Buying a home is one of the most important decisions to make and is also a long term commitment as your agreement will likely be between 15 and 20 years. This is why you need to carefully consider your options and make sure that you choose a home loan that will suit your individual needs.
One of the most important things for first-time homebuyers is the ability to secure a 100% home loan in South Africa. This is not always easy as banks do not easily give full loans to first-time homebuyers. This is why you should speak to your bomb originated before you decide to purchase a property or sign an offer to purchase.
The sister been applying for a 100% home loan is defined banks that are willing to provide this loan to you. Then of course you need to your credit history as you want be able to apply for a home loan if you are under debt review or have a bad credit record.
Then of course the bank. We look at the value of the property, because if the offer that you put in four exceeds the value of the property. They are not likely to provide you with a 100% home loan. This is simply due to the fact that they will take an additional risk at the property is valued and a lesser amount then you’re willing to pay.
Finally, the bank will conduct their own affordability checks on you make sure that you are able to repay your loan comfortably, should be granted a 100% home loan. As with most other loans in South Africa. If you have fixed property or assets that you can keep the security for a home loan, chances are much higher than for the banks to offer you 100% home loan.
