By buying a home, you are investing in your future and you will have security and shelter for you and your family for many years to come.
Steps to owning your own home:
- Once you have found your dream home, and your offer to purchase has been accepted, you then contact a mortgage consultant.
- The consultant will help you complete a home loan application form and gather all necessary documents needed.
- The banks will then assess your application and either approve or decline your home loan application.
- The banks will then assess the property you intend buying.
- The banks then make a final decision based on the valuation of the property. The interest rate, special conditions and repayment terms will be explained and confirmed with you.
- An attorney will proceed with the registration of your property. The attorney will prepare all the documents and will contact you for signing. Transfer and registration cost must be paid to the attorney. Once the costs are paid the attorney lodges the documents at the Deeds Office.
- Registration then takes place; the bank will confirm your monthly repayments, debit order details and HOC insurance details.
How much do I qualify for?
Monthly payment should not exceed 30% of gross income per month. In the case of a married couple, joint income can be considered.
Documents needed with Application:
- Bond Application forms
- Copies of Id Document (ID book will have to be presented)
- Proof of income
Bank statements for 3-6 months
- Offer to Purchase
- Other appropriate documents (e.g. Marriage Certificate)
Make sure the Offer to purchase has the following information:
- A description of the property e.g. the stand number, size and address
- The price you are buying the house for
- The date you can move into the house
- What fittings and fixtures are sold with the house