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A home loan is one of the best ways to assist you to buy your own home – by getting finance from a bank to lend you money to pay for the property you want to buy.

Will the bank give me a loan?:

Your credit profile:

  • The bank will look at your past credit profile – that is how you have been paying and managing your debt over the past 12 to 24 months

What can you afford?

  • The bank will look at your income and your monthly expenses and your current debt repayment obligations – and work out – what is the amount that you are comfortable to pay back to the bank every month on the home loan. Usually a home loan takes 20 years to be paid back, but it is recommended to pay it back faster.
  • If there are two buyers, then your joint income will be used for the calculation.
  • If you are married in community of property, both parties must apply the same time/

Deposit

  • If you do not have a deposit available, you can apply for 100% home loan.
  • It is however best if you have a deposit available as it will help you to negotiate the best possible home loan and interest rate with the bank.
  • A Flisp flisp.info subsidy can also be used as a deposit, if you are a first time buyer and qualify for the subsidy.
  • Also have money available to pay for the legal fees – the transfer and bond registration fees. To calculate these fees, go to www.avidfirefly.co.za

WATCH THE VIDEO

6 Min video: Watch the video that explains to you how the process works

   

HOW DO I START?

You can register with us:

Click here for Select Bond Fitness
Click here for Select Rent2Buy

+27 (0)79 759 2187
info@selectmoney.co.za

P O Box 118, Bloubergstrand 7436
Monday—Friday: 9:00AM–5:00PM

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