FNB Home Loan requirements for Non-Resident application to purchase property in South Africa

If one or more of the applicants are Foreign National or Non-residents, the application will be treated as a

Foreign Choice application.

Non-Residents:

A Non-Resident is a person who is not a South African and who is living and working abroad.

Requirements:

• Valid Passport, i.e. with a future expiry date
• 50% of purchase price has to be introduced from abroad. These funds should be paid by the applicant to the registering attorneys and proof of this deposit is required for the Excon application
• Excon approval will be required before the loan can be finally approved
• Excon application fee of R1140 payable by applicant

Foreign Nationals:
A Foreign National is a person who is not a South African and lives and works in South Africa on a temporary basis.

Requirements:

• Valid Passport, i.e. with a future expiry date
• 50% deposit and proof of the source of these funds must be provided to the registering attorneys
• Valid temporary residence permit, i.e. with a future expiry date. Please note that application for a new temporary residence can be conducted 3 months prior to expiry. An expired temporary residence permit will delay registration
• Employer’s letter confirming employment in South Africa
• A Foreign National Declaration signed at the bond registration attorneys
• An active primary cheque account with FNB for at least 6 months

Foreign National and Non-resident exclusions:

Lesotho, Swaziland, Namibia and South Africa are part of a Common Monetary Area and therefore, applicants from Lesotho, Swaziland & Namibia will be treated as South African applicants;

• Juristic entities excluded
• Additional properties excluded. Foreign Choice is only available on a NEW property, and only one property may be registered with the bank
• Switches from another financial institution excluded

Foreign National and Non-resident access to funds:

Non-Residents & Foreign Nationals are not allowed to access funds from the home loan after the initial payout is made on registration of the bond. This includes Flexi Option, Future Use, Prepaid, Readvance and Further Loan.

If you need further assistance, please fill in the online form here - http://www.wizardmidrand.com/home-loans/bond-application-form.html

FNB Home Loans Update - From Head Office

FNB Housing Finance is excited to announce that we have now officially joined Home Loans and
other banks in rolling out Interbank Document and Data eXchange (IDX) for our customers.

IDX is an interface which allows bank agents (within FNB) to request bank statements from all
other banks using a specified criterion. The purpose of this crossing point is to eliminate the
lengthy and unpleasant process of having to ask and wait for customers to bring their monthly
statements from banks which they hold their personal active account/s in order for their “loan”
requirements to be considered. Furthermore, this also allows the affected bank to be privy to
information which the customer might withhold/omit that could prove to be troublesome at a later
stage.

For now, customers are allowed to opt not to partake in this roll out but it will be mandatory at a later
stage. We request that you utilise the existing (applied by other banks) form for all FNB Housing
Finance customers who would like to involve themselves in this roll out.

Thank you for your continued support.

First the Budget Then Make a Decision first time home buyers

First Listen to the 2012 Budget Speech Then Make Up Your Mind

If you are a first time home buyer now is the perfect time to empower yourself and get in there while the going is still good.  You will soon be able to decide on buying a home, depending on the outcome of today’s 2012 budget speech.

First time home buyers take note!!

·         Interest rates are lower than they have been in decades.

·         Property prices are really, really good at this point in time.

·         Banks are easing up on their lending criteria, which is a positive move in the right direction borrowing  that much-needed money.

·         Empower yourself if you are a novice home buyer with the kind of knowledge that you will need when looking for a bond or wanting to borrow money.

·         Property is an important investment, therefore location is key.

·         Buy the cheapest home in the best area; this way you will never lose value on your investment.

·         When buying a home it is important to take convenience, access to your job, and security as well as safety into account.

·         A home close to schools is excellent for resale.

·         If the area you have your eye on is too expensive, then perhaps the suburb right next door is a good second option.

·         Noise levels also devalue homes; therefore a home in a quiet area might be a better option.

·         Interest rates are always a factor to take into account; find out first what Pravin Gordhan has to say in his 2012 budget speech, and then make your decision according to what the outcome of the latest budget as this will most certainly have an effect on finances for the next 12 months.

·         Buying a “renovator’s dream’ “is certainly an option, especially if you are deft with a hammer and nails. Buying cheap in an excellent area and doing up a home is a very good option, and many home owners find this to be the case.

·         Aesthetic flaws are obvious, but hidden problems are not that obvious when buying a home, therefore it might be advisable to have the house inspected by professionals before putting in that offer.

·         If alterations were carried out on the home, ensure that all the plans are in place when you sign on the dotted line.

Before you buy your new home, wait for the outcome of today’s 2012 budget speech, and then make your next move.

