25 January 2007
According to Berry Everitt, MD of Chas Everitt International property group, the implementation of the provisions of the National Credit Act in July will slow property sales by several weeks. This is because it will entail a check from every lender involved of the overall credit exposure of a future borrower consisting of all and any of his current personal loans, vehicle finance agreements, HP agreements, store cards and micro loans, as well as existing home loans. Unfortunately no consolidated database for prospective lenders to use exists, with the result that sellers will soon have to wait 60 days or more - as opposed to the current 14 days - to find out whether someone who is interested in buying his or her property will be given a home loan.
This could be disastrous if the loan is turned down and the seller has to start all over again.
Article on iafrica.com
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