Qualifying for a home loan

In light of the South African Reserve Bank's decision for the current rates to remain unchanged, this has benefitted South African homeowners for the remainder of the year.

The bond rates of 7% have solidified the status of South Africa's market in favour of buyers. According to data collected from leading bank's home loan calculations, the gross household income to qualify for a R500 000 home loan has decreased to as little as R12,921.65.

In conjunction with this, the repayments on a 20 year home loan is more affordable today compared to a year ago. In the past year, repayments have dropped from R4 100 to R3 945.49.

In comparison, to qualify for a R1 Million home loan, on a 20 year bond with no deposit, the gross monthly income required has dropped to R25 843.30, with repayments of roughly R7 821.99.

Being the perfect time to purchase, seek the advice of a reputable agency to assist you today!