Monday, 2 December 2013

Are you a South African Living overseas and you want a home loan in South Africa?

The first thing you must know is that depending on the bank your home loan will be between 50% and 70%
and under the right circumstances you could get up to a 100%, but the truth is the chances are very small of this happening.

You will need to get a copy of your work contract, work permit and make sure the contract is signed.

You will need up to six (6) Months payslips and make sure you fill in an income and expenses form in both the currency you earn in and in SA Rands and sign both.

Make sure you have copies of your passport and SA ID and if married send a marriage certificate.  Internet bank statements will work and ideally you should be sending some money home to a bank in South Africa, this would be the same bank account that will service your home loan.

What would go against your application - not meaning that you will not get the loan, but it will make it more difficult.

1. Self employed
2. Pure commission earners
3. Lack of documents
4. Contract worker
5. Over exposure

But it is all possible and I recommend sue your mortgage originator to all the ground work for you.

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