How to apply for a home loan in South Africa

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How to apply for a home loan in South Africa
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Buying a home for the first time can be a daunting task – this is how you could go about it.

Applying for a home loan can be a daunting task, especially for those looking to buy for the first time, but with the right information and preparation, it can be a much smoother process.

A major concern for property experts, including Geffen, is the likeliness of more interest rate hikes. Smee added that in the current market, before considering the steps below, prospective property buys would be wise to price in interest rate hikes – by looking to buy at 70% to 80% of your affordability – and ensure you have a deposit saved up before deciding to go on the hunt for a new home.

This can be done by using an online bond calculator of your choice – giving you an estimate of what you can afford.Many banks and financial institutions offer pre-approval for home loans. They will assess your financial situation and indicate how much you may be able to borrow.

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