What is Bond Approval?
Bond Granted or Approved means the financial institution has searched your personal affordability and the valuation of the property and found it to be sufficient security for providing financial assistance.
How Long Does Bond Approval Take In South Africa?
Payment of the guarantees is made on the date of the bond registration.
NOTE: the same Attorney could be appointed as Transfer Attorney, Bond Attorney, and Cancellation Attorney.
The registration process typically takes between 8 and 12 weeks to complete. However, delays are possible if the information is incomplete.
How long does it take to get a bond pre-approval in South Africa?
Home loan approval usually takes around one week, although it can take longer if certain requirements haven’t been met.
You can use our Bond Calculator to determine what home loan you would qualify for. This way, you can look for homes within your price range, thereby improving your chance of home loan approval.
How does the bond process work in South Africa?
- The attorney receives bond instructions from the bank.
- Request draft deed and guarantee requirements from transferring attorney.
- Draft bond documents for signature.
- Obtain insurance certificates.
- Bond registration costs are payable.
- Issue guarantees.
What happens after bond approval in South Africa?
Once the documents are signed, the bond attorney submits them to the bank for verification, and the bank gives the go-ahead for the bond to be registered at the Deeds Office.