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Expense
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Description
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Amount
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Purchase price deposit
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This is a payment made to secure the property. The amount will be stated in the Offer to Purchase contract
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Amount varies according to property value
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Attorney bond costs
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A fee that is paid by you to the attorney to register a mortgage bond in favour of the Bank
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Amount that varies as per the legal conveyancing fees schedule
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Attorney transferring costs
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A fee that is paid to the attorney nominated by the seller to transfer ownership of the property
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Amount that varies as per the legal conveyancing fees schedule
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Transfer duty and VAT
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This is a government tax, which you will need to pay, based on the purchase price or the open market value of the property, whichever is higher. In property sales,
either transfer duty or VAT will be applicable depending on whether the seller's line of business is property trading. Transfer duty is not applicable in respect of Tribal
land however the transaction may attract VAT, depending on the type of seller
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Depending on whether or not a purchaser is a citizen or non citizen, transfer duty is charged as follows;
Citizen
5% of the purchase price for citizens after an
expemption of P200,000.
Non-Citizens
5% of the purchase price
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Initiation fee
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A fee charged by FNB to process your home loan application
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See annual pricing guide for details. FNB will debit this fee to your home loan on registration
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