What is the lending criteria for Non-Residents?

Non-residents purchasing property in South Africa and planning to finance a property are subject to all normal lending criteria and in addition to that the following Reserve Bank rules must be met: Specific Requirements for Non-resident: The home loan amount may not exceed 50% of the purchase price of the property. The buyer must obtain consent from the Reserve Bank prior ...

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Supporting Documentation Requirements for home loan applications

You'll need to provide the following documentation when you apply for a home loan. If you're an employed individual* Proof of income: your latest salary advice. If you earn commission or overtime, please provide the latest 6 salary advices (for both applications if applicable). Latest 3 to 6 months personal bank statements (for both applicants if ...

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WHEN IT COMES TO APPLYING FOR A BOND, A BASIC UNDERSTANDING OF THE PROCESS AND THE CRITERIA HELPS A GREAT DEAL

Many people who apply for bonds do not know the full process involved nor do they have a full understanding of the banks’ lending criteria and why they are so stringent, says Michael Bauer, general manager of IHFS, the bond origination company which now operates throughout South Africa. With interest rates in South Africa at their lowest levels at the moment and a large portion of ...

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IT IS MORE DIFFICULT FOR SELF-EMPLOYED BUYERS TO GET BONDS BUT HAVE ALL DOCUMENTATION READY AND IT WILL BE LESS STRESSFUL

It is a fact that it is more difficult to get a home loan if you are self-employed than if you work for a company and earn a fixed salary every month, says Avia Ebrahim, bond consultant for IHFS, the bond origination company, but if you are organised and know beforehand what is needed when applying for a mortgage bond, it will be easier. “Although it may seem obvious that if you own ...

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Tips for bond applicants

When applying for a bond or home loan, it’s not just the buyer’s affordability that needs to be ascertained, it’s the buyer’s credit and payment profile that will be checked carefully and if there is the slightest chance that he has “black marks” against him the bond application will be rejected, says Avia Ebrahim, bond consultant for IHFS, bond originators ...

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