Banks, as a rule, will give you a bond to a value whereby the monthly repayments are a maximum of 30% of your gross monthly income. This will be your combined income if you are married.
They will also conduct a credit check and is this is not positive, will cause them to either charge you a higher interest rate or decline your bond altogether. Another important aspect the will consider is your affordability. They will look at your net monthly income less your monthly expenses to determine if you have sufficient income to cover the repayments.
In other words, they will look at your existing debt repayments, vehicle finance, school fees, and other monthly costs. If your income was R 40 000 per month but your expenses were more than R 30 000, you would have a hard time getting a bond.
Use our bond affordability calculator above to see how much you will qualify for.