When it comes to buying a house in South Africa, the basic principle is to put away as much of a deposit as you possibly can. Your monthly loan payment will be lower if you make a larger initial deposit. The loan-to-value ratio of a home loan is used to classify different types of home …
Will a deposit get me a better rate on a home loan/bond? Read More »
It is anticipated that the Sassa COVID-19 Social Relief of Distress (SRD) Grant, which is commonly referred to as the R350 grant, will be extended all the way through the month of March 2024. This comes as the government continues to investigate several ideas for a grant that would replace the current one, although there …
What is a joint bond when buying a house? You may improve your chances of having your application for a bond accepted and increase your chances of entering the property market with a partner by acquiring a bond in joint ownership with them. This will increase the likelihood that you will be able to enter …
The choice of whether to purchase a sectional or freehold property is one that is highly dependent on the preferences of the prospective buyer.In simple terms, when you buy into a sectional title complex, you are purchasing either a section of the common property or multiple sections of that property. You basically own everything that …
Is a sectional title or freehold better when buying a house Read More »
Yes, In the time between the application being approved and the loan being registered, you have the option to back out of a home loan. In South Africa, the majority of bond originators and banks require a written notice of your intent to cancel your home loan at least ninety days in advance. If the …
If you intend on buying a house on your own without the assistance of a real estate agent, it is extremely important that you have a good understanding of the process carried out in the South African property market. However, we would like to advise that you make sure that all of the legal aspects …
It shouldn’t be a surprise that buying a house is a long and difficult process, since it is one of the most important investments you will ever make. But even though it might seem scary at first, you won’t be going into territory that hasn’t been explored before. The way is clearly marked, and there …
Your bank will use your credit score to determine whether or not they consider you to be a good risk based on how well you have historically repaid debts. A high credit score rating is one of the most valuable personal financial assets you can have, so it stands to reason that the higher it …
Why is it important to have a good credit score when buying a house? Read More »
Most likely not from a major bank. When you apply for a loan, the lender will attempt to evaluate the level of risk associated with your credit history. What are the chances that you will be able to repay them on time if they do decide to lend you some money? The majority of lenders …
Yes, you can withdraw your offer to buy a property in South Africa; however, this is not recommended. An offer to purchase is essentially bidding and pulling out of that can, and it will almost always be quite expensive. So before you make that offer, do your homework and be sure it is a proprty …
Can I withdraw an offer to purchase a house in South Africa? Read More »
