Residential News

FNB scoops best affordable housing financer award

First National Bank has been recognised as the best financial services institution of the year for providing excellent service in the affordable housing market.

This accolade was presented during the inaugural South African Affordable Residential Developers Association (SAARDA) awards held on Friday, 24 November.

Lee Mhlongo, CEO of FNB Housing Finance, says we are delighted to receive this prestigious award from SAARDA, an organisation which shares our views on the importance of promoting and facilitating the delivery of high quality affordable housing to South African citizens.

“This compliment is testament to our ongoing commitment to ensuring that consumers in the lower segment of the market continue to be given a fair opportunity to get access to adequate housing, which is a basic human right,” says Mhlongo.

“We’ve gone to great lengths to ensuring that all customers, and particularly those customers earning a minimum gross monthly income of R3 500 and maximum of R25 000, have access to tailor made financing solutions, in order to realise their housing needs – whether it’s buying their first house, doing renovations or upgrading to a new home, amongst other needs,” he adds.

The bank collaborates with a network of developers in the affordable housing market and helps them sell properties off plan, while also ensuring that customers have the opportunity to buy a decent brand new house.

“Our work further extends to mixed housing developments, where there is a growing uptake for affordable housing with easy access to social infrastructure, economic opportunities and schools,” says Mhlongo.

FNB helps a number of customers from all economic backgrounds to finance houses in these developments, while also assisting first time buyers to take advantage of the government’s Finance Linked Individual Subsidy Programme (FLISP) which offers qualifying consumers subsidies ranging between R20 000 to R87 000 once off, provided that they haven’t benefitted from a government subsidy before and approval of the home loan from the bank.

The bank further offers customers a number of benefits, such as approving the bond up to 105%, subject to the customer’s affordability, as well as discounts up to 70% on bond registration fees where applicable.

“Helping customers in the lower segment of the market to get access to qualify affordable housing not only improves their lives and those of their loved ones, but also helps facilitate economic growth,” concludes Mhlongo.