Foreign Choice
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Foreign Choice Home Loans
Foreign Choice is a product for non-residents and foreign nationals who want to purchase residential property in South Africa or for South Africans who are working and living in another country, looking to buy a property in South Africa.
Qualifying criteria
- The Foreign Choice is available to individuals and joint applicants. It will not be granted to juristic entities. However, the entire application will be treated as a Foreign Choice application if one applicant or more is a Non-resident or Foreign National.
- Foreign nationals need a valid temporary residence permit (with a future expiry date), to take up employment in South Africa
- Non-Residents need exchange control approval once our credit criteria have been met.
- All other Traditional Home Loan qualifying criteria apply.
- For non-residents – Product only available for the purchase of a NEW property.
- As a Foreign Choice applicant, you qualify for finance for one property only from FNB.
- Foreign Nationals will be required to have an active primary cheque account with FNB for at least 6 months.
Min Property Value
- Property purchase price must be a minimum of R600 000
Interest Rate Structure
- Fixed and Variable rate options are available
Fee structure
- Purchase price deposit (50% of the purchase price of the property price is required as a deposit)
- Exchange Control Application fee (for Non-Resident applications only)
- Initiation fee of R5700
- Monthly service fee – usually R57
