Skip to content

How the banks are processing home loans during lockdown

ooba home loans outlines the plans of South African banks and home finance partners about the revised application processes during coronavirus lockdown period.

Bank Continuity Plans for the processing of home loan applications during Covid-19 lockdown:

• Normal bank service level agreements for the processing of applications submitted to the bank prior to lockdown but not finalised by 26/03/2020, and new home loan applications, will not apply from 27th March to 16th April.

• Where a physical property valuation is required (as opposed to a desktop valuation), the banks will only be able to provide us with an Approval In Principle (AIP) subject to satisfactory valuation.

• The issuing of the final grant quotation will be pended until access can be obtained to value the property after lockdown has been lifted.

• In cases where a bank is required to verify employment and the buyer is employed by a non-essential services company, the bank may not be able to issue an AIP, due to the closure of non-essential services companies during lockdown.

• Buyers must be cautioned to expect delays in the processing of applications at all banks during the lockdown period. Real estate agents must include extended time periods into OTP’s for bond approval, including on recent deals where a bank outcome has not been received by close of business on 26/03/2020.

Get pre-approved for a home loan in just 2 minutes

Get pre-approved

Ranked #1 in Banking on Hellopeter

Star Rating

Average rating of 4.86 from over 4 550 reviews

Simply The Best

Ooba home loans services are simply the best. My Consultant Bianca Dancer was so hands on and helpful from the get go. She guided me through the entire process and put me at ease being a first time buyer. I highly recommend their services.

Tia J

Excellent Service

Jay Govender and Maleshini Reddy from OOBA provided outstanding assistance and guidance in securing our home loan. Response times were excellent and they were professional and friendly.

Brice G

Bond Application

Estelle Vorster was really helpful in securing the best deal for my home loan, she not only negotiated a lower interest rate she went as far as securing 50% discount on the transfer costs.

Butana M