Whether you’re looking to buy a home, build a home or move homes, the chances are that you’re going to need a home loan to finance it. This is true not only for South Africa but every country Worldwide.
Home Loans – Key Considerations
It’s important that you and your partner carefully weigh up your financial situations before engaging in a home loan. Remember that these are long-term commitments (typically 20+ years) that will put a strain on your finances, so it’s important to know that you’re secure and can manage repayments.
- Identification – for a joint loan, both people will need to provide this
- Most banks will require a copy of signed offer to purchase
- 3 months salary slips to confirm that you’re in stable employment and able to repay
- Bank statements to ensure that you have a healthy financial statement
- Credit checks to ensure that you’re not in debt
We strongly recommend talking with an independent mortgage advisor who can help talk you through the options and calculate exact repayment amounts and what home price budgets you could realistically look for.
Reputable South African Home Loan Providers
We recommend going with a reputable loan provider. A large banking institution such as Nedbank, who can guarantee honesty, safety and security for providing your home loan. You know that a company like this is never likely to drastically increase your loan repayment rate and since they’re registered with the National Credit Regulator you’ll be safe in the knowledge that you’re with a secure lender at achieving a good loan rate.