A good point of entry is to start searching for your dream home online, where you will find a plethora of choices, and also the property section in newspapers in your area of choice. A good estate agent will be able to advise you and point you in the right direction, making the whole process a lot less emotional and stressful. Some banks are giving 100% rates for bonds, but it is advisable to have a deposit in order to secure a loan, and increase your chances of actually getting that sought-after bank loan or bond.

After listening to Pravin Gordhan’s 2012 budget speech, and after doing some necessary homework and having fine-tuned your plan to buying your first home, your next step would be to approach your bank.

SA Budget 2012 - Yes – You CAN Get That Elusive Home Loan In 2012

Yes – You CAN Get That Elusive Home Loan In 2012

It seems as if the light is shining at the end of the proverbial tunnel for those that need to buy homes and need bonds in order to do so. According to Standard Bank, the largest player in the home loans field, it is still possible to get that loan that you need.

Pravin Gordhan will soon put us in the picture with his much-awaited 2012 budget speech, and this, too will have an all-important impact on the lending and housing market in SA in 2012.

Here are a couple of practical points to take into consideration prior to approaching your bank for that all-important loan:

·         Do a little research on the area.

·         Find out exactly what kind of condition the house is in.

·         Do some research into your credit history; this is easily available online and you can make any necessary adjustments if errors appear on your credit report. Compare these reports from the three largest credit bureaus in SA.

·         Armed with this kind of knowledge you will always have the upper hand.

·         Did you know that there are a high percentage of errors that occur on credit reports? These should always be checked on a regular basis so that your credit report is in a healthy state.

·         Ask a professional estate agent to assist in getting a comparable price list of the homes in the area; they have access to graphs and information that is pertinent to this.

·         Obviously, you will have to be able to afford the property; affordability is the key in this exercise.

·         If you are concerned that the budget will affect your already tight purse strings, it might be best to wait for after Pravin Gordhan has delivered his SA budget speech, and only then approach your bank for a loan.

·         You might feel that the budget does not really affect you in your everyday life; but if it is more taxes we have to pay, higher interest rates on our borrowed money, more to fork out on that glass of wine or packet of cigarettes, then it is wisest to hold on a little longer before signing for that much-desired property you already have your eye on.

·         Put money aside when buying your home; there are always costs that are hidden.

·         100% bonds are not common, so ensure that there is sufficient for transfer duties, deposits and anything else pertaining to buying your property.

·         Remember to add in attorneys’ fees and registration costs, too.

·         Hidden expenses need to be addressed, as you will always find there is a lot to be spent on added extras such as electricity deposits and beefing up security.

·         Don’t forget to build in your home insurance, too.

If you feel you might be a little too tight it is a good idea to wait and see what the 2012 budget speech will do for (or against) our borrowed monies from banking institutions; it is always bet to make these important decisions through careful planning.

Revival of Exciting Boksburg Affordable Housing Project

So finally Windmill Park Estate has been revived.

This awesome development backed by FNB is seeing a new lease on life and we wish them great success.

Already the first phase homes are developed and this Secure Estate has revised pricing with cheaper prices and 100% homeloans available

Well done Boutique Homes and FNB

Also remember you can get finance from ABSA, Standard Bank and Nedbank so if you live in Boksburg or want to move there this is certainly for you on the corner of Barry Marais and Rondebult roads.

East Rand rocks!

Should I buy, fix, sell and get RICH!!!!!!

Yesterday, I bought a PIP (Yup! a property in possession). 
Thank heavens some other sucker could not afford to pay his homeloan.
I scored, I really, really scored as I could raise some money
from my other homeloan for this house. Oh, what a bargain!

Now, I am going to do quick, fixit, with my gardner and a couple of guys off the street who walk around carrying paintbrushes and ladders with card board adverts.  They are really so cheap and desperate for work that a few more bucks will sort that out.

Then i'll sell it on Private property so that i do not need an agent and I'll save myself a fortune.

Speculation, the mothers of invention. (Sic)

So whats the reality in property!!! Or does reality exist in properties in possession!

Owning property is no doubt great.  Owing the bank money for the property is not so hot, but the truth is not all of us have hard earned cash!!

Second mortgages, even third and fourth ones to cover that little speculative property, can be great when things are good and you have rental income, but not so great when the burning hole in your pocket hurts like crazy.

A quick fixit, can also be a quick drain on cash, especially with no recourse and no guarantees.  so be careful.

Choosing the right place and area.  That is tough to answer.  Position, position, position means cost, cost, cost - You pay big time, for the big view.  So keep these thoughts close and keep your head at all times.

The key thoughts are, are there people with money.  Parents with student kinders.  Older folks needing places without stairs.???

Real estate agents actively active in the area.  Do properties move in the area.  Do the banks finance in the area.  That information is always available for you. get a great real estate agent or mortgage originator to assist you.  they will, they want your business.

