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Get your Housing Financial Picture in Focus
By arlene | October 20, 2008
Very few people are in a position to buy their first house for cash. Fortunately, money to purchase a property is fairly easily accessible in South Africa.
Because of the security offered by property, banks are keen to lend money to home buyers. I maintain that South Africa is one of the easiest places in the world in which to obtain money to finance the purchase of a house.
Most banks in South Africa offer 100% home loans, and in many instances they provide money to pay the transfer costs as well.
You can speak to your estate agent about your home loan application. He or she can assist you in determining your buying power and will also be able to calculate your monthly repayment. He/she will help you to complete the home loan application form and will advise you of all the supporting documentation required.
An agent will also be in a position to introduce you to a mortgage originator or to a home loan consultant of your bank of choice for additional assistance.
The following steps will guide you in your preparation of your home loan application, and the submission thereof.
How much home can I afford?
This is the most important question in your home buying quest. It doesn’t matter how much money a bank will be prepared to lend you, you will remain responsible for the monthly repayments. Cash flow. Take some time, sit down with your spouse or significant other (if you’re not buying on your own) and do a calculation of your income and expenses. It is important to be honest with yourself and to ensure that you list all your expenses.
Start your budget by listing all your income. Use the amount that you will normally receive after deductions by your employer, such as income tax and UIF.
You should also add any other regular additional income you receive, such as from a spare-time job, interest from investments, child support, etc.
Next you should list all your expenses.
After you have made provision for any unforeseen circumstances, you now know how much money (amount [surplus) you have available to pay towards your own home.
You need to ensure that you can comfortably dedicate the amount you have calculated to paying your home loan. It is important for you to be able to make these payments, not every once in a while, but every month!
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Topics: Agent, Form, Investment, Job, Listing, Property, South Africa |
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