1 reviews | Active since Sept 2017
Unfair home loan cancellation terms
I currently have a home loan with Nedbank (home loan details are below). Last year I notified Nedbank that I am selling my property. This notice expires in March 2020. In January 2020 I notified Nedbank that my house is still on the market and I am actively trying to get a buyer and I requested an extension. I was told that I would have to wait till the 6th of March, and put in a new notice, and then I can be penalised in the 90 days that follows. This is ridiculous to me. To be charged exorbitant cancellation fees. And these fees is only relevant if you have not notified your bank that you would like to cancel the loan, but when I try to notify them, I am simply told about their policy and given an email address "give feedback to". So basically if I find a buyer and my homeloan is cancelled in March I will have to pay penalties to Nedbank, even though I tried notifying them in Jan 2020.
