Banks generally have certain requirements when one is applying for a loan but the South African banking industry has changed a bit as a result of the implementation of National Credit Act and the start of the global economic crisis. As such, qualifying for a mortgage loan from banks has become more difficult but the bank will at least require the following items from an applicant:
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Have a stable steady income, you will need to provide proof of this in form of a payslip or audited financial statements
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Qualify for the loan in terms of the banks affordability criteria and be able to afford the monthly mortgage payments
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Have a clean record, if you have any default judgments or listings the blank will turn down your mortgage application
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The bank may apply additional conditions at its discretion
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Clean credit record
Meanwhile, requirements pertaining mortgage loan requirements may differ from one bank to another but the above are chief requirements that every applicant should meet for them to qualify for a mortgage loan.