Applying for a home loan
Applying for a home loan can be daunting. Your first step in the process should be to draw up an accurate household budget. If you don’t have a handle on how you are spending your money, you will only be able to guess how much you can afford to spend on your repayments. As a guideline, you shouldn’t be looking at spending more than 30% of your after-tax income.

The affordability process is the crux of the application process. In order to confirm your affordability against the loan required, you will need to have your identity document, proof of address, most recent salary statement, past 3 months’ bank statements and a detailed breakdown of your income and household expenses available for the bank to view.
Additional expenses to consider when looking for a new home are expenses such as the deposit required, transfer duties, bond initiation and registration fees, municipal deposits, occupational rental, and ongoing rates and taxes.

Listen to our expert Home Loans advice here:

For expert advice on the house, chat to our FNB Home Loans Team of Experts.