The FNB Home Loan
Lives today are hectic and volatile; one cannot predict where
they will be from day to day let alone month to month, year
to year. At First National Bank they believe that keeping
up with the times means keeping an eye on the future, one
must know where the pack is going to stay ahead of it. Because
of such hindsight the FNB has created programs for their valued
customers such as the Future Choice loan program. This is
an innovative loan solution that can help any person in any
situation and adapts to an individuals needs and living situation.
The basics of the program allow a person to take out a loan
much larger than the amount one will require for the actual
home. This extra amount of money will be accessible at a later
time to ease the life of the homeowner, or increase the value
of the home itself. If an owners property has increased in
value over the time spent living there owners can apply to
use these extra finances to spend on anything they so choose.
Renovate the house, or go on a luxurious vacation, get a new
car or send the kids to college, the choices are the patrons.
However use of the extra money is restricted to home improvements
if the value of the property has not increased in the time
spent living there. To take advantage of the Future Choice
additional money one must apply to First National Bank for
the amount desired. Each application for funds retrieval is
subject to the bank’s credit searches and approvals.
First National Bank offers this Future Choice home loan option
to any of their basic home loan options which are that basic,
simple, and easy to understand. The Traditional Loan is set
up to give a customer what they need when they need it. A
property with a value of 300 000.00 or more is required as
well as citizenship in the country of South Africa is required
to apply for a Traditional First National Bank loan. The Traditional
Loan provides financing normally at 80% of the purchase price
of the property. One is given the choice between twelve, eighteen,
or twenty-four months worth of fixed interest rates, variable
interest rates or BA-Linked interest rates. It is also compulsory
that patrons have life insurance before applying for a loan
with First National Bank. If one is a first time homebuyer
and does not have the required cash to pay the upfront registration
and property transfer costs a program called Bond Plus is
available to cover these fees, the requirement of course being
that one has not purchased a home before.
The Bond Plus program features a higher rate of return at
a possible 100% cover of property costs with an extra 8% on
top to ease the stress of relocating. There are also age restrictions
allowing only those 49 years of age and younger to apply for
the Bond Plus program, as well as having a monthly income
of R10 000.00. Patrons of this program may still apply for
the Future Choice program as well as anything else offered
by First Nation Bank.
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