AWARENESS WORKSHOP ON HOME LOAN AND MORTGAGE DISCLOSURE ACT FOR COUNCILLORS

The workshop was chaired by Chairperson of Strategic Executive Management Services (SEMS) Portfolio Cllr Thabiso Mampuru. Speaking on behalf of the Executive Mayor, Cllr Mamedupi Teffo, MMC for Finance Cllr Maria Ramokolo emphasized the importance of understanding the laws related to housing finance, particularly the need for fair and transparent housing practices to benefit disadvantaged communities. She encouraged the councillors to actively participate and ask questions.

Mr. Gaza Phoku from the Department of Human Settlement presented on the role of the Office of Disclosure. He alluded that the Office of Disclosure is established under section 4 of the Home Loan and Mortgage Disclosure Act 2000 (Act No. 63 of 2000).

“The primary aim is to monitor the lending patterns and practices of financial institutions in granting home loans to consumers. The Act requires financial institutions to disclose information regarding their lending activities in the home loan market. The disclosure promotes fair lending practices by making lending patterns transparent, in terms of approval and rejection rates among various borrower categories, including disadvantaged groups,” said Phoku.

The workshop was part of an effort to educate local government officials on the Act’s provisions so that they can advocate for fair housing finance practices and contribute to improving access to home loans for disadvantaged communities in the Capricorn District Municipality.