FNB HOME LOANS: Maternity Choice
The FNB Maternity Choice product is designed specifically to ease your financial pressure by assisting you with your home loan repayments while on maternity leave. Choose what you can afford. Only a minimum repayment of 60% of your normal monthly installment is required. Your reduced bond repayments are valid for 3 months.
Maternity Choice is a unique home loan product that helps you cope during maternity leave. The option is only available to individual or joint bond holders who have a bond for at least 9 months old and reflect a clear repayment record.
What’s in it for you?
– Reduce your repayments* while on maternity leave
– The reduced payment will last for 3 months
– Pay back the difference between normal and reduced repayments over up to 3 years
*Minimum amount of 60% of the normal monthly home loan payment.
What is the cost?
– A property valuation could be required, if the previous valuation is older than 6 months
Frequently Asked Questions:
Q: Is there a minimum home loan amount applicable?
A: No
Q: Will my interest rate change if the application is approved?
A: No, your interest rate remains unchanged.
Q: When can I apply for Maternity Choice?
A: You may apply for Maternity Choice once you know that you are pregnant. The earliest the reduced repayment option can start is one month before the birth of your baby or up to two months after your baby is born.
Q: What fees do I have to pay? A: No fees are applicable. However, if you are not currently paying the monthly home loan administration fee of R5.70 (VAT inclusive) this fee will be levied. If a valuation is requested, the normal valuation fee will be levied.