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 utilized 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 Term
- 50% of withdrawal benefit less any housing guarantees
Minimum Loan
- R2500
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