Absa
Client loses due to reneged Home loan approval

On 18/04/2013, I applied for Home loan at Absa Rosebank branch. The size of the is 21.7 Hectare. After 2 weeks Absa approved mortgage for R2.1mil. We then waited for days for the evaluator. Eventually the evaluator phoned from Secunda while the property is near Alberton and realized that he is 140km away, he said they will send a local evaluator as.
Eventually the bank said our property of 21.7ha is too big for a residential category, they restarted the process from scratch with the promise that it will be quicker as it was a re-approval. On 17 May 2013 Absa approved again R2.1mil mortgage.
On 28 May 2013, Absa telephonically said their Home loan department will no longer be able to give us the mortgage as this property is above 8.1Ha. This is a case to be referred to Agricultural Loan department, which have totally different conditions. Absa did not know or apply this policy for 5 weeks and is causing us a loss and expiry of offer to purchase. We complained in writing at the Branch on 3 June 2013, no written response yet. We are requesting that they revert back to their approval as we need the property as primary residence. I don't have to review Absa as my bank due to this.

Company: Absa
Country: South Africa
City: Home loan

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