HUD Homes Articles | Dispatch Online, South Africa - 13 hours ago
SCORES of would-be homeowners with pre-approved bank home loans could find themselves shut out of the property market. T he First National Bank has decided to reassess loans already approved.
a move driven by the rise in interest rates and inflation over the past year.
The combined pressures have resulted in many homeowners no longer being able to afford the bond repayments that they could manage a year ago.
The bank said loans already lodged in the Deeds Office or registered would not be affected.
Border-Kei Chamber of Business chief executive officer Les Holbrook was not surprised by the decision.
Gavin Opperman, group executive of secured lending for Absa Retail Banking, said the bank believed in its credit underwriting at the time of grant and that …
Bank pulls rug on home loans - Dispatch Online….
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