First National Bank
Unfair cancellation of building loan

Fnb approved our building loan 3 months ago and a month later we signed all the relevant documents. The builder then started with the house and it's 50% complete at this moment. Last week (2months after we signed the documents) Fnb cancelled our bond due to valuation of the property. According to Fnb there were costs include that they do not cover, all these costs are specified in the deed to purchase. But Fnb only spotted that 3 months after they've approved the loan and managed to get us in a situation where the builder can sue us for breach of contract.

Company: First National Bank
Country: South Africa
City: Home loans

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