Over a quarter of South Africans polled do not feel that it is reasonable to have to put a deposit down when buying a home, said a survey by bond origination company ooba, released on Tuesday.
The survey found 27 percent of respondents believed that a 100 percent bond was reasonable, while 42 percent said a deposit of 10 percent was reasonable.
Twelve percent of respondents said they believed a deposit of more than 30 percent was reasonable.
However, spokesman Craig Deats said that while all banks had again begun offering 100 percent home loans, being able to put down a deposit made it more likely that a bond application would be approved.
The larger the deposit the easier it is to get a home loan approved since there is less risk for the banks. The article also mentions the most common reasons for bond declines.
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