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Step 1: Pre-approval from us
A home loan pledge or pre-approved finance guarantees you the maximum amount that we are prepared to lend you. The pledge is issued subject to normal credit approval. It is valid for six months from the date of issue. Should it expire, you must apply for a new one.
Step 2: House-hunting
once you have decided how much you can afford to buy for, you need to determine what you are looking for in a home.
Buyer's checklist
Step 3: Sign offer to purchase
Once you have decided on the property you would like to buy, you will need to complete an Offer to Purchase document. This document is sometimes also known as an agreement of sale or deed of sale. Basically, it is a written agreement, stating the terms and conditions under which you agree to the buying and selling of the property.
Step 4: Seller accepts offer
The offer to purchase has to be negotiated. It is advisable to note which fixtures and fittings that will form part of the sale. All the permanent fixtures and fittings such as light fittings, carpets, tiles, curtain rails and pelmets, and built-in cupboards, are included in the sale unless the buyer and seller agree otherwise. Any movable items included in the sale must be negotiated between the buyer and seller. Once you have negotiated the offer, the seller will accept the offer to purchase.
Step 5: Approach us for a home loan
You will need to provide us with a copy of the offer to purchase that you and the seller signed before we can finalize the approval process.
Step 6: We will confirm requirements
Once we have the offer to purchase we will do a final credit evaluation
Step 7: Property valuation done by us
We will carry out an assessment of the property before approving the loan
Step 8: Decision taken by us
We will decide whether to grant you a loan taking into consideration your income and credit standing. We will also assess the property.
Step 9: Letter of grant
A letter of grant will be sent to you, the estate agent and the branch that notifies you that your loan has been approved.
Step 10: Registration attorney instructed to register the bond
a Registration attorney is appointed to attend to the registration of your bond.
10 Questions to ask your attorney
Step 11: You sign the necessary documents the attorney's office and pay the relevant costs
You will be requested to sign all the necessary documents at your attorney's office. The transfer and bond registration fees must be paid in full before the bond is registered in your name at the deeds office.
Step 12: Documents sent to deeds office for registration in your name
Once all fees are paid in full the documents are sent to the deeds office
Step 13: Home loan registered in buyer's name at deeds office by registering attorney
- Registration attorney confirms registration
- Seller's bond is cancelled and settled
- Funds paid to relevant parties
- The amount you owe will be shown on your home loan account
Step 14: We will confirm your installments in writing
We will confirm your installments as well as once-off payments.
Step 15: Your first monthly installment is due within 30 days of registration date
Your repayment is due 30 days after the property is registered in your name. For convenience, arrange for a debit order to be put in place so that your home loan installment is paid on time each month
- For building loans: your first installment is due within 30 days after 90% of the loan is paid
out or on occupation.
Step 16: Attorney sends title deed and mortgage bond documents to us for safekeeping
Step 17: Information
For more information about our products or and how to make an application, go to:
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