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How Zimbabweans can get a home loan in South Africa

Zimbabweans are among the leading foreign purchasers of property in South Africa. They are subject to the same rules as local buyers, with a few differences.

Home Loans For Zimbabweans In South Africa

Article summary

  • 20% of foreign property purchasers are from the rest of Africa.
  • Zimbabweans purchasing property in South Africa will need to acquire a work permit in order to stay in the country.
  • Foreign buyers who are not working in South Africa will not be granted more than half the purchase price by the lender. (source)

Despite the problems besetting their economy, Zimbabweans are among the leading purchasers of property in South Africa, rivalling even the UK, Germany, and the United States. In fact, a report from First National Bank (FNB) shows that 20% of foreign buyers of residential property in South Africa are from the rest of Africa.

So how does someone from Zimbabwe go about purchasing property in South Africa? For the most part, they are actually subject to the same rules as South Africans, with a few differences.

Home loans for Zimbabweans in South Africa: What are the rules for foreigners?

All of the major banks in South Africa offer home loan options for foreigners, though each bank will have different individual requirements.

Take into account the following:

  • Zimbabweans will need a work permit to stay in South Africa. Whether the permit will be granted depends on reasons for staying, and the duration of the stay.
  • Like domestic home buyers, foreigners are subject to transfer costs and transfer duty (transfer duty is only required for homes that cost more than R1 000 000).
  • If you’re not present to sign the documents, you’ll need to sign them at a Notary Public, or South African embassy.
  • As for home loans, foreigners not working in the country will not be loaned more than half the purchase price by the bank. They will need to pay the balance in cash. Foreigners who have work permits or residency will be able to borrow more from the bank, but only if the permit is for at least four years. (source)
  • Deposits will need to be paid via the South African Reserve Bank, into a South African bank account.
  • Like South Africans, you will need a good credit record to qualify for a home loan.

What documentation will Zimbabweans need?

  • A copy of your passport.
  • Proof of residence.
  • Proof of income.
  • Bank statements.
  • A certificate from the South African Reserve Bank showing that you’re eligible for a home loan.

The research shows that foreigners buying properties in South Africa are buying across a range of price brackets, from houses to lock-up-and-go apartments. (source)

Whatever your reasons for purchasing a property may be, ooba Home Loans can help out by submitting your home loan application to multiple banks, allowing you to compare deals and ensure you get the best one.

We also offer a range of tools that can make the process easier for you. Start with the Bond Calculator, then use the ooba Home Loans Bond Indicator to determine what you can afford. Finally, when you’re ready, you can apply for a home loan.

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