Thinking about buying property? Knowing how to qualify for a home loan in South Africa is key. Banks assess several factors to determine if you’re eligible, including your income, expenses, credit history, and supporting documents.
Minimum Requirements to Qualify for a Home Loan in South Africa
To apply successfully, you typically need:
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A stable monthly income
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A good credit score (ideally 610+)
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3–6 months of payslips & bank statements
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A valid South African ID or passport
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Proof of address (like a utility bill)
💡 Self-employed? You’ll need 2year comparable of financials and bank statements.
What Do Banks Look At?
Banks use an affordability formula to assess your application:
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Income vs. Expenses – Can you comfortably repay the loan?
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Credit Score – Shows how reliably you repay debt
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Debt-to-Income Ratio – The lower, the better
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Employment Status – Permanent employment strengthens your application
📘 Read first: How Home Loans Work in South Africa
How to Boost Your Approval Chances
Here’s how you can improve your chances before applying:
1. Check Your Credit Score
We use TransUnion to see where you stand.
2. Reduce Monthly Debt
Pay off credit cards or loans to free up affordability.
3. Save for a Deposit
Even 5–10% can improve your loan offer.
4. Apply with a Bond Originator
BestBond applies to multiple banks and helps you choose the best deal—at no cost.
🔗 Also read: Why Use a Bond Originator?
Summary
If you meet the key requirements—income, credit, and paperwork—you’re on your way to owning a home. Use BestBond to simplify the process and improve your chances of approval across multiple banks.
Contact BestBond for free help with your bond application, or explore more guides in our Home Loan Blog to stay informed.
