SA Home Loan: How Much Can You Borrow?

If you would like to get up to 100% home loan fast and with the least amount of hassles, look no further.  Here we will give you more information on getting a  SA Home Loan. Whether you’re buying an existing property or building a new home, you’ll probably need a home loan.

The first question that you should ask yourself is how much can you afford to pay on a monthly basis.

To answer this question you must  not make an emotional decision. You have to see how much you could pay off on your monthly home loan.

For example, if you think that you can afford a R15,000 mortgage, why not put that amount away in your savings account for 3-6 months to see if you’re able keep up with the payments.

If this succeeds without problems then you will have greater confidence that you will be able to repay the actual SAHome loan without problems. Some banks have their own individual savings formulas for people who wish to apply!

 

Always be honest to yourself! Do not overdo the monthly repayments, the repayment of a home is a long repayment term.

Also keep in mind that you’re only allowed to spend 30% of your income on a home loan, so make sure that you don’t exceed the 30% home loan to income ratio.

SA Home loan offers great rates, but here are some other things to consider:

  • Wish you have children?
    A child can cost you an extra R3,000 – R4,000 per month and if you plan on having kids then probably both spouses will need to work.
  • Can you still save?
    Can you in addition to your monthly expenses put away money for emergencies? If not, it probably is a better idea to apply for a lower amount to avoid future problems.
  • What if your relationship ends?
    If a couple does not wish to continue their relationship, there will be problems with who remains responsible for SA Home Loans repayments..
  • Hidden costs
    Have you taken into account all the cost associated with home ownership? What happens if there is an increase in your rates and taxes, electricity and water.

Will you be able to keep up with your SA Home loan payments?

 

***BREAKING NEWS*** SA Home Loans now gives up to 100% home loans if your company will allow a salary stop order!  Complete your details today.