Bond Home Loan Pre-Approval: Prequalification Criteria For Standard FNB Nedbank & Absa Bank
Embarking on the bond pre-approval process requires criteria and preparation. The would-be borrower must first gather pertinent documents: proof of income, such as pay slips and tax returns; proof of assets, including bank statements and investment accounts; and personal identification. With these in hand, one approaches a lender or bank, who will then pull a credit report and assess the overall financial picture.
Home Loan Pre-Approval Success Stories
Mpho R from Johannesburg
Occupation: Project Manager
Salary: R75,000 per month
The Situation:
Mpho was a first-time homebuyer with a good salary but no deposit saved.The Challenge:
He applied for a home loan pre-approval at Nedbank but needed a 10% deposit.The Solution:
Mpho turned to BankBonds.co.za for a mortgage loan pre-approval to see if any bank would finance him with no deposit.The Outcome:
BankBonds.co.za found a bank that offered him a home loan pre-approval with only a 5% deposit requirement.Steps Taken:
The team at BankBonds.co.za reviewed his income, employment contract, and bank statements. They found that his rental history proved his ability to pay. They submitted his home loan prequalification to 6 lenders.Benefits:
He received 4 mortgage pre approval offers and chose the one with the lowest interest rate.What They Said:
"Every bank I approached wanted a big deposit. BankBonds.co.za found a lender who accepted my 5% deposit."
The Result:
Mpho bought his first home in Sandton and is now building equity instead of paying rent.
What Documents Needed For Bond Application South Africa?
- Monthly Income
- Proof Of Employment
- Self-Employed, Business Or Company Bank Statements
- Income Tax
- Outstanding Debts and Loans
- Equity, Proof Of Assets
- Living Expenses
- Personal Bank Statements
- Identification
Fast and Easy Pre-Approval Form
Get the ball rolling, hit the apply button below and a bond originator will contact you asap about your pre-approval/pre-qualify document.
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