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SA Home Loans enters the affordable housing market
The month of February marked our entry into the affordable housing market with the launch of our lending category designed for homeowners with household incomes below R18 000.
We have all either experienced or observed the emotions attached to the purchase of a first house. It is not just a house; it is our first home and signals a new beginning for the family and often the realisation of a long-held dream to own a home. Playing a role in making this possible for these families, makes our job as a home loan provider that much more rewarding.
South Africa is rated as one of the most unequal societies in the world. Home ownership plays a big role in the wealth creation of households, and can help reduce the levels of income inequality. Remember the boom years of the property market, and the wealth creation that occurred as a result. Imagine how much more wealth would have been created if we had managed to deliver affordable houses to more South African households!
Acknowledging the challenges faced by this market in saving for large deposits, we will be offering 100% loans to qualifying customers, with a 20 year term variable interest rate loan. We have also reduced our minimum property size to accommodate smaller properties.
Affordable housing is a huge segment of our housing market, in fact, properties valued between R250 000 and R500 000 make up more than a quarter of all registered residential properties in South Africa. Despite this, there remains a massive shortage of decent affordable housing, and the demand for affordable housing grows each year with the formation of new households. This demand for housing has not been matched by a similar appetite in the provision of end-user finance by all home loan providers.
As one can imagine, affordable housing carries a stigma of high risk and this makes fundraising a challenging exercise. Nevertheless, we have leveraged our fundraising expertise and managed to secure sufficient funding to make us a sizeable player in the affordable housing space and, more importantly, our funding structure ensures that we will be a player in this market for the long term.
In short, we are open for affordable housing business and we are very excited to have the opportunity to wow affordable housing clients with our amazing service. With your continued support, we know we can do this!
Zakheni DlaminiRisk Manager
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