Housing Loans

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.

Purpose

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.

Maximum term

• 30 years for members younger than 30
• Members over the age of 30, the period between current age and age 60

Repayment period

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.

Maximum Loan

50% of withdrawal benefit less any housing guarantees

Minimum Loan

R2500.00

Installment

Not to exceed 25% of monthly basic salary

Interest Rate

Prime less .75%

Requirements

• • A member must complete an application form, which will then be sent via the Municipality / Station commander’s (remove as SAPS Members) office to the address applicable for the province.• A member must complete an application form, which will then be sent via the Municipality / Station commander’s (remove as SAPS Members) office to the address applicable for the province.
• The following must accompany the application:
  • Copy of ID
  • Copy of the latest pay slip
  • Quotations / Offer to purchase property

Applicant

• Certified id
• Latest Pay slip
• Valid proof of address in clients own name
• Valid quote, to be in line with loan amount/settlement quotation
• Latest bank statement, reflecting last 3 salaries paid to bank account

 

Co-applicant – Spouse

• Certified id
• Copy of marriage certificate
• If spouse working, latest pay slip and latest 3 months bank statement
• If spouse not working must then complete on application by section 2 by living expenses, unemployed

Pension Backed Loan

Pension Backed Loan

Contact Persons

First National Bank Administrators

Contact:            Sipho Mahlasela

Telephone:        087 312 8218   071 603 7040

email:          smahlasela@fnb.co.za, smarthousingplandocs@fnb.co.za

 

Faisure Administrators

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.