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Qualifying criteria

In order to initiate the process, you will need to meet the following when applying for a Foreign Choice

  • The Foreign Choice is available to individuals and joint applicants. It will not be granted to juristic entities
  • Foreign nationals need a valid Temporary Residence permit to take up employment in South Africa
  • Non-residents need exchange control approval once our credit criteria have been met
  • All other Traditional Home Loan qualifying criteria apply
  • Product only available for the purchase of a NEW property
  • As a Foreign Choice applicant, you qualify for finance for one property only from FNB
  • You will need to have had an active primary cheque account with FNB for at least 6 months
  • FNB Home Loans will not accept foreign national switches from another financial institution
  • Non-residents will have to make arrangements in order to finance up to 50% of the purchase value - the other 50% deposit is to originate from foreign funds transferred to South Africa

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Once-off costs

Expense Description Typical amount
Purchase price deposit 50% or purchase price of the property price is required as deposit.

50% deposit must originate from foreign funds transferred to South Africa from abroad. Proof of this is required and has to be submitted with the Exchange Control application referred to in the next point. 		Varies according to property value
Registration costs A fee that is paid by you to the attorney View the rates .
Transferring costs A fee that is paid to the attorney nominated by the seller to transfer ownership of the property This fee also varies and is based on the purchase price of the property
Postage and sundries The cost of documents and certificates that the conveyancing attorney will need to submit to the Deeds Office, the bank, the estate agent and you Minimum R300
Deeds Office registry fee A fixed fee for the local registration of the loan Estimated cost between R70 and R3 000.
Transfer duty This is a government tax, which you will need to pay based on the purchase price. View the rates .
Initiation fee A fee charged by FNB to process your building loan application Refer to Annual Pricing Guide
Non-resident fee Exchange control approval is required to grant the loan. The fee is for submitting the application Natural persons: R1 470
Juristic entities: R1 850
Service fee A monthly administration fee will be charged on all new registered loans.

Please note that the monthly service fee applicable to your home loan will be charged irrespective of the balance outstanding and will only cease when the bond Is cancelled. 		Refer to Annual Pricing Guide
Existing bond cancellation fee A cancellation fee, if applicable, will be charged by the attorney to cancel your bond in the Deeds Office It varies by attorney
Early termination fees An early termination fee is charged when a home loan is cancelled without giving 90 days notice. Waived
Interest rates Fixed and Variable rate options are available. An application must be submitted for a Fixed Rate.  

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Monthly costs

A monthly service fee will be charged on all new registered loans. See Pricing Guide for details.

Other costs to consider

  • Municipal rates and fees
  • Monthly home loan repayments
  • Property Insurance
  • Life Assurance
  • Household content insurance

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Transfer duty

This is a government tax, which you will need to pay based on the purchase price.

Amount

Acquisition of property by natural persons:

Value of Property Rate
Less than R900 000 No transfer duty payable
R900 001 to R1 250 000 3% of the value above R900 000
R1 250 001 to R1 750 000 R10 500 + 6% of the value above R 1 250 000
R1 750 001 to R2 250 000 R40 500 + 8% of the value above R 1 750 000
R2 250 001 to R10 000 000 R80 500 +11% of the value above R2 250 000
R10 000 001 and above R933 000 + 13% of the value above R10 000 000

Note: The transfer duty rates are applicable to properties acquired under purchase agreements concluded on or after 23 February 2011, and apply to all persons (including companies, close corporations (CCs) and trusts).

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What the Non-resident Home Loan offers

  • Home finance for non-residential individuals and joint applicants
  • Finance for non-residents of South Africa, Lesotho, Swaziland or Namibia, who are not living in the common monetary area
  • Finance for foreign nationals who are living in South Africa on a temporary basis and have a working permit to work in SA

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What this allows you to do

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Rules regarding accessing funds

  • Readvance and Flexi options are not permitted on Foreign Choice applications.
  • Further Loans will not be permitted on Foreign Choice Home Loan.
  • Prepaid is not available to non-resident applicants.
  • You can only access a Flexi option, Readvance, Prepaid and Further Loan, if you are in possession of a South African ID document or card. (In the case of joint applicants both/ all parties must hold the abovementioned documents). Failing this, any payments made in excess of the minimum monthly required repayment will result in interest saving benefit and early repayment of the bond. These funds will not be available for withdrawal.
  • Purchase property in South Africa
  • Access your Home Loan account at ATMs, through Telephone Banking, Cellphone Banking and Online Banking

Rules regarding accessing funds

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Registration Costs

Value of property or bond Recommended guideline of fees conveyance of immovable property or the registration of a mortgage bond
R100 000 or less R5 000,00
Over R100 000 up to and including R500 000 R5 000 plus R770 per R50 000 or part thereof above that
Over R500 000 up to and including R1 000 000 R11 160 for the first R500 000 plus R1 540 per R100 000 or part thereof above that
Over R1 000 000 up to and including R5 000 000 R18 860 for the first R1 000 000 plus R1 540 per R200 000 or part thereof above that
Over R5 000 000 R49 660 for the first R5 000 000 plus R1 925 per R500 000 or part thereof above that

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Transfer duty

Value of the property (R) Rate
0 - 900 000 0%
900 001 - 1 250 000 3% of the value above R900 000
1 250 001 - 1 750 000 R10 500 + 6% of the value above R1 250 000
1 750 001 - 2 250 000 R40 500 + 8% of the value above R1 750 000
2 250 001 - 10 000 000 R80 500 + 11% of the value above R2 250 000
10 000 001 and above R933 000 + 13% of the value above R10 000 000

Foreign Choice

Home to non-residents + foreign nationals

Foreign Choice is a product for non-residents and foreign nationals who want to purchase residential property in South Africa or for South Africans who are working and living in another country, looking to buy a property in South Africa.

How it works

Finance for properties in South Africa

What it costs

Needs, wants + expenses

When buying or selling property, costs pertaining to registration and transfers need to be considered. Select the applicable link below to have a better understanding of our cost structure and costs involved in finalising the process.

Applying made easy

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Qualifying criteria

  1. Individual: min. income of R25 000 per month
  2. Joint application: at least one of the individuals must earn a min. of R25 000 per month

View full qualifying criteria

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Qualifying criteria

Documents needed

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Documents needed

  • You need to comply with the traditional home loan application documentation.
  • A completed application form.
  • An indication of the purpose for purchase (e.g. rental or holiday home).
  • Copy of passport.
  • Private entities must supply a current statement of assets and liabilities, as well as a banker's report from the customer's bank in their country of origin.

Foreign nationals

  • A valid temporary residence permit to take up employment in South Africa.

Non-residents

  • The details of when and how the 50% deposit originating from foreign funds will be made.
  • An undertaking to pay the R1 140 exchange control application fee.
First National Bank - a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider 1929/001225/06 (NCRCP20).