The credit crunch in 2008 had numerous ripple effects on various countries. In South Africa, banking institutions adopted more stringent lending criteria. The number of home loans that were issued also decreased dramatically in following years.
First Nationals Bank (FNB) offers a wide array of financial services- one of which is their home loan service.
Clients who have the benefit of qualifying for a home loan not only have the finance to be able to purchase a home, but they also have access to services that are linked to this loan.
The FNB Re-advance is a credit facility that is extended to South African citizens with an FNB home loan.
What is a re-advance?
This is the difference between the bond amount owing (outstanding balance on the bond) and the bond amount registered (the original total of the bond).
You are able to get access to the funds you’ve paid on your home loan.
What are the benefits offered by the FNB Re-advance?
- You get to withdraw cash that you have already paid into your home loan
- You get an extended term loan in conjunction with the application
- Getting access to the loan is easy, because you can simply apply online
What do you need to apply?
- Latest payslip
- Valid South African ID
- 3 months’ bank statements
- Home Loan documentation
- Have a bank account in the same name as that of the home loan
- Property details (duly signed offer to purchase)
- To qualify for a home loan from FNB, you need to fulfil these criteria:
- Be between the ages of 18 and 55
- Be a South African citizen
- Earn a minimum salary of R25 000 per month
To apply for the FNB Re-advance call: 087 736 6000 or 087 730 11 44