Requirements for Granting Bonds

Question 1

What documents will the bank need in order to grant a bond?

Answer 1

• certified copy of ID
• proof of income
• copy of the offer to purchase
• proof of current residential address
• income tax reference number

Question 1

When can a buyer apply for a home loan from a bank?

Answer 1

• once the seller has accepted the offer of purchase

Question 2

What will the bank do during the processing of the application?

Answer 2

• a property valuation
• credit check
• check the applicant’s credit standing in accordance with the National Credit Act

Question 3

What does the National Credit Act ensure?

Answer 3

• that people do not take on too much debt

Question 4

What does the National Credit Act require?

Answer 4

• that banks evaluate the applicant’s past and present spending and payment habits
• how much they currently owe
• what their repayment obligations are