Does FNB provide home loans for blacklisted people? Having a negative credit score can be debilitating when it comes to getting loans in South Africa. Not many financial institutions will be willing to offer you credit. That’s the reason why it’s always important to keep your credit score clean by repaying your loans on time. But that ship has already sailed, and you are here because you were blacklisted. You now wish to apply for an FNB mortgage. Is that something that’s possible?
Does FNB provide loans to blacklisted individual?
While it is difficult, it’s possible for you to get a home loan from FNB even if you have been blacklisted. There are a number of factors that come into play in this regard? The following need to have happened for you to be considered for a loan in spite of your negative credit history;
- You need to have repaid the loan that go you blacklisted. If you are still to complete your payments, then there is no chance that FNB will be willing to provide you with a loan.
- FNB will also consider you for a home loan in spite of your blacklisted status if the reason for your getting a negative credit rating was below R1000.
- Another factor that the bank takes into consideration is the time that has elapsed since your blacklisting. If it’s more than 12 months and if you have paid your debts in full, chances are high that they will approve of your application for a home loan.
What to do to remove blacklisting
Those are the details concerning FNB home loans for blacklisted people in South Africa. We have already noted that being blacklisted will have a very negative impact on your ability to get loans for various uses.
What you need to do is to make sure that you never fall into the blacklisting trap. You can do this by only taking those loans that you can afford. A lot of people are guilty of biting more than they can chew.
Don’t apply for a loan if there is no hope that you will be able to meet it’s terms. Also don’t take out too many loans. Some people think they can do that with various banks and they think they can get away with it.
Also, don’t buy goods and services on credit if you cannot afford the repayments. Being blacklisted does not just happen with banks. If you get property on credit and if you do not meet your repayment terms, you will be blacklisted.
In this post, we focused on FNB home loans for the blacklisted. We noted that though it’s difficult for individuals with a negative credit score to get home loans from FNB in South Africa, it’s not entirely impossible for them to do so. The biggest factor that will be considered is whether or not your have repaid the debt that led to your blacklisting.