“Where Is the Money Coming From?”: Man Shares Tip to Pay Bond in 5 Years, SA Sceptical

• A home loan specialist shared with people on the internet that they could pay off their bond in five years
• The man explained that they had to pay a certain percentage to pay the cost in half a decade
• Members of the online community took to the video's comment section to express their scepticism

While trying to lend a financial helping hand, a man shared a quick trick for people to pay off their bond in half a decade. However, given the rollercoaster economy, many people thought it was too good to be true.

Man shares quick payment solution

Bakang Mokgautsi, a local home loan specialist, shared a tip about getting a home financially sorted with internet users on his TikTok account (@propertyguyza). He noted that homeowners can pay their bond in a remarkable five years instead of the regular 20.

Read also

"That’s a lot of money”: South Africans react to geologist’s salary reveal in video

The man explained to people online:

"Let's assume the monthly payment of your bond is R7 500. If you were to pay 10% extra on top of the R7 500 (which is R750), you would pay off your bond in 176 months, just over 14 years."

Bakang demonstrated the same concept if people were to pay 20%, 30% and 50% extra, which decreased the years as the percentage rose.

Finally, he shared:

"If you have to pay 100%, which is R7 500 (equivalent to the monthly repayment), you would finish paying off your bond in 62 months, just over five years."

Watch the video below:

What is a bond?

The financial service company Discovery defines a bond as the following:

"A bond is a loan. Like normal credit given to individuals, a bond allows companies or governments to borrow money today and pay it back in the future.

Read also

"Please help me out": Johannesburg woman accidentally spends rent money on airtime

"The payback date and the agreed interest rate are carefully spelt out in a legal document."

Mzansi share their doubts

While some thought Bakang's payment plan seemed a good idea, others felt hesitant and shared they did not believe it was possible to pay their bond so quickly.

@mytwocents22555 asked the man in the comment section:

"With what money, my guy?"

@unz001 also remained sceptical and asked the following:

"Talk is cheap. Where is the money coming from in this economy?"

@moabui also wondered where the rands would come from, adding:

"It is good advice if there's extra cash lying around after payday."

@hoodedvixen said in the comment section:

"Who is paying us so much? Do you know how pathetic our salaries are?"

@tshepangmolora disappointedly wrote:

"We can barely afford the monthly instalments."

Some people shared a different perspective in the comments.

Hopeful TikTokker @e2meleng_mol said to Bakang:

Read also

"Ke sharp mos": Man only has 1 egg and liver spread each day until payday

"I am so happy I came across this post, my guy. It’s going to come in handy."

@mzwandilesilolojanuary was grateful, saying:

"So well put and structured. Thank you for the effort."

Woman qualifies for a home loan and forgets about furniture

In another article, Briefly News reported about a woman who shared bittersweet news of qualifying for a home loan, but furniture was not in the cards.

The lady hopelessly roamed around her empty home and started overthinking the situation of not giving her interior a life of its own.

Source: Briefly News