HOME LOAN APPLICATIONS

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.

HOME LOAN APPLICATIONS

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. 

Supporting Documents for homeloan applications:

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 containing seller's & purchaser's details 
  • Proof of income
  • Payslip (not older than 2 months) or a letter from your employer
  • 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 bank statements

Companies / Close Corporations / trusts

  • 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.
  • A copy of the Trust Deed.
  • Memorandum and Articles of Association.
  • A resolution by the directors / members of companies / close corporations / trustees advising who may sign the home loan application / pre-approval for the purchase of the property.

ALL APPLICATIONS

  • A copy of your ID document
  • A copy of the offer containing seller's & purchaser's details 
  • Proof of income
  • Payslip (not older than 2 months) or a letter from your employer
  • 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 bank statements

Companies / Close Corporations / trusts

  • 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.
  • A copy of the Trust Deed.
  • Memorandum and Articles of Association.
  • A resolution by the directors / members of companies / close corporations / trustees advising who may sign the home loan application / pre-approval for the purchase of the property.

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