See your monthly home loan instalment before you talk to the bank.
A R1,000,000 loan at an illustrative fixed annual interest rate of 11% over 20 years has a calculated monthly repayment of R 10 321,88. Your bank's quoted rate, fees and insurance can change the amount payable.
Use the standard amortising-loan formula with monthly interest and the number of monthly payments. The loan amount is the property price less the deposit.
Rates entered here are assumptions, not a live prime rate or a bank offer. A variable-rate loan can change during its term; transfer and registration costs are excluded.
Reference: SARB monetary policy information. Examples are calculated by Randwise, not quoted from the reference.
Most bonds are linked to the prime lending rate. Banks offer you prime minus or prime plus a margin, depending on your credit record and deposit.
Transfer duty, bond registration and transfer attorney fees come on top of your deposit. On a R1.5m home they can easily come to more than R100,000.