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Minimum income to qualify for a homeloan


Several South African banks confirm that there is no minimum income to qualify for a bond. Banks use your income to determine the size of the bond that you do qualify for. The general rule is that banks will offer you a bond equivalent to the repayment of (33%) of your monthly income towards monthly installments. The installments will be calculated based of the interest rate you have been offered by the bank. This is based on the "repo rate" or prime interest rate, which is set by the SA Reserve Bank.

Supporting Documents for homeloan applications:


All Applications
  • A copy of your ID document.
  • A copy of the offer to purchase containing seller's and purchaser's details (not necessary for a pre-approval).
  • Proof of income.
  • You will need to produce a salary slip (not older than 2 months) / or a letter from your employer with a  breakdown of your salary and deductions.
  • If you are self-employed then you will need a letter from an accounting officer confirming your income, or a  statement of assets and liabilities.
  • 6 months worth of bank statements.


Companies / Close Corporations

  • Copy of financial statements. You may be required to produce a full set of financials e.g. balance sheet, income  statements, which must be signed by the auditor.
  • Details of all the directors / members.
  • Founding statement of the close corporation.
  • Close corporation certificate.
  • Company certificate.
  • Memorandum and Articles of Association.
  • A resolution by the directors / members of companies / close corporations advising who may sign the home loan  application / pre-approval for the purchase of the property.


Trusts

  •  A copy of the Trust Deed.
  •  Resolution advising who may sign the home loan applications / pre-approval.
  •  A resolution by trustees advising who may sign the documents and purchase properties.

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