A bank will look at your affordability and credit record.

Affordability

To determine your affordability, which means, can you pay back the home loan instalments every month, you need to provide the following:

•    Proof of your income for the last 6 months

o    Bring along your salary slips and bank statements

o    Details of your employer as the bank will phone your employer to enquire about your employment status

Credit rating

The bank will require your permission to obtain your credit profile from one of the credit bureaus. This credit report will show how you have been conduction your account over the past two years and if you are over indebted.

You will have to have the following available:

1.    South African ID or Passport
2.    Copy of the Offer to Purchase
3.    Proof of Current Residential Address – (not older than 3 months)
4.    Most Recent Salary slip or Banking Statements for the last 3 to 6 months (depending on the Bank)
5.    A letter from your employer (to be followed by a telephone confirmation call to your employer)