Most property purchases in South Africa are financed through a home loan (bond). Understanding the approval process helps you plan effectively.

Pre-qualification

Before house hunting, get pre-qualified through a bond originator. This tells you your maximum loan amount and monthly repayment.

Application

Once you sign an OTP, your bond originator submits applications to multiple banks to find the best rate.

Approval timeline

Bond approval typically takes 5–10 working days. The OTP should include a suspensive condition allowing time for this.

What banks assess

• Income and employment stability
• Credit record
• Existing debt
• Property valuation
• Deposit amount