*********** Home Loan Consultant

I have dealt with a lot of banks in the past and never experienced this kind of service. I purchased a house in 2020 and financed by FNB with R636 000. I moved into the property and did some renovations. In May 2021, I contacted the bank to come for valuation just to see the how much my property is worth it so i can access the equity so i can borrow against the property. The consultant i was dealing with mentioned that credit assessment need to be done prior sending an assessor. I went ahead and I filled the further bond application form and due to affordability R230 000 approval was made. The assessor came into my house with a figure of R1.1 million MEANING that my property moved from R636 000 to R1.1 MILLION. I accepted the grant and we signed the documents with the attorneys we submitted everything that got asked by Attorneys from Marriage certificates to amended Building Insurance and this was on 4 June 2021. To register an amount we were told that it will take about a month but come 16 July 2021 we are receiving a call from Attorney telling as there was an error from bank side, the bank is asking for NHBRC, Electrical Certificates and building contract(all sort of requirements related to building loan). After contacting the FNB Consultant trying to understand what is going on, she then told us that our further loan application was converted to building loan and she started to apologise for not going through with us the grant quote. I then started to ask questions around how now it will work because we already built what we wanted to build, how the progress payment work if there is no any other work going to be made and how the building loan got granted if we never app**** for building loan and never supp**** the project cost/registered builder costs? She then ended up saying she will refer the matter to the Credit Department and she will provide us with feedback. A day later we are receiving feedback from Attorney telling us to come and sign documents based still on building loan granted. SIMILAR mistake is happening again where we were waiting for bank's outcome to be communicated to us by appointed consultant.

Similar R230 000 is granted but I see figures changed to contract amount of R152 465.00 that will be retained, What will happen with R77 535.00? We already built the property, what progress payment are they talking about if the structure is already in place? Who app**** for building loan because all these requirements are required for building loan? When we approached the bank, we asked for valuation to be conducted so we can access the EQUITY on the property. Can I be linked with Credit Department or your Team Leader Thando? Please ring me ASAP before escalate my issue. We did not apply for building loan