Yes, you can guarantee your Nedbank home loans approval by adhering to a few simple rules and principles.
The Nedbank home loans application process is quite simple if you know what you’re doing, therefore it’s best to contact a reputable mortgage broker to help you with this.
The first and probably most important requirement is that you must have a clear credit record if you do, you stand a much better chance of getting the loan.
Second is that you need to qualify on your income. This means that if you take 30% of your joint gross monthly income, that is the maximum repayment you’re allowed to spend on a home loan per month. Contact us to find out what size bond that relates to.
Third is that you must be able to afford the loan. The Nedbank home loans department will look at your income and expenses and see if you will be able to comfortably repay the home loan installment. If the Nedbank home loans department feels that you cannot afford the bond they will decline the application, and obviously, if you can, they’ll approve it.
It may seem a bit harsh that they can decide, but it is in accordance with the National Credit Act (NCA) adopted in June 2007. They look after the consumers interests and make sure that the financial institutions don’t put the client in financial trouble.
Fourth, the Nedbank home loans department will send out a valuator to do a valuation on the property you have in mind. If they find fair value in the property and in relation to the purchase price they will grant you a home loan, if not, they will make a lower offer which means you can either pull out of the purchase, or you would have to make up the rest with a bigger deposit.
That leads me to the fifth and final point and that’s a deposit. The Nedbank home loans department will require a deposit. Nedbank home loans will grant you a maximum bond of 90% in relation to the purchase price. So if the purchase price is R800 000, the maximum they will give you is R720 000 and you would have to provide the rest as a deposit.
If you can keep these principles in mind and meet the minimum requirements the Nedbank home loans department will easily grant you a bond to purchase that dream home.
Well, I know that is a lot for you to take in so I am happy to spend some time with you and answer any questions you have about Nedbank home loans. You are very welcome to contact my office at 086 110 6204 or send me a personal email at: info@gpfmortgage.co.za
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