FINANCE


Reserve Bank requirements on Home Loan application – Excon approvals – Non Resident deals:

The bank is required to adhere to Exchange Control Regulations as imposed by the Reserve Bank requirements. In order to meet the Reserve Bank’s Exchange Control requirements, and to consider the application to purchase property in South Africa, please note the following:
• The customer will be required to finance and invest 50% of the purchase value of the property upfront.
• This 50% deposit must originate from foreign funds transferred to South Africa.
• Proof will be required reflecting the deposit was transferred to South Africa, from foreign origin. (Proof of swift is required*).
• Details of the Attorney’s account will be required where 50% deposit is retained, or will be retained.
• Proof of the deposit made to the Attorney’s account is required in the form of a bank statement, and must accompany the application to Exchange Control.
• A confirmation letter from the attorney stating the purpose and amount of funds retained in their account. The confirmation letter must also state property description for the property being purchased.
• Details of banking account where payments for the home loan will be made from.

Kindly note that a fee of R1 140.00 is payable by the customer to the Reserve Bank to process the Exchange Control application in the event that the home loan application is approved by FNB. •

*SWIFT code is a standard format of unique identification code for a particular bank used when transferring money between banks, particularly for international transfers.

• Thys Nothnagel- Diaz Consulting

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