CREDIT APPLICATION

If you are looking to take out a credit application CKM Home Loans should be the first place you should turn to for assistance. This is because with a couple of years experience CKM Home Loans has developed into a specialist in the area of home loans in South Africa and has as such gained the necessary knowledge and skills to give to you the expert advice you will need to make the right home loan decision for yourself. CKM Home Loans is here to guide you through the entire process of home loan application which includes finer details such as home credit application; and so by leaving your home loan application in their capable hands, you can be sure of the fact that your home loan application will be taken care of quickly yet also efficiently and expertly.

CKM Home Loans has contacts with almost all of the major banks in South Africa and can thus ensure all those who approach them for their home loan assistance service the best and lowest home loan rates possible. CKM Home Loans has strong ties with financial institutions in South Africa which include the likes of ABSA, Nedbank, Standard Bank, and First National Bank; and because of their good solid relationships with these major banks, they are able to assist you in getting the credit application that you need and want for your home loan.

As a result of their ties with banks such as ABSA, Nedbank, Standard Bank, and First National Bank, CKM Home Loans has gained vital knowledge concerning everything that comes along with purchasing a property and taking out a home loan such as taxes and other legal activities which a homeowner has to perform. Such legal activities includes paying Capital Gains Tax.

Capital Gains Tax and What it Involves

CKM Home Loans defines Capital Gains Tax as being the percentage which all homeowners in South Africa need to pay on their property after selling the property or renting out a second property. And this percentage which a home loaner needs to pay as Capital Gains Tax can be discussed as follows:

For legal persons, 50% of their net profit will attract CGT and for natural persons 25%. This portion of the net gain will be taxed at your marginal tax rate. As an effective tax rate this means you will pay a maximum effective rate of 10% and corporate taxpayers a maximum of 15%. For example, for natural persons the maximum marginal tax rate is 40%. Assuming the aggregate capital gain for the year of assessment is R250 000, 25% of R250 000 is R62 500, which is taxed at 40%, therefore R25 000 is payable. The R25 000 as a percentage of the original profit made is 10%.

There are however a few things which are excluded from Capital Gains Tax, and they include:

  • Primary residence in your name
  • Your private motor vehicle - if not used for business
  • Proceeds from an endowment or life assurance policy
  • Compensation from personal injury or loss
  • Winnings from a Casino's, Lottery or Competition

So, whether you are looking to apply for a new home loan or make changes to your existing one in terms of getting credit extension or bond extension through credit application, CKM Home Loans is able to assist you through the entire process; getting it done correctly and hereby making it run smoothly.CKM Home Loans is expert home loan assistance you can trust.

Don't leave yourself in the dark when applying for a home loan or going for a credit application, get in touch with CKM Home Loans and let them worry about the details.

CKM Home Loans knows the business of home loans.

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