24 November 2020
Purchasing a house means that you’ll be making monthly payments to pay off your bond. Knowing if you’ll be able to afford those monthly payments is crucial; it will determine whether you’ll be able to go ahead with your decision to buy a property or not.
An Affordability Calculator lets you know what your monthly repayments are likely to be. It also indicates the total amount of interest you will be paying and the total repayment amount too. The latter will motivate you to work towards paying off your bond as quickly as possible!
This is the information that you will need to put into the Affordability Calculator - if you plan to buy a property with someone else, you should combine your figures:
But there may be more to what YOU can afford.
You may qualify for government assistance, which means you should look beyond an Affordability Calculator. FLISP (Finance Linked Individual Subsidy) provides lower and medium income earners with a substantial subsidy, that can be used to purchase property. Subject to pre-approval of a home loan, FLISP subsidies can be applied for, by any South African family whose household income falls within a specified bracket.
Down the line, if you are looking for some relief, here are 6 Ways To Make Your Bond Work For You.
For more information on Just Property please visit www.just.property or call (087) 550 2258.
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