|
General Home Loan Information
The normal term of a home loan is 20 years, you can opt for a 25 to 30 year home loan, but it is not advisable as you will pay a lot more in interest charges. The only real advantage is that, it does reduce your monthly instalments considerably, making it easier for you to get into the market.
As a single person, the bank will grant you a home loan at a monthly instalment of 25% of your gross income, and 30% of your joint income.
Example: Single – Gross Income – R10 000. – your monthly instalment must not exceed R2 500. per month.
Joint – you and your spouse – Gross Income – R15 000. – your monthly instalment should’nt exceed R4 500 per month.
Almost all the major banks in South Africa offer calculations where you can calculate your mortgage payment and some even offer calculations to see how much you can afford. We suggest you use them to work out what you can afford, before submitting your online application.
ABSA Home Loan Calculators  Estimated Building Replacement Cost Calculator
How Much Have I Paid Off?
Increasing your Installments
Making a Lump Sum Deposit
Take Up a New Home Loan with Absa
Transfering my Home Loan to Absa
Maximum Home Loan Calculator
Nedbank Home Loan Calculator Bond Repayment Calculator
Nedbank Accelerated Payments
First National Bank Calculators HomeLoan Affordability Indicator
Standard Bank Calculators Home Loan Calculator
Contact Us Today - We Can Help You !
Looking for a New Home Loan, Bond Extension, 2nd Mortgage or just curious to see if you can get a better Interest Rate. Let us help you. We offer a Free and Professional Service.
No Obligation Application - Apply Online Now!
Are you looking for a New Home Loan, Bond Extension, or 2nd Mortgage. Let us help you. We offer a Free and Professional Service. Click Here to contact one of our licensed consultants today.
|
