Having Fun Inc Blog

Becoming a wholly South African-owned and -controlled entity,FNB metamorphosed from Barclays in 1968.As recently as a year ago its strategies were sometimes controversial but FNB stuck to its underlying mission of trying to help the (sometimes pig-headed) South African consumer. The brown smelly stuff really hit the fan,when First National Bank announced it was reassessing bonds where homes had not yet been transferred. To themselves prioritize clients’ long-term capacity to pay off their mortgage in an increasingly difficult economic climate – the bank’s intention, however, was to go where no bank had gone before. Should we actively help customers dig themselves into a financial hole they will never get out of,why, argued FNB, albeit not in so many words?

The FNB Home Loans are: the Traditional Home Loan, the Building Loan and their home loan optional add-on features and tailor-made solutions. The basic building block that provides finance to purchase a home is the Traditional Home Loan. In a myriad of ways to suit your personal needs,it’s a flexible home loan that can be adapted with a host of add-ons. Do you have any idea about the structuring of the Traditional Home Loan? Will need a minimum joint income of R10,000,you, or you and your partner. If you wish to buy a property it should be worth at the minimum R300,000.  Finance is offered for up to 100% of the property value, you can select your loan term for up to 30 years and interest rate options include variable, fixed and BA-linked. Future Use and FlexiBond options allow you to tailor this loan to your needs so that you can draw cash against your loan in the lean years but remain in control of your debt without becoming unwittingly drawn into a financial scenario you can’t afford. If you are just getting started, the classic Building Loan is aimed at anyone who wants to build their own dream home but needs a little help. Once the property is up, the bond reverts to a traditional home loan.You will get up to 100% of the building contract price (including the land) and you get breathing space with up to six progress payments so you can ensure the building process can stay on track. The building Loan repayments are interest-only repayments until the last payout. You can choose your loan term for up to 20 years The interest rates are limited to variable until the building process is complete, but then you get to choose your rate. You will need to make sure your home is built by a registered builder. Future Use and FlexiBond add-on options give you the same flexibility as the Traditional Home Loan in insuring against leaner months and unexpected setbacks. Your housing needs are unique and they change as your family grows, your career advances and your lifestyle changes. You need a home loan to address your individual requirements and FNB has taken cognizance of this. FNB has plenty of experience in the global financial marketplace and is proudly South African.