FNB Flexi Bond question

[zerocool2009]

Speedster, I want to say sorry.

I have some more facts now.

There are 3 types of flexi's (bond accounts).

The new version of it, you cant borrow against a debit order after it went off.

The ones that I have, I can, meaning, they are not the of the new type

 

[reconstealth138]

Hi All,

Apologies for bringing this thread up but I thought it might be the best place to post this question, and hopefully the people here with experience can offer some advice.

I have applied for a home loan of R700000.00 from FNB with the flexi bond facility at 9.9% interest per annum over 120 months. This means my monthly installment is R9290.59.

My first question is, can I immediately after the bond has been registered pay the R700k back into the mortgage, which basically means that the bond has been payed off, which in turn means my monthly installments is R0?

Then, lets say after a few months I withdraw R300k. If I do this, will my monthly installments be calculated based on the amount that I have withdrawn (eg roughly R4000), or will the monthly installments then still be R9290.59?

I hope the above questions makes sense. If not, please let me know and I will try to explain better.

 

[Hamster]

Surely if you pay up the loan it gets [-]cancelled[/-] closed?

 

[AchmatK]

Surely if you pay up the loan it gets [-]cancelled[/-] closed?

Not with home loans. They can remain open with a zero balance until the end of the loan term. To close a home loan early, you also need to give 3 months notice to avoid any penalty interest.

 

[yebocan]

Hi All,

Apologies for bringing this thread up but I thought it might be the best place to post this question, and hopefully the people here with experience can offer some advice.

I have applied for a home loan of R700000.00 from FNB with the flexi bond facility at 9.9% interest per annum over 120 months. This means my monthly installment is R9290.59.

My first question is, can I immediately after the bond has been registered pay the R700k back into the mortgage, which basically means that the bond has been payed off, which in turn means my monthly installments is R0?

Then, lets say after a few months I withdraw R300k. If I do this, will my monthly installments be calculated based on the amount that I have withdrawn (eg roughly R4000), or will the monthly installments then still be R9290.59?

I hope the above questions makes sense. If not, please let me know and I will try to explain better.

Sounds about right...the monthly instalment would be calculated on the R300k, amount owing.

 

[zerocool2009]

Hi All,

Apologies for bringing this thread up but I thought it might be the best place to post this question, and hopefully the people here with experience can offer some advice.

I have applied for a home loan of R700000.00 from FNB with the flexi bond facility at 9.9% interest per annum over 120 months. This means my monthly installment is R9290.59.

My first question is, can I immediately after the bond has been registered pay the R700k back into the mortgage, which basically means that the bond has been payed off, which in turn means my monthly installments is R0?

Then, lets say after a few months I withdraw R300k. If I do this, will my monthly installments be calculated based on the amount that I have withdrawn (eg roughly R4000), or will the monthly installments then still be R9290.59?

I hope the above questions makes sense. If not, please let me know and I will try to explain better.

This is very tricky to be honest.

Firstly, if your bond registered on a certain date within the month, the first Debit Order will be skipped. And the next month 2 Debit Orders will go off.

I would say pay R680 000 in, and contact the bank with your intention to pay off 99% of it.

It is a mission to get Debit Orders reversed if they are wrong (trust me on that one)