Home Loans
From a new government committed to the principles of free enterprise and private property rights, to exceptionally strong recovery of manufacturing sales and imminent easing of lending rates - A brief “good news” outlook on the political and economic landscape in South Africa, from renowned and highly respected economist Dr. Roelof Botha.
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An Access Facility is an offset account linked to your home loan, that allows you to access any surplus funds that have accumulated in your home loan account by you paying more than the minimum monthly instalment and/or paying a lump sum into your account.
Islamic finance is available to all homebuyers in South Africa, whether they belong to Muslim community or not. It is an alternative to conventional lending, where the product are developed in accordance with the social and economic principles of Sharia law.
It’s no doubt that 2023 was a tough year for real estate - unfavourable selling conditions, characterised by diminished affordability and tighter lending standards, have caused many homeowners to re-evaluate their decisions.
The banks are charging penalty interest if they are not given 3 months’ notice of intention to cancel a bond. Therefore it is beneficial to notify your bank of your intent to sell as soon as you decide to do so.
Some tidbits from an optimist - could 2024 be the Golden Year in Real Estate in South Africa?
The decision by the Monetary Policy Committee (MPC) of the Reserve Bank not to raise interest rates again has provided a candidate for “good news item of the year”. With a bit of luck and a further drop in inflation over the next two months, rate cuts could occur before year-end.
The late 1990s and early 2000s witnessed the growth of mortgage origination companies in South Africa. These companies acted as intermediaries between borrowers and lenders, helping borrowers secure mortgage loans by matching them with suitable lenders and assisting with the application process. Mortgage origination companies played a crucial role in increasing competition, streamlining processes, and expanding access to mortgage finance.
Self-employed individuals in South Africa can absolutely obtain a home loan. However, the process may require more documentation and present additional challenges compared to salaried individuals.
A home loan pre-approval provides you with a clear understanding of how much you can afford and helps you focus your house hunting efforts accordingly.
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