First National Bank
New Home Loan Application

We applied for a new home loan with FNB, and all went well up to the point where they had to valuate the property. In saying this as most of us get more than one quote from different suppliers to see who offers the best, in this case I already had an approve quotation from Standard Bank. Hoping to get a better deal, as I'm banking with FNB, I received the approved quotation today, only to see that FNB valuated the property almost R80k below what Standard Bank did, how can there be such a big difference??? In any case, I'm trying to purchase this property in Wierdapark, and looking at what they valuated the property, there's not even a townhouse for as little as the valuation in this area. Is the valuation agent FNB used in doing this valuation an area specialist? Or do they just use figures they out their thumb? In any case, now FNB wants me to come up with the shortfall between valuation & purchase price??? I did inform them that I am willing to pay a deposit of 5% of the property purchase price, but it seems FNB does not want the business??? Are they making enough money out of scamming other hard earning workers trying to provide a home for their families?

Company: First National Bank
Country: South Africa
City: Centurion

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