The Fund concluded an agreement with First National Bank (FNB) and Standard Bank South Africa to make housing loans available to the members of the SALA Pension Fund.
The purpose is to enable the member to use 50% less any housing guarantees/state guarantees of his/her withdrawal benefit as security for a micro housing loan from First National Bank (FNB) and Standard Bank which may only be utilised for housing purposes.
From date of approval of the loan, to age 60. On resignation, death etc. the balance of the loan will be deducted from the benefit payable and utilised to redeem the outstanding amount.
50% of withdrawal benefit less any housing guarantees
Not to exceed 25% of monthly basic salary
Prime less .75%
Co-applicant – Spouse
First National Bank Administrators
Contact: Sipho Mahlasela
Telephone: 087 312 8218 071 603 7040
For Quotation Purposes:
Contact: Dieter Lodewyk
Telephone: 0860 00 4401
Facsimile: 0860 00 44 02
Housing Loans are provided in terms of Section 19(5) of the Pension Fund Act, No 24 of 1956 through Standard Bank of South Africa and all applications for housing loans are dealt with by the bank in terms of the National Credit Act (NCA), No 34 of 2005.