|
SA Home Loan: It’s not that hard to get a home loan in SA. All you need to do it be diligent with your monthly expenses and ask the right questions and you’ll quickly be on your way to getting a home loan in SA.
So, what is it that you do need to get a SA home loan?
1. Disciplined Monthly Expenditure Will Help You Get a SA Home Loan
This is very important, because all banks and lenders in SA will look at your affordability before granting you a home loan.
Can I have debt? Yes you can. Very little people these days can say that they don’t have some or other form of debt. Actually having some debt is a good thing because then you have a credit record that the banks can look at, but we’ll get into that in a later point.
2. Deposit
Most of the time to be able to get a SA home loan it would require that you put down a deposit of between 5-15% of the purchase price.
This is not impossible. How so? Well, all you need to do is save up the difference between you would be paying on a home loan and your current rent for about 6 months, or more if you can. This will enable two things: first to see if you will be able to afford the home loan comfortably, and secondly you would be able to use what you’ve saved for a deposit.
3. Clear Credit Record is Required for a SA Home Loan
To get a home loan in SA you have to have a clear credit record. That doesn’t mean not having any debt; it just means that you have to be paying all your debts every month. It also means that you should be up to date with everything and not make any late payments.
4. The Ideal Property
That’s obvious, or is it? Well many times you might have a look at an overpriced property and put in an offer to purchase. You must remember that the bank will still come out and do a valuation before giving you a home loan. If they find the property price to be inflated or over-priced they will not approve the loan or they will offer you a smaller loan amount. It will then be up to you to accept the loan and pay in the difference or reject it and keep looking.
The bottom line is: for an individual to get a SA Home Loan you need to be able to afford the loan, you need to have a deposit, have a good credit record and don't buy an over-priced property.
Well, I know that is a lot for you to take in so I am happy to spend some time with you and answer any questions you have about getting a SA Home Loan and making sure your home loan gets approved. You are welcome to contact my office at 086 110 6204 or send me a personal email at: info@gpfmortgage.co.za
|
