South Africa
Pension-backed home loan
Buy your dream home with a home loan equal to a percentage of your pension or provident fund’s withdrawal benefit.
Some of the benefits
Up to 70%
Borrow an amount equal to a percentage of the withdrawal benefit of your fund
Savings
Pay no bond registration costs or property assessment fees
Flexibility
Know that a further loan can be available after your first 3 consecutive repayments, subject to affordability and fund rules
How it works
- You need to be formally employed for the last 12 months
- You also need to have a company pension or provident fund
- We set up a loan scheme arrangement between you, your employer and the fund
- The amount you can borrow depends on your fund savings, and what you can afford
- Repayments are deducted from your wage or salary
- If the prime rate changes, your loan term is adjusted rather than your repayment amount (unless you’re close to normal retirement age)
- The maximum loan term is 30 years or normal retirement age, whichever comes first
- Your loan should be settled by the time you retire, or when you leave the fund
What it costs
What it costs
- The monthly and administration fees depend on individual fund, and loan requirements
- The fund or fund administrator may also charge you a handling fee
How to get it
- Email us
- Or speak to us at your nearest branch
What you’ll need
- ID copy (or passport if not an SA citizen)
- Proof of residence
- Your last 3 months’ bank statements (if you don’t bank with us) and payslips
- Proof your loan is for housing purposes (a signed offer to purchase, house plans or a detailed quotation from your builder)
- The minimum loan amount is based on individual funds
- There are no administration orders against your wage or salary
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How it works
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What it costs
-
How to get it
- You need to be formally employed for the last 12 months
- You also need to have a company pension or provident fund
- We set up a loan scheme arrangement between you, your employer and the fund
- The amount you can borrow depends on your fund savings, and what you can afford
- Repayments are deducted from your wage or salary
- If the prime rate changes, your loan term is adjusted rather than your repayment amount (unless you’re close to normal retirement age)
- The maximum loan term is 30 years or normal retirement age, whichever comes first
- Your loan should be settled by the time you retire, or when you leave the fund
What it costs
- The monthly and administration fees depend on individual fund, and loan requirements
- The fund or fund administrator may also charge you a handling fee
- Email us
- Or speak to us at your nearest branch
What you’ll need
- ID copy (or passport if not an SA citizen)
- Proof of residence
- Your last 3 months’ bank statements (if you don’t bank with us) and payslips
- Proof your loan is for housing purposes (a signed offer to purchase, house plans or a detailed quotation from your builder)
- The minimum loan amount is based on individual funds
- There are no administration orders against your wage or salary
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