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Where To Apply For A Home Loan In South Africa 2024-2025

Where To Apply For A Home Loan In South Africa 2024-2025

A home loan is a secured loan that is obtained to purchase a property by offering it as collateral.

Home loans offer high-value funding at economical interest rates and for long tenors. They are repaid through EMIs. After repayment, the property’s title is transferred back to the borrower.

Where To Apply For A Home Loan In South Africa

Step one: Get prequalified

It’s not compulsory, but getting prequalified is highly advised. It provides you with a realistic idea of what you can afford, so you can go house hunting with more confidence knowing what your price range is. This will improve your chances of approval. Over 90% of home loan applications submitted with an ooba Home Loans prequalification are approved.

You can prequalify either by contacting a prequalification expert, or by using ooba Home Loans’ online prequalification tool, the Bond Indicator. This provides you with a quick and user-friendly prequalification experience.

The offer to purchase

Before you apply for a home loan, you find the home you want, and then you and the seller sign the offer to purchase, an agreement between buyer and seller which stipulates conditions to be met on both sides.

The offer to purchase should make allowance for you to obtain the necessary funding, although bear in mind that the offer to purchase might include a 72-hour clause, which means the seller can still market the property and, if they receive a better offer, provide you with 72-hours’ notice to get your affairs in order and avoid losing out on the home.

So as soon as you sign the offer to purchase, you should work on getting the home loan right away, so you’ll have the funds to back the purchase.

Applying for the home loan

This is it, the moment of truth, where you apply for a home loan from the lender — usually a bank — to cover the cost of purchasing the home.

What documents do I need to apply for a home loan?

The documents usually required for a home loan application include:

  • Offer to Purchase
  • Identity document
  • Latest payslip
  • 6 months consecutive payslips if commission/overtime is earned
  • Latest 3 months bank statements

Can I get a home loan without having to pay a deposit?

Deposits help, but lacking one is not as harmful to your chances as it used to be. Supply currently outstrips demand in the housing market, so banks are more willing to lend, and for first-time buyers they offer a special deal, the 100% home loan. This is a home loan that doesn’t require a deposit, making home ownership a more realistic option, especially for first-time buyers.

What does the interest rate on your home loan mean?

If your home loan is approved, the bank purchases the home for you, and you pay them back in monthly repayments, but you also have to pay interest; an additional amount on top of each monthly repayment.

Which banks offer home loans in South Africa?

When it comes to finding the best banks for home loans in South Africa, a bond originator will tell you more than any customer satisfaction survey.

The SAcsi 2016 satisfaction scores for South African banks were:

  • Capitec – 83.1.
  • FNB – 81.3.
  • Nedbank – 77.0.
  • Absa – 74.2.
  • Standard Bank – 71.9.

How do I qualify for a home loan in South Africa?

In order to qualify, you must:

  1. have a household income that falls between R3,501 and R22,000 per month.
  2. be a South African citizen over the age of 18.
  3. be either married, cohabiting, or single with at least one dependent.
  4. not have benefited from a previous government housing programme or subsidy.

What documents do I need to apply for a home loan in South Africa?

What documents do I need to apply for a home loan?

  1. Offer to Purchase.
  2. Identity document.
  3. Latest payslip.
  4. 6 months consecutive payslips if commission/overtime is earned.
  5. Latest 3 months bank statements.

How long does a home loan take to get approved?

The average time for formal approval takes about four to six weeks from submitting the application to your lender, to reaching settlement on the property.

 

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