First National Bank
Refund of early settlement penalty

I sold my house and bought another. I inquired about the Move Your Home Not Your Home Loan product from FNB, as this was advertised to save me on bond registration costs. The documentation sent to me also states that the Lender (FNB) will reimburse the charges for early termination penalty. Yet an amount of R5690 was deducted for early termination penalty. I have been trying since October 2013 to get a refund, as point 3.4 on page 3 of the Home Loan Agreement sent to me states that I don't have to pay the penalty.

I also paid an amount of R3174 for the attorney bond cancellation fee. According to my understanding I was not going to pay for this. Upon my inquiry I was notified that Attorney bond cancellation fee subsidy in terms of Move Your Home Not Your Home Loan will be initiated by FNB Home Loans after the registration of your new home loan and will be in the region of an amount of R1, 428.00. The amount of R3174.00 remains payable to the bond cancelling attorneys. Does this mean they owe me the amount of R1428 as well?

This morning I was notified by my personal banker that according to Home Loans no refunds are payable, as I need to pay the penalties.

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

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