Infinite Property

Sure, they sound believable, but they can be easily debunked if you know where to look. Here are the top 3 myths about real estate investment and proof that they’re fake news.
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Home ownership made a realistic option for young homebuyers.

The process of buying a home usually requires the following contributions from the purchaser:

A deposit
Transfer fees
Transfer duty
Bond registration

These extra charges can add up to a significant amount, taking the homebuyer off guard as many expect only to have to deal with the deposit, being unfamiliar with all these additional costs.

Thankfully the 105% home loan removes the need to pay these fees upfront, by incorporating the transfer and bond registration costs into the loan.

How much do I save?

For example, for a property purchased for R1,100 000, with a bond of R1 100 000, the bond registration costs would be R30, 698 (incl VAT) and the transfer costs would be R27,660, adding up to a total of R58,358 (incl VAT).

Such a financial burden can be alleviated by the 105 percent loan. It’s understandable why it would be an attractive option to first time home buyers, who usually have less cash to spend upfront.

How do I qualify for a 105% home loan?

Maximum Purchase price between R1 500 000 and R1 800 00, depending on the bank granting the loan
Very good credit score
Ability to afford the installment on the 105% home loan when interest rates start increasing

Sources: Ooba homeloans

For more information, get in touch and let us connect you with our home loan consultant.

Get in touch with us today:

📩 : [email protected]

☎️ : 010 141 0230
__________________________________________________________________