Asked by JouyumB on 04-07-2020 07:14:38
Question posted in the Property Law category relating to Western Cape
Good morning just a general question out of interest - If we buy a house then decide to re-sell it in 2/3years time again for whatever reason, are we liable to the bank in terms of having to repay the full loan amount with all the interest that was calculated for the 20 year period or do we just need to repay the initial loan amount of the house?
Answer to the Question
Posted by Att. Patrick on 05-07-2020 18:35:41
I see that you haven't made a payment for the question, but I'm going to assist you a little. If you want to ask a follow-up question, please make the required payment.
You would have to pay the balance of the amount which is then outstanding on the loan (this excludes the interest component for the remaining 18/17 years - which is what I think that you are worried about).
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