I think the two main requirements are affordability (having a steady income and enough disposable income that will then go to repaying the car/ home loan) and creditworthiness (you will typically need to have a good credit score inorder to prove that you are a dependable person to lend money to who will pay your repayment installments on time). Having a good credit score also helps you get a lower interest rate.
Thanks for the info, if you do not mind me asking how did you buy the property under a company, was it a existing company or was it specifically created for property buying, it’s advised to buy under a company but i don’t know where to start, please help I am thinking of stating a business for property buying reasons, my problem would be the company would be new with zero balance (No Financial History) please help
Hey👋 , we opened the company for the sole purpose of buying the property. Our company has no financial history and the bank evaluated my brother and I to see if we qualify for the loan in our personal capacity since the company on it's own had no income at that time. You can just register a company at the CIPC website.
Quite an informative video.
Glad you enjoyed it
I love this video! Thank you so much. I have a question, what are some requirements needed for one to qualify for a home loan or car loan?
I think the two main requirements are affordability (having a steady income and enough disposable income that will then go to repaying the car/ home loan) and creditworthiness (you will typically need to have a good credit score inorder to prove that you are a dependable person to lend money to who will pay your repayment installments on time). Having a good credit score also helps you get a lower interest rate.
Thanks for the info, if you do not mind me asking how did you buy the property under a company, was it a existing company or was it specifically created for property buying, it’s advised to buy under a company but i don’t know where to start, please help I am thinking of stating a business for property buying reasons, my problem would be the company would be new with zero balance (No Financial History) please help
Hey👋 , we opened the company for the sole purpose of buying the property. Our company has no financial history and the bank evaluated my brother and I to see if we qualify for the loan in our personal capacity since the company on it's own had no income at that time. You can just register a company at the CIPC website.
@@LetsTalkPersonalFinance - Thank you so so much, I will do that