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FNB Home Loan Rates

The First National Bank is one of the leading banks in located in South Africa which provides home loans at affordable interest rates to all its customers. The bank sets certain qualifying criteria which has to be followed by every customer who wants to avail a housing loan. FNB home loan rates are available in two types. The customers can choose any of the interest rate offered by the bank. The bank home loan specialist goes through each and every application form and gives a suitable home finance depending on the monthly income and expenses of the customer.

FNB Home Loan Interest Rates

The two types of home loan interest rates offered by the bank are as follows:

1. Fixed Interest Rate 2. Variable Interest Rate

1. Fixed Interest Rate: The FNB home loan fixed interest rate remains the same for a particular period. The bank charges 10.5% as rate of interest on any housing loan availed under the fixed interest rate scheme. The rate remains the same for either 12, 18 or 24 months. The customer can decide till when to stay with the same home loan interest rate. The bank guides the customer till the entire home finance is complete and till the customer is also satisfied with all the services of the bank.

2. Variable Interest Rate: The FNB home loan variable interest rate varies with every month. This means that the rate might not be same for more than two months. The customer can choose his/her repayments by choosing the interest rate payable every month. The customer can either pay off the entire loan amount by choosing a high rate variable interest and then slowly decrease his repayments after most of the amount is paid. The customer can also choose to pay low variable rates and then increase the repayments after a period of time.

The bank also offers the customers a chance to change over from a fixed interest rate to a variable interest rate. However, the bank charges 1.50% as penalty charges for doing the same. This 1.50% is charged on the total outstanding amount of the home finance.

For more details and to know about the current rates applicable on First National Bank home loan interest rates you can visit their website www.fnb.co.za

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