FNB Smart Bond Loan

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FNB Smart Bond Loan

Smart Bond is tailor-made for individuals earning a minimum gross monthly income of R3 500 and maximum of R25 000. For joint applications, each applicant should not earn more than R25 000 gross income.

FNB’s Building Loans makes getting started with building a home easy. Revamp, renovate or improve your home with a loan from FNB.

What is a Building Loan

Are you revamping or building from scratch and need extra finance? A Building Loan is a home financing solution that enables you to build a new home or carry out renovations on an existing property. A Building Loan is where a retention becomes applicable on the loan amount and the funds are advanced to the borrower in stages/ progress payments during the construction period of the dwelling and improvements. Once the home is built, the Building Loan reverts to a normal Home Loan.

Benefits
• You can build your dream home to your own specifications
• You could buy in selected new residential development with a choice of design, price and finishes that will suit your needs.

The Building Loan is suited to:
• Anyone who is planning to build a home using an NHBRC registered builder.
• Anyone who would like to make alterations or improvements to their existing home.
• A home tailor made to your specific needs by buying ‘off’ plan in any new development (excluding Sectional Title units).

If you have just bought a property and you do not have funds at your disposal you can make an arrangement in order to:
• Build or make alterations to your home
• Redecorate your home
• Increase the value of your property

Qualifying Criteria
• Within age to contract legally, must be 18 years or older
• You must possess a clear credit record
• The finance must be used to build or alter a residential property
• The building loan is only available to Individual or joint income must be a minimum of R25000, and the property purchase price must be a minimum of R600 000.

• Individual or joint income must be a minimum of R25000, and the property purchase price must be a minimum of R600 000

• The builder, contractor or subcontractor must be registered with the NHBRC (National Home Builders Registration Council) for all new dwellings.

An upfront deposit portion will be required by the bank from the customer to make up the deficit/ shortfall. This will be the difference between the cost of the project and the amount granted by the bank. A minimum deposit of 10% of the total package price (land + contract amount) is required in all instances. The deposit will be based on the lower of the total package price, or FNB’s assessed market value on completion.

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