Quick reference points:
- Our agents assist purchasers with mortgage loan applications at all major financial institutions, where we have experienced consultants passionate about their clients
- According to the National Credit Act (NCA), Act 34 of 2005, your monthly mortgage bond payment may not exceed 30% of your monthly household income amount.
- An initiation fee of ± R6000 is payable by purchasers to the financial institution on a mortgage bond registration. Clients have the option to either include the amount in the mortgage bond or pay the amount upfront. Initiation fees are prescribed by the National Credit Act (NCA), Act 34 of 2005, and is revised from time-to-time.
- Bond registration costs payable to the bond registration attorney is determined by the amount of the mortgage bond approved and registered by the mortgagee. These costs may not be included in the mortgage bond.
- The mortgagee (financial institution holding the mortgage bond over the property) might require life insurance covering the life of the mortgager (purchaser) in the value of the amount of the mortgage bond
- Likewise, the mortgagee will insist on building insurance for the replacement value of the property, which insurance can be with the mortgagee or any other short term insurer.
- Documents required to apply for a mortgage loan:
- Signed and accepted Agreement of Sale
- Completed, signed loan application form, including Income & Expenses of purchasers
- FICA documents (ID Documents & Proof of address for natural persons. FICA documents differ for trusts and legal persons)
- 3 months' payslips and bank statements for fixed income, salaried persons
- 6 months' payslips and bank statements for variable income salaried persons and self-employed persons
- Contract of Employment, if requested by financial institution
- Financial Statements and/or ITA34 of self-employed persons
- Marriage Certificate, upon request
- Divorce Decree, upon request
- Bond affordability table
- Bond payment calculator
http://www.mcvdberg.co.za/language/en/MCBondGuide