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FNB reviews home loan requirements

By unknown | Jul 02, 2009 | COMMENTS [ 0 ]

FIRST National Bank is reviewing its requirement of a 10 to 15percent deposit for a home loan.

Last year South Africa's four biggest banks announced that buyers would be required to pay deposits of between 10percent and 20percent before a home loan was considered.

Yesterday FNB's home loans chief executive Jan Kleynhans said they were reviewing the bank's policy "for customers in good standing".

Harcourts Africa chief executive Martin Schultheiss said that in the past banks were willing to make concessions for consumers with less than perfect credit records.

"Consumers became used to defaulting on loans without severe repercussions." - Simpiwe Piliso


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