First National Bank (FNB) is offering pregnant accountholders and their spouses a special deal on their monthly homeloan repayments.
FNB Homeloans has launched a new product, Maternity Choice, which is designed to ease the financial burdens couples face when starting a family.
The Maternity Choice package allows borrowers to reduce their homeloan repayments to a minimum of 60 percent of their normal monthly instalment for the three months after the birth of their baby.
Borrowers then have three years in which to make up the diminished repayments by increasing their normal homeloan repayments.
FNB Homeloan's billing system will automatically adjust their monthly repayments, once the three-month concession is over, to recover the shortfall over that period - although customers can elect to pay off the amount sooner if they wish. The original interest rate and repayment term on their homeloan contract remains unchanged.
Maternity Choice is available to all individual or joint homeloan customers of FNB HomeLoans on condition that:
- Their homeloans have been registered with FNB for at least nine months; and
- They are able to demonstrate a good repayment record.