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The Requirement for Qualifying for a Bond in South Africa
How can I get bond Approval?
5 Tips for getting bond approval
- Get prequalified. One way to ensure that the loan you apply for will be granted is to get a prequalification. …
- Check your credit record.
- Submit the correct information.
- Get the best interest rate.
- Use a home loan comparison service.
How do I qualify for a bond?
Banks usually calculate the home loan amount you qualify for by looking at:
- Gross income. This is your total income before deductions like tax, medical aid and pension.
- Net income. The is your income after all deductions.
- Total expenses.
- Interest rate.
- Number of years.
How do you qualify for a 100% bond house in South Africa?
EXCELLENT CREDIT SCORE
You’ll need to have a clean credit history and credit rating to apply for a no-deposit home loan in South Africa. A responsible financial institution will not compromise on this requirement as it will increase their chances of legal implications for irresponsible lending practices.
How long does it take to approve a bond in South Africa?
The registration process typically takes between 8 and 12 weeks to complete. However, delays are possible if information is incomplete.
What documents do you need for a bond?
Documents Required for Bond Application
- Identity Document.
- Copy of latest Payslip or Proof of Income.
- 3 Months Banks Statements.
- Offer to Purchase (signed by all parties)
How much do you need to earn to qualify for a bond?
Generally , you should expect about 30% of your monthly income to be used for bond repayments. Anything above that, and you are entering risky territory.
