I recently applied for a further loan of R165 000 (One hundred and sixty five thousand rand) on my Nedbank bonded property. The homeowners 2 years ago was 1.1 million. No extensions, improvements or additions whatsoever had been made to this old single storey house with a zinc roof. An evaluator from Nedbank came out to evaluate the property. The finance was approved. Nedbank however demanded that I increase the homeowners insurance from R1 1000-000-00 i.e. one million one hundred thousand to R3 240-000-00 (Three million two hundred and forty thousand. To date the bank has not furnished any explanation why the replacement value sum to be insured has more than trebled (an extra R2.1 million worth of insurance.)I have exhausted all avenues with this bank. People please beware. There are banks and institutes that simply exploit.
0 comments