|Rates Available From:||12.50%|
|Minimum Loan Amount:||ZAR 100,000|
|Minimum Property Value:||ZAR 200,000|
|Maximum Term:||20 years|
|Maximum LTV (Loan-Value) Ratio:||50%|
|Maximum DTI (Debt-Income) Ratio:||30%|
|Repayment Methods Available:||Capital & Interest|
Loans in South Africa are available from ZAR 100,000 and the minimum value of the property (or purchase price) should be ZAR 200,000.
Banks will lend over a maximum of 20 years and interest rates start from 12.75% p.a.
The maximum amount they would lend is 50% of the value or purchase price.
Lenders calculate affordability for the loan by stating that the maximum percentage of all loan repayments (including the new mortgage, current mortgage and other loans) should be 30% of your net income.
On top of the necessary 50% deposit, you should also plan for needing approximately up to an extra 14% of the purchase price for fees and taxes
Please feel free to use our mortgage calculator to see what your monthly payments may be.
Important Note: This information is designed to only give you an indication of what you may borrow and under what terms. It does not constitute any form of advice, nor does it imply that you will be able to borrow the amounts required. In all cases you should carry out a full Fact Find and obtain an agreement in principle from the lender. Please choose to either request a quote for a mortgage or complete the more comprehensive pre-qualification form to see if you already qualify for a mortgage