Bond Repayments Calculator

What interest rate will I receive from the bank?
The interest rate showcased here reflects the current national prime interest rate, as established by the South African Reserve Bank. Please note that the actual interest rate proposed by your bank during your loan application process may differ. It is important to shop around for the best home loan rate as a reduction of 0.5% on a home loan of R1 million could result in nearly R80,000 in savings over a span of 20 years.

Do I need a deposit?
Prospective home buyers who don't have the necessary funds for a deposit can consider a viable alternative: the 100% home loan, essentially a mortgage that doesn't necessitate an upfront deposit. Banks in South Africa are increasingly approving these no-deposit home loans in an effort to stimulate the property market. To qualify for a no-deposit home loan, you need to meet the following criteria:

1. Exceptional Credit Score: You must maintain a spotless credit history and an excellent credit rating. Financial institutions are stringent about this criterion as it mitigates potential legal issues related to irresponsible lending practices.
2. Impeccable Repayment History: Your past records should demonstrate timely repayments of loans and debts, proving to the bank your responsibility as a borrower.
3. Stable and Sufficient Income: Possessing a stable job with a reliable income that can comfortably cover your loan repayments and monthly expenses is a prerequisite.
4. Property Type and Location: Loans are more likely to be approved for 'typical' properties situated in standard areas, ensuring that the property retains its market value. Essentially, opt for a standard house, townhouse, or apartment in main city areas. Avoid properties in remote locations or of unconventional types.