Here is how FNB Readvance work in South Africa!
The First Nationals Bank (FNB) provides a wide range of financial services, including home loans.
Clients who apply for a home loan not only get the money they need to buy a house but they also get access to loan-related programs.
The FNB Re-advance is a credit facility available to South African people who have taken out a home loan with FNB.
Chances are you have taken the home loan but didn’t know about the readvance.
You’ll find this article useful as it has all the details you need to understand how this FNB readvance loan works.
What Is FNB Readvance
The difference between the bond amount due, i.e. the outstanding balance on the bond and the bond amount registered, is referred to as FNB readvance (the original total of the bond).
Readvance helps you to quickly and easily withdraw funds from your current home loan.
Readvance allows you to obtain funds to cover the gap between the initial registered home loan number and the remaining balance.
It’s less complicated than applying for a new home loan, and the funds are immediately available.
There are a number of reasons why you need to know about FNB readvance.
One of the reasons is that it helps you have access to withdraw the funds you paid into your home loan.
The other reasons are that readvance comes with a chance to have your term loan extended and have access to a loan with ease because you have online application access.
What Do You Need To Apply For FNB Readvance
For you to qualify for the readvance, you need to meet the following requirements;
- The most recent salary slip
- Valid South African identification is needed.
- Your bank account details over the last three months
- Documentation for Home Loans
- Your bank account details respond to the home loan bank account details.
- The property (home) details or documents (duly signed offer to purchase)
- Qualified for an FNB home loan,
- You must be between the ages of 18 and 55 years old.
- Become a resident of South Africa.
- Make a minimum monthly salary of R25 000.
- R4 000 is the minimum sum that can be applied for.
- You’ll need a transactional account in one of the bondholders’ names.
- Paying your mortgage with a debit order or a salary stop order is needed.
- At the point of filing for a Readvance, the home loan must be on variable rate options.
That is how FNB Readvance work in South Africa.