Home loans
Steps to buying
Acquire your dream home
Here are the steps to follow when applying for your home loan with FNB.
Getting started
Did you know that you can submit all your documents and track your application via nav» Home on the FNB App? You'll need to submit:
- Your application
- A signed offer to purchase (OTP)
- Proof of identification (copy of your ID)
- Proof of residence not older than three months
- Three months' bank statements and three months' payslips (if you don't bank with FNB)
Ticking the boxes
The bank will assess your application, considering the property's location and market value, as well as your affordability and credit score. The credit assessor will determine whether you can afford to service the property finance or not.
Good news
If everything's in order, a bank representative will inform you that your application has been approved 'in principle'. This condition is subject to the bank assessing the property to ensure it's in a good condition and that the sale price aligns with its market value.
Property evaluation
An assessor will physically visit the property to do a valuation. Should there be enough information about the property, an automated or desktop valuation can determine whether the property is good security for lending. Then, a final quote including the offer amount and interest rate is created.
A formal contract
If the evaluation is successful, the bank will prepare a formal contract with the loan's terms and conditions as well as the interest rate to be charged. Ensure that you carefully read through and understand the terms and conditions, and ask questions if necessary.
Bond registration
The bank will instruct the bond attorneys to manage the bond registration process. These are all the administrative processes involved to ensure the bond is registered in your name. The Deeds Office is responsible for the registration, management and maintenance of the property registry in South Africa. Once the Deeds Office registers the bond, the funds are made available to the seller.
Authorising your DebiCheck debit order
For your safety, DebiCheck allows you to confirm your debit order details electronically at the beginning of a new contract or when information regarding your current debit order changes. You'll receive a request (an SMS and/or banking app notification and/or email) from FNB to confirm the DebiCheck mandate information relating to your new monthly home loan debit order.
