What is A Bond?
In finance, a bond is a type of security under which the issuer owes the holder a debt, and is obliged – depending on the terms – to provide cash flow to the creditor.
How To Qualify For A Bond In South Africa
5 Tips for getting bond approval
- Get prequalified.
- Check your credit record.
- Submit the correct information.
- Get the best interest rate.
- Use a home loan comparison service.
How long does it take to approve a bond in South Africa?
The registration process typically takes between 8 and 12 weeks to complete. However, delays are possible if the information is incomplete.
How much do you need to earn to qualify for a bond?
Generally, you should expect about 30% of your monthly income to be used for bond repayments. Anything above that, and you are entering risky territory.
Can a foreigner get a bond in South Africa?
The Loan to Value amount is granted on the same basis as per SA Citizens with certain limitations. 2. Foreign Nationals: Applicants must have a valid foreign passport with a valid temporary residence visa such as a work visa, spousal visa, etc.