Home Loans renewable energy
Terms and conditions
1. Financing a renewable-energy solution
With the renewable-energy offer from Nedbank Home Loans (we, us, our), you can get up to R300 000 more than the loan amount you need to buy a property to also finance a renewable-energy solution while benefiting from the same interest rate and term as your home loan.
You may qualify to receive a 65% discount on the attorney bond registration fee (home loan amount plus the amount for the energy solution).
We reserve the right to make the offer available to certain clients only.
2. Who can apply for the offer?
2.1 To apply for the offer, you must:
2.1.1 be a natural person residing in South Africa;
2.1.2 be 18 years or older;
2.1.3 have a South African ID;
2.1.4 apply for a new Nedbank home loan; and
2.1.5 meet the qualifying criteria in 4 below.
2.2 Nedbank employees may also apply for the offer.
3. Who cannot apply for the offer?
3.1 You cannot apply for the offer if:
3.1.1 you have already taken up this offer for the same property;
3.1.2 you are acting on behalf of a juristic person (including a partnership, trust, company and close corporation);
3.1.3 you are applying for endorsements;
3.1.4 you want to finance vacant land;
3.1.5 you have opted for our edge or first-time homebuyer offer; or
3.1.6 you want to finance previously used, sample or second-hand renewable-energy goods (this offer is limited to new goods).
4. Qualifying criteria
4.1 You can apply for this offer only if you meet the following criteria:
4.1.1 You must have an existing Nedbank home loan.
4.1.2 You must apply for a new home loan with us.
4.1.3 Your Nedbank home loan account must be in good standing, which means it may not be arrears or be handed over for collection.
4.1.4 You may not be under debt review or have a debt restructuring plan in place.
4.1.5 Your application for the new home loan, including the amount needed for the renewable-energy solution, will be subject to credit criteria as well as lending policies and practices (as amended), and granting of the loan will be at our discretion.
4.1.6 Once the bond for your property has been registered, you will have 6 months to complete the installation of the energy solution.
5. Other requirements
5.1 The minimum amount (for the energy solution) for which you can apply is R50 000.
5.2 Nedbank will appoint the bond registration attorney.
5.3 If you are buying a sectional title unit, we will need a signed consent form and waiver from the body corporate, giving the supplier permission to install the solar renewable-energy solution on the property.
5.4 The supplier must be a Nedbank approved supplier or an accredited member of the South African Photovoltaic Industry Association, and a qualified electrician, who is registered with the Department of Labour, must issue the electrical certificate of compliance.
5.5 The renewable-energy solution must be insured, and you can take out insurance from an insurer of your choice. If the solution will be part of your homeowner’s cover policy, the total value of the solution or its replacement value must be added to the total sum insured. It is your responsibility to ensure that the solution is included in your insurance policy.
6. Types of renewable-energy solutions
6.1 The offer is limited to new solar panels; inverters; batteries; deep cycle batteries; and uninterrupted power supplies (UPSs).
6.2 Generators, water pump power and/or wind off-grid systems are excluded.
7. General
7.1 All information about this offer, including information that is published on any promotional material, is part of these terms and conditions.
7.2 By participating in the offer, you agree to be bound by the terms and conditions of your home loan agreement with us; the terms and conditions of any of our products or services that you have signed up for as part of the offer; and any supplier terms and conditions (if applicable).
7.3 Any changes to your initial home loan application, for example changing your initial loan amount or loan term, including additional home loan offerings to your loan application, or applying for a readvance or further loan, will result in a complete reassessment of your loan application.
7.4 Following the installation of the renewable-energy solution, it becomes a permanent fixture of the bonded property with us.
7.5 Therefore, it is considered to increase the value of your property. If you remove the energy solution, it will affect the value of the property, and you will remain liable to pay the full loan amount, which includes the amount used to pay for and install the energy solution.
7.6 You will make use of the supplier at your own risk and discretion. It is your responsibility to verify your chosen supplier, and we will not be liable for any products and/or services that they provide.
7.7 We are also not responsible for the quality of the installation and will not be liable for faulty workmanship or for dispute resolution between you and the supplier.
7.8 We will not be responsible for any other expenses that you may incur because of your accepting or using this offer, whether foreseen or unexpected.
7.9 We will not be responsible for any loss or damage that you or a third party may suffer as a result of your taking up the offer.
7.10 By participating in this offer, you agree to be bound by these terms and conditions.
7.11 You will be liable for the bond registration costs associated with the renewable-energy solution, but may qualify to receive a 65% discount on the attorney bond registration fee (home loan amount plus the amount for the energy solution) from a Nedbank-nominated panel attorney. This discount applies only to the amount that the attorneys charge as their fee. Deeds office, postage, stamp duty and other fees are excluded. You will also remain liable for fees payable in terms of legislation, for example property transfer fees. You will not qualify for the discount if you want to buy property directly from a developer.
7.12 If you do not proceed with the registration of your bond, you will not be eligible for the attorney bond registration fee discount and will be liable for any costs that we and the bond registration attorney have incurred.
7.13 We will not give the attorney bond registration fee discount to anyone else and will not exchange the discount for cash.
7.14 This offer is not a guarantee of any nature, and we reserve the right to change, postpone, suspend, or cancel the offer at any time. If this happens, you agree to waive (give up) any rights that you may have in relation to this offer.
8. More information
For more information about this offer, call us on 0800 555 111.