Blacklisted – will I get a mortgage?
SHOULD you bother applying for a home loan if you don't earn a lot of money - and you have a negative credit record?
A Fin24 user writes:
I live in an informal settlement and want to buy my own house. I don't earn a lot of money, and I have a negative credit record.
Is there any chance that I will be able to qualify for a home loan?
Marius Marais, CEO of FNB Housing Finance, responds:
Many customers ask us if it is worth their while to apply for a bond if they are blacklisted, and our answer is simply that it depends on several things.
The first issue is the amount you were blacklisted for. If you were listed for R1 000 or less and it is paid up, then yes, you may apply for a Smart Bond. FNB Housing Finance provides home finance for people earning no more than R15 000 per month (total household income).
The second issue is when you were blacklisted. If it was more than 12 months ago and the amount has been paid in full, your bond application will be considered.
The last issue is if you have repaid the money you owed, or if you have been "rehabilitated" in a court. If you can provide proof of either of these, you are free to apply for a Smart Bond.
Nice marketing strategy, keep it up fnb. Cant say the same to fin24 which is obviously being used, where is research here?
what if you are in the process of paying these debts you are blacklisted with
The blacklisted should not be trusted with a bigger loan (bond). If one can not be able to manage a small account that needs R200 per month, how can that person be trusted with a loan that needs a R4K per month?
Mjita - you should finish paying for the bad debt before you are considered for more debt.
None of these facts are exactly true. I will not explain why.
We need more look into the NCA, as more more application get declined due to low score rating and regardless of the monies owed being NIL. The bank is reluctant to look at those application, I agree how can u pay a bond of 4k if you can't commit to a 200 acc. There should be balance, Affordability vs Rating.they shouldn't cut eachother out,but mere consideration should be take for Affordability and circumstance revolving the none payment or lack there of in your credit profile. 6 months alot can happen, even in a 30 days span also and banks don't consider the amount of money you paid off without difficults not even a single reward for those.
Banks legistative writes needs to ask the masses when drawing up these regulations.
Still waiting for my homeloan approval since August ABSA
In the issues above it states that i)you may apply for a bond ii)you application will be considered iii)you are free to apply for a Smart Bond, but I can tell you now you are not going to get it.
what if you a stl paying your credit and ur balance is less than 5000 ther is any chances to get loan from the bank
Hi I would like to get a bound but im blacklisted
Unfortunately FNB no longer accept applications from non-FNB clients, so that is out of the question for many, however, if the debt has been paid up there and your credit scoring is enough there are institutions that will grant you a bond.
(I'm not sure if the same rule about being an FNB client applies when a person goes directly to the bank, but it does when working with a bond originator)