Home loan calculation

[Otumeel]

Say you're paying a montly payment of R5500 on a home loan, how much do you think is the total bond and how much do you have to make a month before a bank gives you a loan with a payment of R5500 a month.

 

[undesign]

Approximately R570,000 if it is a new bond at prime over 20 years. Term and rate could considerably influence the calculation.

Re. your salary, with the new NCA requirements it is completely a function of affordability i.e. there is no formula like the banks used before e.g. maximum installment of 35% of your salary etc. After a detail breakdown of your income and expenses you must be able to show that you can afford the payment.

Are you planning to to take over someone's bond?

 

[phoneJunky]

Siris is correct about the ammount and I think the repayment shouldn't exceed 30% of your bruto (brute?) salary

 

[JAV]

30% is about right on bruto salary. Then they still look at your expenses, car payments, clothing accounts, petrol, groceries, etc.

 

[blunomore]

Siris is correct about the ammount and I think the repayment shouldn't exceed 30% of your bruto (brute?) salary

Brutal?