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We offer finance solutions and tools to guide you through the entire home loan process - from start to finish.
You are going to need Home Owners Cover (HOC). 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.
Please note that, should you use an insurer other than the one recommended by the bank, you will be required to provide us with an updated policy following the renewal month of the policy on an annual basis.
Read more about FNB's Home Insurance
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 Mortgage Protection 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.
Our conditions stipulate that the policy must
Mortgage Protection Plan (MPP)
Where the principle loan amount is equal to or less than R1 000 000, the maximum cover will be capped at R1 000 000 per property, per applicant, with a cumulative maximum of R2 000 000 per applicant. FNB Home Loans will require Life Cover as a condition of the loan being granted on new and further loans for joint or individual applicants.
A competitive quote for applicants aged 64 years or younger from FNB Life, called Mortgage Protection Plan (MPP) will be supplied. There are certain instances where this will not be a requirement, but this will be specified in your conditions of the loan being granted.
The MPP covers the outstanding home loan amount in the event of your untimely death or permanent disability. The premiums payable for MPP are dependent on the previous months average outstanding home loan balance and reduces as the home loan is paid off.
You are however entitled to provide your own policy to be ceded to the Bank, subject to the policy having sufficient cover to pay off the outstanding balance, or registered bond amount, at the time of cession.
You are going to need Home Owners Cover (HOC). 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.
Please note that, should you use an insurer other than the one recommended by the bank, you will be required to provide us with an updated policy following the renewal month of the policy on an annual basis.
Read more about FNB's Home Insurance
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 Mortgage Protection 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.
Our conditions stipulate that the policy must
Mortgage Protection Plan (MPP)
Where the principle loan amount is equal to or less than R1 000 000, the maximum cover will be capped at R1 000 000 per property, per applicant, with a cumulative maximum of R2 000 000 per applicant. FNB Home Loans will require Life Cover as a condition of the loan being granted on new and further loans for joint or individual applicants.
A competitive quote for applicants aged 64 years or younger from FNB Life, called Mortgage Protection Plan (MPP) will be supplied. There are certain instances where this will not be a requirement, but this will be specified in your conditions of the loan being granted.
The MPP covers the outstanding home loan amount in the event of your untimely death or permanent disability. The premiums payable for MPP are dependent on the previous months average outstanding home loan balance and reduces as the home loan is paid off.
You are however entitled to provide your own policy to be ceded to the Bank, subject to the policy having sufficient cover to pay off the outstanding balance, or registered bond amount, at the time of cession.
Some people can see their future by simply looking at a bare piece of land.
If this is you - the vacant land loan can help you make your vision a reality.
You will need to meet the following criteria when applying for Vacant Land finance from FNB Home Loans:
The qualifying criteria on a Traditional Home Loan must be met and the vacant land must have existing municipal service connections.
A Will is probably one of the most important documents you will ever sign. It provides you with the opportunity to give clear instructions on how your assets and wishes are to be dealt with when you pass away.
A Will enables you to:
Get a professional Will today, at no cost by calling 087 736 3555 or emailing fiduciary@fnb.co.za
A monthly service fee will be charged on all new registered loans. See Pricing Guide for details.
Other costs to consider
| Expense | Description | Typical amount |
|---|---|---|
| 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 |
| Registration costs | A fee that is paid by you to the attorney | View the rates . |
| Transferring costs | 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 | Minimum R300 |
| Deeds Office registry fee | A fixed fee for the local registration of the loan | Estimated cost between R70 and R3 000 |
| Transfer duty | This is a government tax, which you will need to pay based on the purchase price. | View the rates . |
| Initiation fee | A fee charged by FNB to process your building loan application | Refer to Annual Pricing Guide |
| Service fee |
A monthly administration fee will be charged on all new registered loans. Please note that the monthly service fee applicable to your home loan will be charged irrespective of the balance outstanding and will only cease when the bond Is cancelled. |
Refer to Annual Pricing Guide |
| Existing bond cancellation fee | A cancellation fee, if applicable, will be charged by the attorney to cancel your bond in the Deeds Office | It varies by attorney |
| Early termination fees | An early termination fee is charged when a home loan is cancelled without giving 90 days notice. | Waived |
Further Lending - Further Loan
A Further Loan allows you to apply for and register an additional loan over and above the existing home loan already registered.
Electronic access to prepaid funds on your home loan.
Interest calculated daily and capitalised monthly.
24/7 electronic access to funds via FNB ATMs, Cellphone-, Telephone or Online Banking.
Additional funds paid into your home loan, over and above your monthly payments.
Access to cash without having to apply for another loan.
Future Use enables you to register a bond greater than the home loan amount you require, creating a surplus amount that you can access at a later stage, without further registration, subject to credit approval.
Future Use takes into consideration the hectic pace of life today and the fact that your needs change from one moment to the next. By planning ahead, you can use the available value in your home to your best advantage.
Further Lending - Future Use Withdrawal
Further Lending - Readvance
Readvance allows you to withdraw funds from your existing home loan in an easy & convenient manner. A Readvance gives you access to the funds that make up the difference between the original registered home loan amount and the outstanding balance. It's simpler than registering an additional bond and the funds are readily available.
To qualify for a Home Loan you'll need to meet the following criteria:
Future Use takes into consideration the hectic pace of life today and the fact that your needs change from one moment to the next. By planning ahead, you can use the available value in your home to your best advantage.
| Value of property or bond | Recommended guideline of fees conveyance of immovable property or the registration of a mortgage bond |
|---|---|
| R100 000 or less | R5 000,00 |
| Over R100 000 up to and including R500 000 | R5 000 plus R770 per R50 000 or part thereof above that |
| Over R500 000 up to and including R1 000 000 | R11 160 for the first R500 000 plus R1 540 per R100 000 or part thereof above that |
| Over R1 000 000 up to and including R5 000 000 | R18 860 for the first R1 000 000 plus R1 540 per R200 000 or part thereof above that |
| Over R5 000 000 | R49 660 for the first R5 000 000 plus R1 925 per R500 000 or part thereof above that |
| Value of the property (R) | Rate |
|---|---|
| 0 - 900 000 | 0% |
| 900 001 - 1 250 000 | 3% of the value above R900 000 |
| 1 250 001 - 1 750 000 | R10 500 + 6% of the value above R1 250 000 |
| 1 750 001 - 2 250 000 | R40 500 + 8% of the value above R1 750 000 |
| 2 250 001 - 10 000 000 | R80 500 + 11% of the value above R2 250 000 |
| 10 000 001 and above | R933 000 + 13% of the value above R10 000 000 |
Home loan
What's hot
We offer finance solutions and tools to guide you through the entire home loan process - from start to finish.
What it costs
When buying or selling property, costs pertaining to registration and transfers need to be considered. Select the applicable link below to have a better understanding of our cost structure and costs involved in finalising the process.
Getting it made easy
