How much home can I afford in South Africa?

Author

MyProperty

Determining how much home you can afford is the first step in your home buying journey. Follow these four steps to figure it out: Step 1: Get Prequalified for a Home Loan Start by getting prequalified for a home loan to know what amount you might be approved for. You can apply directly at banks or use a bond origination service like MyProperty Home Loans for pre-approval. Step 2: Calculate All Associated Costs Consider all costs beyond the loan repayments, such as utilities, maintenance, improvements, and levies if applicable. These costs impact your overall affordability. Step 3: Review Your Budget Review your income and expenses to understand your financial situation. List all fixed and optional expenses to see how much you can realistically allocate to home loan repayments. Step 4: Analyze Your Situation Assess whether the calculated amount is realistic. Ensure you can comfortably afford your new home without financial strain and consider your future plans like starting a family. For more detailed guidance, check out our home loan FAQs.

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