A Q&A with Morne Davids, FNB Namibia Home Loans Administration Manager
In Episode 8 of The Property Buyers Guide, Justina Hamupembe, also known as YourHomeGirl, explores what happens after a home loan receives final credit approval.
Joining her is Morne Davids, Home Loans Administration Manager at FNB Namibia, who explains the next steps, timelines, and the necessary documents required to proceed.
Q1: Once a home loan is given final credit approval, what happens next?
Morne:
After final credit approval, here are the key steps in the process:
- Condition Review:
The approved conditions are unpacked by the sales consultant, and the client signs the final quote. - Instruction to Bond Attorneys:
The bank instructs a bond attorney to register the bond in favor of FNB. - Documentation and Compliance:
The bond attorneys prepare all necessary legal documents for the client to sign in wet ink. These are then submitted to the bank’s compliance department. - Account Opening:
The client’s home loan account is opened to facilitate the loan disbursement and repayments.
Q2: How long does it take to complete the remaining steps after credit approval?
Morne:
The process typically takes 8 to 10 weeks, but the timeline can vary depending on the type of transaction:
- Sectional Title Development: May involve delays due to shared ownership documentation.
- First Bond: Straightforward, often quicker.
- Building Loan: Longer due to additional inspections and documentation.
Q3: What documents are required from the homebuyer to proceed after final approval?
Morne:
The bond attorneys will request the following documents:
- ID or passport
- Marriage certificate (if applicable)
- Proof of residence
- ANC contract (if applicable)
- Life cover equal to the loan amount
- Fire cover or body corporate cover, including NASRIA
- Copy of deed of sale or offer to purchase
- Tax registration number (NAMRA)
- Account confirmation letter
- Signed final quote
These documents are essential to ensure compliance and allow the attorneys to proceed with registering the bond.
Conclusion
Understanding what comes next after credit approval helps buyers stay prepared and on track.
Stay tuned for more insights into the property-buying journey every Friday on The Property Buyers Guide!
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