| Home loan qualifying criteria |
 | A monthly income of at least R 15 000 (single or joint) is required.
|
| Only residential properties may be financed. |
| All other normal credit criteria apply.
|
| |
| Required documentation |
| Fully completed and signed application forms.
|
| Copy of Identity Document/Passport |
| Proof of income
|
| Copy of Offer to Purchase (including property details). |
| 3 consecutive months of bank statements where income is reflected. |
| |
| Additional documentation required if an Employer Guarantee is offered |
| Z572/ 3 (If you are an employee of the state)
|
| Letter of Intent/Letter of Guarantee (If you are not an employee of the state) |
| |
| Documentation required if a company, closed corporation or trust |
| When you apply for a home loan in the name of a trust, close corporation or company,
|
| | Absa will require such an entity to be the applicant for the loan. |
| Absa will also call for the registered founding statement of the close corporation,
|
| | memorandum and articles of association of the company or the trust deed of the trust, in order to prove its existence. |
| Certain supporting documents, such as audited financial statements and/or a personal |
| | suretyship from members and shareholders or trustees may also be called for in certain cases. |
|
| The deposit |
| Depending on your financial standing and the amount you wish to borrow, the bank may require you to pay a deposit. The deposit may be seen as the difference between the purchase price of the property and the amount of the loan. |
| Example: If you qualify for a home loan to the value of 80% of the property value, you'd be required to provide a deposit of 20%. In some instances, you will earn interest on the deposit paid when you purchase a home. |
