Nedbank Building Loans : Step-by-Step Guide to Building Your Dream Home
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Building Your Dream Home: A Step-by-Step Guide with Nedbank Building Loans
Building a home can be a daunting task, especially when it comes to financing. However, with Nedbank Building Loans, the process can be a lot easier. In this step-by-step guide, we will take you through the process of getting a building loan with Nedbank and building your dream home.
Step 1: The Building Loan is Granted
Once your building loan has been granted, Nedbank will instruct an attorney to register the mortgage bond. The attorney costs will be for your account.
Step 2: Documents from the Builder Required by Nedbank
To ensure the building process goes smoothly, Nedbank requires specific documents from the builder. These include the builder’s all-risk insurance policy, National Home Builders Registration Council (NHBRC) unit enrolment certificate, NHBRC registration certificate, minimum specifications and waiver of lien, building contract, approved building plans, schedule of finishes, and survey general (SG) diagram.
Step 3: Building Loan Registration
You will be informed by both the registration attorney and Nedbank Home Loans when your mortgage bond has been registered.
Step 4: Interim Interest
Interim interest on the outstanding balance is payable on the first day of each month following registration. Interim interest is payable monthly per debit order from the mortgage bond registration date.
Step 5: Progress Payments
Progress payments by Nedbank to the builder will start after the mortgage bond has been registered. Nedbank will make four progress payments to the builder, usually at 25% intervals. Progress payments will be based on the percentage completion of the building, and Nedbank will send a property assessor to assess the progress of the build from time to time. To request a progress payment, you can log onto the Nedbank website or visit any Nedbank branch.
Step 6: Post-Registration Documents
The builder must obtain the engineers’ certificates and submit them to Nedbank at various progress stages for the foundation, stairs, slab, and roof.
Step 7: Documents Required
Before the Final Payment Before the final payment is made, you will need to provide Nedbank with an electrical compliance certificate, an occupancy certificate, and your signed final request for payment form.
