Housing Act, 1997 (Act No. 107 of 1997)

Notices

Exemption of First Home Finance Programme from the provisions of Section 10B of the Housing Act, 1997 (Act No. 107 of 1997)

Notice No. 2526 of 2024
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Notice No. 2526

27 May 2024

GG 50719

 

Department of Human Settlements

 

I, Mmamoloko T. Kubayi, acting in my capacity as Minister of Human Settlements, in terms of sections 10B(5) read with 10B(8) of the Housing Act of 1997 hereby

 

1.Grant exemption from the provisions of section 10B of the Housing Act from the sale restriction clause in respect of the First Home Finance Programme.

 

2.I hereby declare that Banks must report back to the Office of the Minister regarding losses they incurred as result of transactions that occurred in the past because of the absence of this rule.

 

3.Banks must offer right of first refusal to the MECs before proceeding with foreclosure on all stock that is partially subsidised by the state or falls within the qualifying income criteria.

 

 

Ms. M.T. Kubayi (MP)

Date: 10/04/2024