The requirements of having a home loan with Absa come down to proof of identity, proof of income and bank statements, plus enough money for the costs that sit outside the loan. Absa lists an ID or passport, three months’ bank statements (six if you are self-employed), proof of income and, where applicable, an offer to purchase.
Absa’s document list is published on its first-time homebuyer page, so the list below describes a first-time buyer application. Other applications, such as buying again or switching, may differ, so confirm with Absa. Approval is never guaranteed; Absa decides after assessing your income, credit record and the property.
Eligibility Requirements at a Glance
The Absa home loans page shows these home loan options: first-time homebuyer, buying again or investing, switching, building loan, Eco Home Loan and access to funds.
- First-time buyer: a maximum of two applicants, and at least one must be a first-time buyer.
- Identity: a South African identity document, or a passport, permanent residency permit or visa.
- MyHome Loan: aimed at applicants with a combined income under R34 800 a month. Households earning under R22 000 a month may be eligible for a housing subsidy.
Absa does not publish a minimum income or minimum credit score for a standard home loan. To talk to the bank, call 0860 111 007; applications go to [email protected].
Income and Affordability Requirements
Absa uses your income evidence to decide how much it will lend. What it asks for depends on how you earn:
- Employed full time: your latest payslip, not older than two months. If your income is variable, six months’ payslips. If you have no payslip or started recently, your employment contract.
- Pensioners: proof of advice or a letter of pension.
- Self-employed: a salary advice and your latest IT34.
Debt you already owe reduces the amount you can afford, so clear what you can before you apply.
Credit and Financial Requirements
Absa’s cost of buying a home page sets out costs that are paid in addition to the loan:
- An initiation fee of R6 037.50, a one-time fee to initiate the home loan and open the account. It can be added to the loan after registration or paid once off.
- Bond registration and transfer costs, paid to attorneys.
- Transfer duty to SARS on properties bought or valued at more than R1 000 000.
- A monthly administration fee.
- Homeowners insurance, needed before registration for a free-standing property. Life cover is compulsory on a MyHome Loan.
A deposit is optional. If Absa does not grant the full loan, you pay a deposit to the transfer attorney. That deposit does not cover transfer duty, bond registration costs, transfer costs or the initiation fee.
Documents and Verification Required
For a first-time buyer application, Absa lists:
- Your ID (a South African identity document, or a passport, permanent residency permit or visa)
- Three months’ bank statements if you are employed full time, or six months’ if you are self-employed
- Proof of income as described above
- The offer to purchase, if applicable
For a building loan, the building loan documents page lists a building contract, bill of quantities, tender and schedule of finishes, a building plan, an NHBRC-registered builder, Absa’s minimum requirements and a waiver of the builder’s lien.
How to Apply and Improve Approval Readiness
- Choose the option that matches your situation on the Absa home loans page.
- Collect the documents above, with bank statements for the right period.
- Call Absa on 0860 111 007 or send your application to [email protected].
- Budget for the initiation fee, transfer and registration costs and transfer duty before you sign an offer to purchase.
First-time buyers: Absa says it can finance up to 100% of the purchase price, with a possible extra 10% towards transfer and bond registration costs, and 50% off bond registration fees if you use an Absa-approved attorney. The maximum purchase price to qualify for 110% is R3.6 million. Some other Absa pages quote 108%, so confirm the figure that applies to you.
Frequently Asked Questions
What are the requirements of having a home loan with Absa?
An ID or passport with permit or visa, bank statements (three months, or six if self-employed), proof of income, and an offer to purchase if applicable. You also need money for the R6 037.50 initiation fee and the transfer and registration costs.
Can I get a 100% home loan from Absa?
Absa’s first-time buyer page says it can finance up to 100%, plus a possible extra 10% for transfer and bond registration costs, up to a purchase price of R3.6 million for the 110% option. You must be a first-time buyer, and approval depends on Absa’s assessment.
Is a deposit required?
No, a deposit is optional. If Absa does not grant the full loan, you pay a deposit to the transfer attorney, and that deposit does not cover transfer duty, registration costs or the initiation fee.
Can I switch my bond to Absa?
Yes, switching is one of the home loan options on the Absa home loans page. Ask Absa for the documents and costs that apply to a switch.
Rates, fees and limits change, so confirm the current figures with Absa. See all loan requirements and browse finance and funding requirements.