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A Fin24 user is seeking advice as a first-time home buyer. He writes:
If I want to buy a property, what are the requirements that I need in order to qualify for a home loan?
JP Farinha, CEO of Property24, responds:
Preparing to buy a property is a big decision and a financial obligation that needs to be considered carefully.
Before starting your house-hunting process, you can do your own calculations using a bond calculator to get an idea of what bond repayments you can afford.
When you approach a bank or mortgage originator to apply for a bond, you will need various documents. These will include proof of income, a copy of your South African ID or passport, proof of current residential address and three months’ payslips or stamped bank statements.
In addition, requirements to qualify for a home loan include being over 21 years of age, and having no judgments or defaults on your credit profile.
Each bank may have additional criteria which will influence whether you will qualify for a home loan, so it is a good idea to contact your bank of choice and inquire about these directly.
If you would like more information on buying property and get useful tips on house hunting, the hidden costs involved in buying a property, and the registration process, visit Property24’s Property101 Guides or view the easy-to-read infographic.
- Fin24
Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.
If I want to buy a property, what are the requirements that I need in order to qualify for a home loan?
JP Farinha, CEO of Property24, responds:
Preparing to buy a property is a big decision and a financial obligation that needs to be considered carefully.
Before starting your house-hunting process, you can do your own calculations using a bond calculator to get an idea of what bond repayments you can afford.
When you approach a bank or mortgage originator to apply for a bond, you will need various documents. These will include proof of income, a copy of your South African ID or passport, proof of current residential address and three months’ payslips or stamped bank statements.
In addition, requirements to qualify for a home loan include being over 21 years of age, and having no judgments or defaults on your credit profile.
Each bank may have additional criteria which will influence whether you will qualify for a home loan, so it is a good idea to contact your bank of choice and inquire about these directly.
If you would like more information on buying property and get useful tips on house hunting, the hidden costs involved in buying a property, and the registration process, visit Property24’s Property101 Guides or view the easy-to-read infographic.
- Fin24
Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.
Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.
Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.
