Get a personalized loan offer tailored for your credit scoreGET IT TODAY
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.
|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
||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
||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
|Deeds Office registry fee
||A fixed fee for the local registration of the loan
||Minimum R200 to R1 000
||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
||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.
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:
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:
What you need to apply?
Fincheck is a financial comparisons website that organises information to assist the borrower in making their best financial decision.
Fincheck gathers information from numerous banking partners and presents it to the borrower in a simple, understandable way. Lenders benefit from an additional market place and extensive customer reach. Loan amounts vary from lender to lender. Fees, interest rates, loan amounts and credit scores influence the repayment terms. Lenders require personal details to control their risk and assist the government to combat theft, money laundering, terrorism. Fincheck does not endorse any particular product or company. We are an independent company. The information shown and provided is an opinion, based on numbers and must not be seen as advice or consultation.
Copyright 2022 Fincheck.co.za