverts to a traditional home loan once the property is up.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. You can choose your loan term for up to 20 years and the building Loan repayments are interest-only repayments until the last payout. Interest rates are limited to variable until the building process is complete. You will need to verify that your home was constructed by a registered builder. FlexiBond add-on options give you the same flexibility as the Traditional Home Loan
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