Benoni Home Owners News

 Residential Home Loan Application Checklist – Supporting documents required for ALL types of applications: EXISTING ABSA CLIENT- Full time Employed

1. Ordinary Loan

Identity Document for all parties

Latest payroll Payslips

Offer to purchase to be signed by both parties

2. Further Advance – Ordinary

Identity Document for all parties

Latest payroll Payslips

Quotation for building – when applying for additional finance for improvements

Up to date Rates and Taxes account – for no further bonds to be registered

Reason for further advance

3. Building Loan

Identity Document for all parties

Latest payroll Payslips

Up to date Rates and Taxes account – for no further bonds to be registered

Signed Tender / Contract & Schedule of Finishes

Building plans to be submitted for Approval (with measurements) or Municipal Approved Plans

NHBRC Builders Registration

Signed Waiver of Builder’s Lien (Absa 1295 BX)

Signed Minimum Requirements (Absa 1284 EX)

4. Further Advance – Building

All the documents stipulated in point 3

NON ABSA CLIENT- Full time Employed

5. Ordinary Loan

All the documents stipulated in point 1

Latest 3 months Bank Statements

6. Further Advance Ordinary

All the documents stipulated in point 2

Latest 3 months Bank Statements

7. Building Loan

All the documents stipulated in point 3

Latest 3 months Bank Statements

8. Further Advance Building

All the documents stipulated in point 4

Latest 3 months Bank Statements

EXISTING ABSA CLIENT – Self Employed

9. Ordinary Loan

Identity Document for all parties

Offer to purchase to be signed by both parties

Latest 3 year-on-year Financial statements (not older than 6 months-if older than 6 months, management accounts not older than 2 months will be required), signed by a registered auditor/bookkeeper & applicant, and

Self-employed require an unqualified Letter from the auditor / accounting officer that states “I herby confirm that (the applicant) received a monthly / annual income / drawings of R [ ]”, signed by applicant & the auditor/bookkeeper, and

A detailed cash flow forecast for the forthcoming 12 months (supported by relevant docs, e.g. contracts) and

A statement of personal assets and liabilities with full indirect liability disclosure OR The income on the past 3 years original or certified copy of the customer’s IT34 can be verified against the turnover on the bank statements..

Latest 12 months up to date Bank Statements of the business If main account is not held at Absa and

Latest 12 months personal bank statements of individual id account is not held at Absa

10. Further Advance Ordinary

All the documents stipulated in point 9 – except Offer to Purchase

Reason for Further Advance

LATEST UP TO DATE RATES AND TAXES FOR SWITCHES & RE-ADVANCES WHERE NO ATTORNEY IS INSTRUCTED

11. Building Loan

All documents as stipulated in point 9 – except Offer to Purchase plus

Signed Tender / Contract & Schedule of Finishes

Building plans to be submitted for Approval (with measurements) or Municipal Approved Plans

NHBRC Builders Registration

Up to date Rates and Taxes account – for no further bond to be registered

Signed Waiver of Builder’s Lien (Absa 1295 BX)

Signed Minimum Requirements (Absa 1284 EX)

12. Further Advance Building

All documents as stipulated in point 9 – except Offer to Purchase, and

All documents as stipulated in point 11

Reason for Further Advance

NON ABSA CLIENT- Self Employed

13. Ordinary Loan

Identity Document for all parties.

Offer to purchase to be signed by both parties.

Year-on-year business financials covering a minimum period of 3 years, with the latest reporting period statements not being older than 6 months, supported by bank statements for the past 12 months preceding the loan application date, verifying the income reflected in the business financials. If the latest reporting period statements are older than 6 months, then management accounts, not older than 2 months, signed by the applicant and the accountant/ bookkeeper, must be submitted plus up to date signed managements accounts from date of last return, and

For self-employed applicants, an unqualified letter from a registered accountant/bookkeeper must be supported by the requirements set out above. Unqualified confirmation means that the letter from the accountant/ bookkeeper will state the following: “I hereby confirm that (the applicant) receives monthly/annual income/drawings of R [ ]” and

A detailed cash flow forecast for the forthcoming 12 months realistically presenting the financial sustainability of the business and supported by relevant documentation applicable to any existing or new contracts that contribute to the turnover of the business OR The income on the past 3 years original or certified copy of the customer’s IT34 can be verified against the turnover on the bank statements.

All applications must be accompanied by a statement of personal assets and liabilities with full indirect liability disclosure.

14. Further Advance Ordinary

All documents as stipulated in point 13 – except Offer to Purchase

Reason for Further Advance

15. Building Loan

All documents as stipulated in point 13 – except Offer to Purchase and

All documents as stipulated in point 11.

16. Further Advance Building

All documents as stipulated in point 13 – except the Offer to Purchase, and

All documents as stipulated in point 11.

LATEST UP TO DATE RATES & TAXES FOR SWITCHES & RE-ADVANCES WHERE NO ATTORNEY IS INSTRUCTED

SA CITIZEN WORKING ABROAD

17. Ordinary Loan

Copy of Passport/s for all parties

Offer to purchase to be signed by both parties.

Employment contract stating Employer details, Income, Contract terms and Conditions

Proof of Income depending on Fulltime or Self employed

12 Months bank statements reflecting stated income.

Residence permit number as well as work permit and expiry date for foreign Country.

NON RESIDENT CLIENTS WITH WORK PERMITS

18. Ordinary Loan

All documents as stipulated in point 17 – except 12 months bankstatements and

6 Months Bankstatements Reflecting stated Income

Residence Permit number as well as work permit and expiry date for RSA

Confirmation/proof of when the 50% deposit will be made and in what currency.

19. Building Loan

All the documents stipulated in pt18, plus

All documents as stipulated in point 11

TEMPORARY RESIDENT or OFFICIAL FOREIGN REPRESENTATIVE

20. Ordinary Loan

Copy of Passport/s for all parties

Offer to purchase to be signed by both parties, plus

Employment contract stating Employer name, Income, contract terms and conditions

Proof of Income depending on Fulltime or Self employed

6 Months Bankstatements Reflecting stated Income

Residence Permit number as well as work permit and expiry date for RSA

Absa3423 – Declaration by Foreign National Temporarily Resident in South Africa