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Frequently Asked Home Loans Questions

Frequently Asked Home Loans Questions

Q. How Do I Apply For A Home Loan?

Very easy, just complete the online application form and then click on "submit application" at the bottom of the page. As soon as one of our consultants receive your submission, they will call you and handle the whole process, making sure you get the best home loan rate available.

Q. How Do I Know If I Qualify For A Home Loan Or A Further Advance?

Our consultants will assist you since various factors must be taken into account. Persons who easily qualify for a home loan or a further advance are property owners younger than 60 years with a very low bond or no bond on their property. [ more info ]

Q. Who Does Not Qualify

People with a bad credit record (ITC).
People with poorly managed bank accounts.
People whose bond payments are in arrears.
People whose hire-purchase payments are in arrears.
People whose general accounts (electricity bill, rates and taxes, etc.) are in arrears.
People whose property, vehicle or furniture was repossessed due to non payment.

Q. What Documents Are Required?

Latest salary slip.
If self employed - Copy of latest financial statement certified correct by accountant or a letter from accountant or auditor that confirms your income.
ID of husband and wife.
Marriage certificate or marriage contract.
Statement of bond account for the past 6 months (if applicable).
Title Deed (if no bond)
Statements of bank account for the past 6 months

Q. What Security Is Required?

The loan must not exceed 80% of the market value of the property. The municipal valuation and or the replacement value cannot be used. The minimum market value of the property must not be less than R75,000.00 The property must be insurable - in a good state. The monthly payment may not exceed 30% of gross income.

Q. What Will My Monthly Installment Be?

Our consultants will calculate the monthly repayment amount for you depending on the amount of money you borrow, the time period chosen and the current interest rate. You can also use the home loan calculators to get an estimate.

Q. How Much Cash Do I Need To Buy A Home?

As a rule of thumb, you should allow between 8% and 10% of the amount of your home loan. This amount excludes the deposit. Also visit our costs page as the are a lot of hidden costs most people aren't aware of when purchasing a home. [ more info ]

Q. Do I Need To Take Out Insurance?

The banks require that you commit to a house-owners insurance policy that covers the property against natural disasters like fire and storm damage. It is also advisable to take out a life assurance policy to pay off the bond in the event of your death. [ more info ]

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