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.
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:
A Vacant Land application is submitted when a customer requires finance for a portion of land where no building exists.
You will need to meet the following criteria when applying for Vacant Land finance from FNB Home Loans:
Expense | Description | Amount |
---|---|---|
Purchase price deposit | This is a payment made to secure the property. The amount will be stated in the Offer to Purchase contract | Amount varies according to property value |
Attorney bond costs | A fee that is paid by you to the attorney to register a mortgage bond in favour of the Bank | Amount that varies as per the legal conveyancing fees schedule |
Attorney transferring costs | A fee that is paid to the attorney nominated by the seller to transfer ownership of the property | Amount that varies as per the legal conveyancing fees schedule |
Transfer duty and VAT | 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 |
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 |
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 |
At FNB, we believe that home is where your roots are. It's the foundation of special moments, from the first picture you drew to a lifetime of memories in the making. 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.
Expense | Description | Amount |
---|---|---|
Purchase price deposit | This is a payment made to secure the property. The amount will be stated in the Offer to Purchase contract | Amount varies according to property value |
Attorney bond costs | A fee that is paid by you to the attorney to register a mortgage bond in favour of the Bank | Amount that varies as per the legal conveyancing fees schedule |
Attorney transferring costs | A fee that is paid to the attorney nominated by the seller to transfer ownership of the property | Amount that varies as per the legal conveyancing fees schedule |