24/01/2022
When you buy property for the first time and apply for a home loan, you are bound to be anxious and worried about the process, but with the tips we're about to share, you'll be able to start the process with confidence.
Step 1: Can you afford it?
Before you start a home loan application, you need to figure out what you can afford. Take a good look at your finances to see if you can afford a home loan on top of your current expenses. You can get a free credit check online from TransUnion or My Credit Check.
Step 2: Finding a home we can help you
You need to have a property in mind when you apply for a home loan, so the bank knows what you need. Chat to US!!!😂
Step 3: Submitting documents
Now that you know what you can afford and that your credit record is in order, you can start your application. When applying for a home loan you will need documents such as your valid South African identity card or document, proof of your income, a list of your expenses, an offer to purchase (also known as a sales agreement), as well as your banking details.
Step 4: Waiting for the outcome
The loan approval process can take up to two weeks once all the required documents have been signed and submitted.
Step 5: Legal stuff
Once your home loan has been approved, the transfer process of having the property registered in you name is next, and you'll have to pay transfer fees. This could be quite expensive, so remember to make provision for this, as transfer fees are not always included in your home loan. Nedbank
