In South Africa, this is how FNB Readvance works!
The First Nationals Bank (FNB) offers a variety of financial products and services, including home loans.
Clients who apply for a home loan are not only given the funds they require to purchase a home, but they are also given access to loan-related programs.
The FNB Re-advance is a credit line available to South Africans who have taken out a FNB home loan.
You may have taken out a home loan but were unaware of the readvance.
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This article will be helpful to you because it contains all of the information you need to understand how the FNB readvance loan works.
WHAT IS THE ADVANCE OF FNB IN SOUTH AFRICA?
FNB readvance is the difference between the bond amount due, i.e. the outstanding balance on the bond, and the bond amount registered (the original total of the bond).
Readvance enables you to withdraw funds from your current home loan quickly and easily.
Readvance allows you to get money to bridge the gap between your original home loan number and the remaining balance.
It’s easier than applying for a new home loan, and the funds are available right away.
There are several reasons why you should be aware of FNB readvance.
One of the reasons is that it allows you to withdraw the funds you put into your mortgage.
The other reasons are that readvance comes with the possibility of having your term loan extended and having easy access to a loan because you have access to an online application.
Check the requirements now that you know how FNB readvance works.
WHAT ARE THE REQUIREMENTS TO APPLY FOR FNB READVANCE?
To be eligible for the readvance, you must meet the following criteria:
• A copy of your most recent pay stub
• You’ll need valid South African identification.
• Your bank account information for the previous three months
• Documentation Required for Home Loans
• Your bank account information corresponds to the home loan bank account information.
• Property (home) information or documents (duly signed offer to purchase)
• Been approved for a FNB home loan,
• You must be between the ages of 18 and 55 to participate.
• Move to South Africa and become a citizen.
• Earn a monthly salary of at least R25 000.
• The minimum amount that can be applied for is R4 000.
• You’ll need a transactional account in the name of one of the bondholders.
• You’ll need to pay your mortgage with a debit order or a salary stop order.
• The home loan must be on variable rate options at the time of the Readvance application.
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