Home Loan - Bank Failing to Honour its promise

<p>Allow me to share our bad experience with Fnb for application for a home loan ref no: ***</p> <p><br />1st time I app**** for an amount of R850 000 and was declined but the bank comforted us by saying the bond application will be re-assessed should we:<br />. Decide to review your monthly cash flow and re-submit your bond application;<br /><strong>· Choose to pay a deposit;</strong><br /><strong>· Apply for a lower home loan amount</strong></p> <p>I have a declined letter for this</p> <p><br />This time around we app**** for lower home loan amount(R694350) but the decision taken is "We are unfortunately unable to provide you with a lower bond amount that you may qualify for at this stage." </p> <p> </p> <p>Having app**** for Lower home loan amount and have about 5% deposit (R35 000) full filling two conditions you stated highlighted in bold above and what made this situation worse is the bank says unfortunately unable to provide with lower amount that we may qualify for. Why unable to offer as our situation never changed in terms of cash flow?</p> <p><br />We owned property in Cape Town for the past 3 years and never skipped a payment and that property was bought by R675 000 in 2013. We now renting and paying R6000 p/m. If you say the application is unsuccessful due to affordability constraints, Are you saying if the bond installment of property going for R694,350 we are not able to afford R7000 if term is 25 years?</p> <p><br />We have the rights to know all the expenses captured there as we dont have a proof what you captured. As per NCR, we have rights to a know the reason of decline or a feedback as to why the application has been declined. </p> <p><br />Allow me quote these from NCA and hence the reason we are contacting the Ombuds</p> <p><br />The following are protected consumer rights in the NCA:</p> <p>The right to apply for credit<br />The right to protection against ************** in respect of credit<br />The right to reasons for credit being refused<br />The right to receive documentation relating to the credit agreement<br />The right to receive documentation in plain and understandable language<br />The right to challenge records on the credit bureaux and to be compensated if the information is incorrect<br />The right to receive documentation in certain languages<br />The right to confidentiality<br /> <br />The Act requires the Regulator to promote the development of an accessible credit market, particularly to address the needs of historically disadvantaged persons, low income persons, and remote, isolated or low density communities.</p> <p> </p> <p> </p> <p><br />Is this fair to tell consumer to apply for lower amount property and have a deposit and still turn with a reason "We are unfortunately unable to provide you with a lower bond amount that you may qualify for at this stage." ? </p> <p> <br />What a bad service experience at Fnb even though it has got this slogan “How Can We Help you?”</p> <p> </p>