What is required for eight people to buy a house together
First National Bank (FNB) now allows up to eight people to get a home loan and buy a house collectively.
This is the first of its kind in South Africa.
The company says this is to assist more people to share the expense that comes with buying property.
Once applications have been submitted, the bank will assess the following for each customer:
-Credit records
-Nature of Income
-Expenses
-Household size
-Affordability
The applicants included in this can also be married in community of property.
The service includes a split billing functionality that allows multiple parties to pay on various dates at specified contributions.
CEO of Property Finance for FNB, Lee Mhlongo says their records show that when customers consider purchasing a property, they do not consider all the costs involved.
“The advantages of buying a property collectively with friends and family mean that customers are now able to share the costs equally to make the purchase and the process affordable,” Mhlongo says.
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