If you plan on purchasing property, then you may want to learn more about South Africa property bonds. The truth is that in South Africa, many people go about purchasing properties with the help of South Africa property bonds.
We would like to share with you some useful and informative information with regard to South Africa property bonds.
What is a bond?
In the majority of countries, the term “bond” is used for a saving vehicle as opposed to a product for raising property finance. South Africa property bonds refer to amounts borrowed against a property. This can be for the purposes of purchasing or raising funds.
The property is used as collateral by the lender in case of non-payment. In return for the bank granting a bond, the bond holder is required to make monthly payments of interest and capital.
How long does the home buyer have to pay back the loan?
The loan is required to be paid back with interest over a set period of time; this usually ranges from 20 to 30 years.
When would you need a bond?
The truth is that in South Africa, the majority of people are unable to purchase a property out of their own savings and finances. This is one of the main reasons that people turn to South Africa property bonds.
How does the bond process work?
After your chosen bank has received the relevant documents, the approval process will start. The bank will approve the loan, which will be subject to certain things. These include a property valuation. Everything will also need to meet the credit and FICA requirements.
One of the reasons why this valuation is conducted is to ensure the bank that the property being bought, reflects its true value. From this point on, the application will take around three to seven working days.
Who can help me transfer money for buying property?
If you are a foreigner and you are looking to obtain property finance options for South Africa, you have come to the right place. At Incompass Financial Solutions, they can help you transfer money for buying property.
I have questions about South African immigration
If you have any questions, or need help with any of your immigration needs, please do not hesitate to contact us. One of our helpful immigration consultants will be able to assist you further. Alternatively if you prefer for us to call you, then all you need do is a request a call back. It is as simple as that.