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R5 mortgage question

13 April 2006

It appears that banks have been collecting R5 a month from mortgage bond holders for almost 15 years, yet no one can explain what has happened to the money, which runs into billions of rands. The levy stems from the banks' desire to be compensated for their involvement in the low-income segment of the housing market. It is raised against all home loans and, assuming 2.5 million mortgages are in existence in South Africa, the banks could be collecting over R100 million a year.

Full article on Business Report

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