Nedbanks Building Loan

Nedbanks Building Loan

Nedbank has a long and rich banking history that dates back to 1888 and is today counted among the country’s largest banks. With headquarters in Johannesburg, Nedbank has over the years become a trusted financial services provider because of its ability to be innovative and provide cutting edge products and services. One of those making a huge difference in South Africa is the Nedbanks building loan.

This loan facility has been designed for those who are planning to build new residential property or in the process of upgrading your existing property. Some of the features and benefits associated with this facility include the fact that builders must be NHBRC approved, repayment period runs up to 25 years, fixed or variable interest rate options apply and you have an option to apply for the fixed interest rate after the registration of the bond, there is a further loan without registration of a new home loan which gives you access to the capital amount already paid off up to the original loan amount, there is also a further loan with registration which allows you to register a second loan that grants finance for a variety of uses.

The minimum amount that may be withdrawn shall be the sum of R1,000 and each withdraw will be in rand currency only, Nedbank carefully monitors the building project in order to ensure that your home is completed within a reasonable time, the building loan is paid out as the building progresses for the work that has been completed, Nedbank also demands that there is loan protection assurance required for loans up to an amount of R500, 000.

In order to qualify for the building loan, you need to earn R2,500 per month or more which can be single or joint gross monthly income.You need to be considering a property which is R100,000 or more and you must have a clear credit record. It is important to note that you will be assessed for affordability in terms of the National Credit Act. Approval is also subject to Nedbanks credit qualifying criteria and a good property evaluation by experts.

Nedbank can be contacted on 0860555111 and trained consultants will be on hand to assist.

Categories: Loans