Oh, yes, please do not forget, selling means you need buyers.

Selling means you need a nice place for someone who wants it with things that work.

so, let us hope that your painter with the ladder is not the owner of the PIP!!!!  mmmmmmmmmmm

be cool, be cool!!! Its still a good deal, just make sure you prepare yourself well -- ask the debt doctor he can tell you everything

FNB Bank closes early for world cup opening

Well well well... Why the hell not!!! Get out YOUR VUVUZELA'S! Fnb is.

Early Closure for World Cup Opening 11th June 2010 and 22nd June 2010

FNB Home Loans will be closing at 12h30 on Friday 11th June 2010 in the spirit of the Soccer World Cup. The opening ceremony commences at 13h20 hence the above-mentioned decision. Furthermore, on June 22nd when SA plays France, we will be showcasing our patriotism by closing shop at 14h00.

Please note that the OSCAR service desk, the Contact Centre, and all staff at FNB home Loans will not be available during this period. We trust that you and your staff will enjoy this historic occasion and thank you for your understanding.

Feel it, it is here…
FNB is the Official South African Bank of the 2010 FIFA World Cup™

FNB Housing Finance (Lower Income)

FNB Housing Finance - Rules for Developments – Pre-Valuation Qualification.

To simplify the process for both developers and bond originators, we’ve changed some of the rules that govern the Pre-Valuation of our housing developments for end-user finance:

• FNB Home Loans and FNB Housing Finance will consider providing end user finance (top-structure or building loans) for developments with unit prices <= R500 000


• We will bond a minimum number of 30 units. Developments with less than 30 units will be regarded as retail business and retail rules will apply.
• Income rule for developments where approval has been granted, will be as follows:

70% of customer deals may not exceed the income rule of R15 000 joint or individual.
30% of customer deals may exceed the income rule of R15 000 joint or individual.

Please note that FNB Housing Finance does NOT entertain investors or legal entities.

Self Employed? Wait 2 years before you get a mortgage!

It's a HOT topic!

(Please take a few of these comments with a pinch of salt, I have been slightly sarcastic with certain comments)

Something that I've been wanting to let out for a long time!

When governments /banks & countries are in a recession, what is it they always ask of their citizens?

What is the biggest financial sector at the moment, that governments are trying to punt?

I'LL TELL YOU!

Self Employed Individuals.

The banks and governments are pumping millions and millions of rands into "small business start ups"!

Why? Well, small business start ups bring "entrepreneurship" and ideas to a stagnant and declining economy. It's a sure way to make sure that the countries, youth and ideas don't fall along the wayside and it's a good way to keep stimulating the economy especially when big giants start collapsing (http://news.bbc.co.uk/2/hi/business/7615974.stm).

So where the hell am I going with this, you may be asking yourself?

Well I just so happen to by the Entrepreneur magazine every month, it happens to be the best business magazine I've ever read locally and abroad, and there's talk of billions and billions of rands available in small to medium business start up funding! GREAT! I LOVE IT! Means more money gets put into the economy and the fact that alot of this funding is coming from the banks is even better, they know what they're talking about.

Here's what pisses me off!

If you're an ABSA home loan clients don't even think of applying for a home loan unless your company has been running for 3 years!

If you're an FNB / Nedbank or Std client don't even think of applying for a home loan unless your company has been running for 2 years!

BETTER YET, Nedbank and Std bank won't accept self employed people unless you bank with them.

What I love most!!!!!! If you earn cash, even if you declare 100% of your cash and deposit 100% of your cash into your account and pay taxes on it, they still won't give you a bond!

This means that unless your company has been running for a full 2 years & you meet the following requirements, YOUR MORTGAGE APPLICATION will be declined:

1. 2 full years of audited financials (These must matchup 100% with your business bank account transactions)

2. 12 months bank statements for your personal account

3. 6 months bank statements for your business account

4. A letter of income that states what you earn every month (MUST REFLECT IN YOUR PERSONAL BANK ACCOUNT AS A SALARY)

5. IT34 that must prove the amount of tax you pay every year

EASY HUH!

So here's the summary of what Self Employed individuals can and can't do!

- Never ever run a cash business (pilates, gyms, private tutoring, schooling etc etc), the banks want to make money of every transaction you do, heaven for bid you should save R5.

- Make sure everything you earn is declared (or not visible)

- Make sure you pay accounts to do your financials and books (even if you're not making that much money)

- Pay your TAXES!!!!!!!!!!!!!!

REMEMBER: THE COUNTRY NEEDS SELF EMPLOYED PEOPLE, THEY JUST DON'T WANT TO HAVE A HOME!

Absa home loans, Nedbank home loans, FNB home loans and Std Bank home loans!

This letter is to you!!!!

WAKE UP BOYS