Our conditions stipulate that the policy must:
Require more finance or access to cash? When the need arises for renovations, further properties or a big expense, these options can offer the funds you require.
Withdraw cash already paid into the home loan
You get an extended term loan in conjunction with the application
Access to funds without undergoing a bond registration process
Residential properties are prone to damage from fires, flooding, burst geysers, plumbing and natural disasters. HOC is therefore absolutely essential, as it covers these damages and losses to property.
In terms of our home loan agreement with you, HOC is a requirement. The property remains security of the bank, it is therefore a requirement that you take out adequate cover for the duration of the loan.
A suitable HOC insurance is conditional and subject to the bank's approval, irrespective of the underwriting insurer, prior to registration of your bond; and has to be maintained for the duration of the loan agreement. Any insurer may be used as long as the bank's requirements are met within the terms of the policy.
Life is full of uncertainties, and no one plans to die and leave their loved ones with a financial burden.
In the absence of knowing what the future may hold, you can prevent that your loved ones face additional financial troubles when dealing with your death, as this in itself will be distressing. You may be required to supply Life Cover prior to the registration.
You have the choice of either accepting FNB Life's competitive Life Assurance quote called Embedded Life Cover Plan which will cover the outstanding balance of the loan, or you could insure the value of the home loan with an acceptable underwriter, subject to the policy having sufficient cover to pay off the outstanding balance, or registered bond amount, at the time of cession. Please note that FNB can reject any proposed credit insurance if it is not suitable.