In Episode 4 of The Property Buyers Guide, Justina Hamupembe, also known as YourHomeGirl, speaks with Rozina Jacobs, the Sales Support Manager at FNB Home Loans, to walk through the essential step of securing a home loan pre-approval. This preliminary step can save time and make the home-buying process smoother.
Q1: What exactly is a pre-approval?
Rozina: A pre-approval, sometimes called an “upfront bond,” is a certificate that shows how much financing a bank has approved in principle for a potential buyer. This amount is based on the customer’s income and debt, giving a realistic picture of affordability. With a pre-approval certificate, buyers have a stronger position when negotiating with estate agents or sellers.
It’s important to note that this is not the final approval; the certificate remains valid for 12 weeks and helps streamline the process once a property is chosen.
Q2: How does a pre-approval help in the home buying process?
Rozina: A pre-approval provides a clear idea of what you can afford, helping you focus on properties within your price range. This clarity saves time for everyone involved—buyers, sellers, and even the bank—and keeps the home-buying process on track.
Q3: What do I need to apply for a pre-approval?
Rozina: The application process is straightforward. Here are the documents required:
- Identity document or passport
- Work permit/permanent residence (for foreign nationals)
- Marriage certificate, ANC contract, or divorce order (if applicable)
- Latest payslip or 6 months’ payslips for varying income
- Income and expenditure summary
- 6 months’ bank statements (for non-FNB account holders)
Customers can apply for a free pre-approval by emailing these documents to FNB Namibia at fnbpreapprovals@fnbnamibia.com.na. This eletronic process is convinient and is at no charge to the applicant.
Conclusion
Justina wrapped up by thanking Rozina for her insights into pre-approval and the advantages it offers. By getting pre-approved, potential buyers can simplify their property search, secure better negotiation power, and save time.
