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Building my home > What can I afford
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What income sources are acceptable?
We pay careful attention to the sources of your income when you apply for a home loan from us. All income taken into account must be of a permanent nature.
The following types of income are acceptable to the bank:
- Monthly salary -your gross monthly income before tax, pension and medical aid deductions
- Car allowance-you may add the full benefit amount to your income
- Housing subsidy or allowance-100% of your employer's payment may be included as income
- Commission-based on your average earnings over a 6 month period, provided this continues
- Maintenance-in cases of divorce 3 months proof of payments are required. A copy of the court
order stating the maintenance amount and proof that payments are received on a regular basis are
required if these are to be included in your income calculation
- Overtime-based on your average earnings over a 6 month period provided this is permanent
Is joint income acceptable?
Joint income may be taken into account in the following circumstances:
- Where the property is registered in the names of all the people whose incomes are taken into
account
- Income shared by a husband and wife - either can sign surety
- Income shared by a company, close corporation or trust
- The income of a surety who will be paying your installments
What other income sources are acceptable?
Income from permanent sources other than those mentioned above (including unearned income from investments, annuities and trusts) may also be included, provided the income is of a permanent nature.
Net rental may also be accepted, provided that a copy of the lease agreement is presented.
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