Foreign Choice

Foreign Choice is a product for non-residents and foreign nationals who want to purchase residential property in South Africa or for South Africans living in another country.

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Finance for properties in South Africa

We offer home finance for non-resident individuals and joint applicants purchasing property in South Africa. This includes non-residents of South Africa, Lesotho, Eswatini and Namibia who do not live within the Common Monetary Area, as well as foreign nationals living and working in South Africa on a temporary basis with a valid work permit.

What this allows you to do

Purchase property

Purchase property in South Africa

Account access

Access your Home Loan account at ATMs, through Telephone Banking, Cellphone Banking and Online Banking

Rules regarding accessing funds

1

Readvance and Flexi options

Readvance and Flexi options are not permitted on Foreign Choice applications.

2

Further Loans

Further Loans will not be permitted on Foreign Choice Home Loan.

3

Prepaid

Prepaid is not available to non-resident applicants.

4

Accessing excess payments

You can only access a Flexi option, Readvance, Prepaid and Further Loan, if you are in possession of a South African ID document or card. (In the case of joint applicants both/all parties must hold the abovementioned documents). Failing this, any payments made in excess of the minimum monthly required repayment will result in interest saving benefit and early repayment of the bond. These funds will not be available for withdrawal.

More information

Once-off costs

Purchase price deposit — 50% of the purchase price of the property is required as deposit. 50% deposit must originate from foreign funds transferred to South Africa from abroad. Proof of this is required and has to be submitted with the Exchange Control application
Registration costs — A fee that is paid by you to the attorney for the registration of the mortgage bond. Attorneys' fees may vary in accordance with the law society guidelines
Postage and sundries — The cost of documents and certificates that the conveyancing attorney will need to submit to the Deeds Office, the bank, the estate agent and you
Deeds Office registry fee — A fixed fee for the local registration of transfer
Transfer duty — A fee that is paid by you to the attorney nominated by the seller to transfer ownership of the property. This fee is payable to SARS
Initiation fee — A fee charged by FNB to process your home loan application
Non-resident fee — Exchange control approval is required to grant the loan. The fee is for submitting the application

Monthly costs

Monthly service fee — A monthly service fee will be charged on all new registered loans
Municipal rates and fees
Home loan repayments — Monthly home loan repayments
Property Insurance
Life Assurance
Household content insurance

Foreign Choice Home Loan

Purchase residential property in South Africa as a non-resident or foreign national.

Qualifying criteria

•Individual: min. income of R25,000 per month

•Joint application: at least one of the individuals must earn a min. of R25,000 per month

•The Foreign Choice is available to individuals and joint applicants. It will not be granted to juristic entities

•Foreign nationals need a valid Temporary Residence permit 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

•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

•You will need to have had an active primary cheque account with FNB for at least 6 months

•FNB Home Loans will not accept foreign national switches from another financial institution

•Non-residents will have to make arrangements in order to finance up to 50% of the purchase value - the other 50% deposit is to originate from foreign funds transferred to South Africa

Required documents

•You need to comply with the traditional home loan application documentation

•A completed application form

•An indication of the purpose for purchase (e.g. rental or holiday home)

•Copy of passport

•Private entities must supply a current statement of assets and liabilities, as well as a banker's report from the customer's bank in their country of origin

•Foreign nationals: A valid temporary residence permit to take up employment in South Africa

•Non-residents: The details of when and how the 50% deposit originating from foreign funds will be made

•Non-residents: An undertaking to pay the R1,140 exchange control application fee

Get your Foreign Choice Home Loan

Apply for your Foreign Choice Home Loan and take the first step towards owning property in South Africa.

View pricing guide

Get started

Need to know more or want to start the process? Let us call you back.

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