Absa
Be careful applying for building loan with ABSA

I've applied for a building loan in May. A loan of R500 000 was approved 1 June. I was told that I have to pay the R205 000 out of my funds and then I can request the R500 000 for payment from the bank. Exactly what I did, when I requested the first progress payment on 1 October, I was told that ABSA can't pay as my bond was not registered as yet. 4 months later and still not registered. I was told it is only a second bond and it won't take more than 5 - 10 working days. I've borrowed money from friends and family as my builders stop working due to none payment. Finally 5 months later my bond was registered in the Deeds Office. Thus I've requested progress payment as by now I've paid R402 529.24 myself.3 weeks later, after I've submitted the request for progress payment (ohhh, ABSA said that take 5 working days before payment are made), thus 15 working days after submission - now ABSA are requesting a sectional title plan, now 7 months later, that my house is nearing completion, it is a full-fledged building they suddenly realise they need it and can't do payment as requested.

Company: Absa
Country: South Africa
City: Home Loans

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