FNB

Whenever you feel like taking out a FNB home loan, it is essential to know which types of FNB home loans there is. Here we will discuss the different types of FNB loans.

Firstly, there is the traditional FNB bond. You will take out this home loan when you buy a existing residential property.

Secondly, there is the Bond Plus option. This option lets you borrow 100% of the purchase price of your house plus 8% more to cover additional costs associated with buying a house.

Thirdly, there is the Future use option. This enables you to register a bond greater than the home loan amount you require, creating an extra amount that may be accessed at a later stage.

Fourth, is the building bond option. You can apply for this option if you are intending to build a home. Once the building is complete, this will revert to a normal home loan.

Fifth, is the foreign choice option. This option allows a foreigner or a South African who has immigrated to purchase a property in South Africa.

Then you get the flexi bond option. With this option you will get access to surplus home loan funds 24 hours a day, 7 days a week if you have a transactional account with FNB. Access to these funds are available during business hours.

You get the Pre-Paid Finance option which lets you withdraw any additional money that you have paid into your home loan account.

There is also the repayment choice option. With this option, if you increase your monthly installment you will save on interest. It also allows you to pay of your home in a shorter period of time.

Then you get the Re-Advance option. This gives you access to the funds that make up the difference between your original registered home loan and the outstanding balance.

Lastly, there is the Further bond. You obtain funds by registering an additional amount over and above your original registered bond amount.

To apply for a home loan at FNB click here.