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PROPERTY FINANCE
Property finance is a major factor which needs to be taken
into account when looking to apply for a home loan which you
can ultimately afford. Home ownership, and in turn getting
a home loan, is a costly business to get involved in, and
if you do not play your cards right by considering factors
such as personal finances and all the hidden costs, you can
make the wrong decision which could ultimately lead to your
end. CKM Home Loans can help.
With their expert knowledge and experience in the home loan
industry in South Africa, CKM Home Loans will essentially guide you through the entire process
of home loan application, ensuring that no activity or cost
is left out, and ensuring that the home loan which you eventually
decide on is most ideal for you according to your personal
needs and financial position.
One of the major activities which have to be carried out
include paying the transfer costs; and CKM Home Loans will make sure that this is appropriately done.
Property Transfer Costs
CKM Home Loans defines transfer costs as being that of the tax that
the Government levies on property transactions; and which
is essentially referred to as the transfer duty. The tax is
paid when you buy a property and it is transferred into your
name. When you buy vacant land, you will pay transfer duty
on the value of the land only, but if you buy an existing
home the transfer duty is based on the value of the land and
the building.
Depending on the size of the property, transfer costs are
charged on a sliding scale, which means that the more expensive
a property is the higher the transfer costs will be.
According to property value and costs, the scale for individuals
is as follows:
- Below R 500 000.00 - no transfer duty.
- Between R 500 001.00 and 1 Million - A flat Rate of R
25 000.00
- Over 1 Million - R 25 000.00 + 8%
- Companies/Trusts/CC - Pay a flat rate of 10%.
For Example:
Purchasing a house for 1.2 Million means that you will pay
R 25 000.00 for the first Million and 8% on R 200 000.00.
If you buy the property in the name of a close corporation,
company or a trust, you will be charged a transfer duty of
10% of the purchase price.
There are also other costs involved, when purchasing a home.
For detailed information on these costs Click Here
or use
the calculators below to help you determine the costs associated
with the purchase of property and those costs related to the
registration of the home loan. These costs are often overlooked
when purchasing a property and should be taken into account
when assessing your affordability.
Click on One of the Following:
- The tables of Property 24 is recommended by us for calculating
transfer fees and bond costs.
- The tables of ABSA is recommended by us for calculating
all costs (transfer fees, bond costs & other costs).
ABSA's tables also provide breakdowns of the costs and they
are very user friendly.
- Standard Bank
CKM Home Loans is willing to help you through the process of applying
for a home loan that will match your unique budget and personal
property finance. So if you want an expert such as CKM Home Loans on your side, Click Here
to fill in their online application form and apply
to their home loan assistance service.
Intoweb Design is a website design company independently
creating business for CKM Home Loans via an affiliate marketing campaign, The information
on this page describes the services CKM Home Loans renders to the marketplace which was created by independent
online marketing specialists in the Intoweb company. E-mail
us if you are interested in affiliate marketing strategies
for your business or website: etraffic@intoweb.co.za
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