Frequently Asked Questions
What do I need to do to get my home loan through BondPro?
Once you’ve signed an Offer to Purchase and have electronic copies of your ID, latest payslip and 3 months bank statements, then you’re ready to complete the online home loan application.
You’ll first be required to create a profile and then you’ll continue to complete your application form online.
As your application is submitted in real time to the top banks, you will start to receive offers from the banks within 72 hours. We will provide you with regular feedback from the banks.
Once offers start coming in, we will email you the options so you can select the best offer for you. Then we will notify the bank and follow up with you to finalise your home loan.
How long does the application process take?
If you have all your documents on hand, the application process could take less than 30 minutes to complete.
You can save your application form at any point in the process and complete it at your convenience.
Once you’ve submitted your application, compared and selected an offer from the banks, they will be in touch to finalise the home loan process.
This process could take up to two months to complete.
What is my affordability based on?
Your affordability is based on your income and level of debt against your income. The debt service ratio ideally shouldn’t be more than 30% of your gross monthly income, whether single or joint. Banks are guided by the rules set out by the NCA (National Credit Act of South Africa), which helps to protect South Africans from getting into too much debt.
What other costs should I be aware of?
Besides the upfront costs such as the transfer duty, bond registration and bank initiation fees, you will need to consider maintenance costs, such as the rates and taxes, levies (sectional title property) and the cost of insurance such as homeowner's cover.
The banks require you to have insurance cover on the property, as this is highly beneficial to managing the risk of damage to the asset.
Why should I chose BondPro?
With BondPro, you'll benefit from the expertise of professionals with backgrounds in banking and law. This ensures a professional and sound experience throughout the application process. We will apply to the 8 top banks in real-time, compare offers, and help you choose the best rate.
