How long does it take for the bank to approve a home loan in South Africa?

How long does the home loan approval process take?

1. You can get your first home loan approval in principle within a few hours after we submit your home loan to the major banks.
2. All answers from the major banks should be in within 48 hours.
3. If a valuation or further documentation is needed, it could take between seven days and two weeks from the day the home loan application is submitted.
4. The size of your deposit, your credit score, and the value of the property will all play a role in how long it takes for your home loan to be approved
5. Home loan applications for self-employed individuals (one of our specialties) can take a bit longer than the average waiting period..

The home loan application usually takes place after the Offer to Purchase is signed, and is followed by the bond registration process.

The home loan grant comes first as an approval in principle and is then confirmed when you accept the terms of the home loan offered.

Get prequalified for a home loan. This will give you an idea of what you can afford.

You can get prequalified by contacting an expert at ooba Home Loans or by using our free, online prequalification tool, the Bond Indicator.