I am a FNB client for a number of years (cheque account), and have recently approached them for a homeloan. They sent me a quote that I accepted. When I started the process of registering the bond, I have been made aware for the FIRST time that they have made it a condition that I should sell a property that I am renting out, and that is and will be in future generating a revenue for me.
They said this is part of their "affordability" calculations. I dont know why I only hear about this when I am about to register the bond. I am a CA (SA) and are probably a bit more business orientated, and it seems that FNB Homeloans Head Office in Joburg has people working there that does not have any business sense or long term business thinking.
I can also just assume that it is because I am a white male, that my bank, is forcing me to sell off my business in order to qualify for the loan that they have given me without any pre-notice of the conditions they attach to this. This is probably part of FNB's approach to assist the government with re-distribution of property?
I never thought anything could be worse than Standard Bank - but FNB is getting close.
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