Human Settlements Minister Mamoloko Kubayi Worried About Rate of Home Loan Application Rejections

• The Minister of Human Settlements, Mamoloko Kubayi, has expressed concern at the number of applications for home loans from historically disadvantaged people that are rejected
• From 2018 to 2022, four million historically-disadvantaged people applied for home loans and 2.4 million loans were approved
• Banks also rejected 68% of home loan applications, a statistic that Kubayi could also be caused by poor compliance from financial institutions

Tebogo Mokwena, a dedicated Briefly News current affairs journalist, contributed coverage of international and local social issues like health, corruption, education, unemployment, service delivery protests and heritage in South Africa during his seven years at Daily Sun and Vutivi Business News.

PRETORIA—Poor compliance from financial institutions could be part of the reason almost 2 million home loans were rejected between 2018 and 2022.

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Human Settlements Minister Mamoloko Kubayi concerned

SABC News reported that Kubayi addressed the media in Pretoria about the department's plan to provide adequate housing to those in need. She revealed that access to home loans in the country is becoming more difficult each year.

She added that poor compliance from financial institutions, a limited supply of affordable housing, levels of indebtedness, and high interest rates could be some of the reasons why historically disadvantaged groups don't get home loans. Banks rejected 68% of the home loan applications between 2018 and 2022.

South Africans disheartened

Netizens were disturbed emotionally by the statistics and discussed the matter on Facebook.

PK Paige said:

"School people about the subsidies the department offers."

Gordon Thebe asked:

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"What do you expect? How are they gonna repay the banks if they're not working?"

Bernard Msizi Duma said:

"I tried applying for an RDP and nothing came right. I tried banks as well, but they want certain salaries to qualify."

Shimi Lee Mabena said:

"ANC failed the masses and miseducated them."

Charles Sithole said:

"If they can stop looting, it will go a long way."

SA debates after real estate agent sells RDP houses in TikTok video

In a related article, Briefly News reported that an estate agent sold an RDP house in a TikTok video, shocking many.

The video shows her presenting the homeowner with a house, and South Africans discussed why it was possible that an RDP house could be sold.

Source: Briefly News