Absa
Further homeloan declined due to desk value

I applied for a further home-loan to value of my property to use the difference for some home renovations. The bond was approved in principle, but declined after a week following a desk valuation. The desk valuation was actually less than the purchase price 3 years ago. That was from building plans before the house was even build. The estate is now completed and gardens settled. There is absolutely no way my property depreciated in the last 3 years.
I asked Absa for a physical valuation of my property, as stated on the loan application form, but they responded that I have to do it at own cost.

This is flabbergasting as Absa has even seen my property before.

Company: Absa
Country: South Africa
City: Illanga / Nelspruit

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