How to go about it
Settling your loan
You can request a no-strings-attached settlement quote, and pay it off easily from your Money app or Online Banking.
90-day notice
We recommend placing a notice on your account if you are selling your home and have an outstanding balance, and the account will close in the near future. This feature is available on Online Banking.
Bond cancellation
If you have settled your home loan, no longer need your account, and want your title deed, simply follow these prompts to request bond cancellation, and we will guide you through the process.
Need help?
Call us tollfree on 0800 555 111 at any time of day, or leave us a message and we'll call you back.
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What happens once I settle my home loan account?
Settling your bond does not mean that you have closed your home loan account.
Should you however, wish to close it, there are steps you can take to complete the process.
Keep in mind as well that fees will apply when you pay cash into your home loan. For more detail, please check our pricing guide.
Understanding the difference between settling and cancelling your bond
1. Settle and keep account open
Your home loan account will remain open even after you have settled your bond. If you choose to keep it, you'll have continued access to our further lending solutions – paying only the monthly service fee and any applicable insurance premium.
2. Cancel bond and close account
If cancelling your bond, we’ll appoint an attorney to whom you’ll need to pay a cancellation fee. Once your bond has been cancelled at the Deeds Office, your account will be closed and you’ll receive your title deed – unless the property has been sold. This process usually takes up to 3 months.
From paying up to getting that title deed: here's what to expect
1. Settle the loan
Once you have paid up your loan, you can cancel your account through Online Banking or by calling us on 0800 555 111.
2. Transfer your insurance
If you have a homeowner’s cover with us and the premium is included in your home loan instalment, you’ll need to move the premium cover to your current or savings account. For help, contact the Nedbank Insurance Team on 0800 333 111.
3. Appoint an attorney
We will appoint an attorney to handle the cancellation process with the deeds office. You will be responsible for paying the bond cancellation fee to the attorney for their services rendered to you.
4. Get your title deed
Your title deed is kept securely at the bank. The attorney will give it to you after bond cancellation (unless the property was sold).
What to consider when selling your home
If you have an outstanding balance on your loan and are selling your property, remember the following:
- Provide us with a 90-day notice of account closure. If this notice is not given, an early-termination fee will be charged.
- The termination fee will be equal to the interest you would have been charged for the remaining loan period, but no more than 3 months’ interest as stated on your home loan agreement.
- Your notice will be valid for a year, and if you do not close your home loan account within this time, you will have to give us another 90-day notice.
What happens if you don't cancel your bond?
If you don’t cancel your bond, your home loan account will remain open and the title deed of your property will remain with us. You’ll, however, continue to pay the monthly service fee and insurance premium until you cancel your bond.
Keeping your home loan account open can be useful if you want to access funds or apply for a further loan. This method of borrowing is always better as you can loan money over a longer period.
Once your home loan term has been reached, we won’t be able to secure any additional funds for you and you will need to follow the process of cancelling your bond.
