Housing Finance Policy

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    A. Legal and Regulatory Framework

    A.1 Legal and Regulatory Framework
    VariableEnd of 2017End of 2016End of 2015SourcesVar ID
    Basis of the legal system: Civil, Common, Islamic, Other? (Describe)Mixed legal systemMixed legal systemMixed legal system
    Country Editor
    		A.1.1
    Are there specific laws that deal with mortgages? YesYesYes
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    		A.1.2
    Registration/Transfer of titles:A.1.3
    Does the law clearly define different types of property rights?YesYesYes
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    		A.1.3.1
     Are property rights easily transferable?YesYesYes
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    		A.1.3.2
    Identify barriers to the registration/ transfer of property title.NoneNoneNone
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    		A.1.3.3
    Typical number of days needed for the transfer of title232323
    WDI
    		A.1.3.4
    Can liens be effectively enforced?YesYesYesA.1.4
    Number of months until lender acquires the property in case of foreclosure on a single-family residential property?  Not available
     
    		A.1.4.1
    Cost of foreclosure process as a percentage of the value of a typical loan?   Not available
     
    		A.1.4.2
    Main causes of inefficiencies (legal, judiciary, administrative, cultural, etc.)Capacity and delays in courtCapacity and delays in courtCapacity and delays in court
    Country Editor
    		A.1.4.3
    Are there legal constraints on the types of mortgage products that are permitted?YesYesYes
    Standard Bank Home Buyers Guide
    		A.1.5
    Are there legal constraints on mortgage features?YesYesYes
    Country Editor
    		A.1.6
    Interest rate capsYesYesYes
    National Credit Regulations
    		A.1.6.1
    Loan-to-Value capNoNoNo
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    		A.1.6.2
    Payment-to-Income maximumNoNoNo
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    		A.1.6.3
    OtherNoNoNo
    Country Editor
    		A.1.6.4
    Are there consumer rights for mortgage lending? YesYesYes
    National Credit Act 2005
    		A.1.7
    Are there disclosure requirements for mortgage lending?YesYesYes
    Country Editor
    		A.1.8
    Is there specialized legislation covering:A.1.9
    Issuance of covered mortgage bondsNoNoNo
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    		A.1.9.1
    Issuance of RMBSYesYesYes
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    		A.1.9.2
    B. Housing Finance Subsidies
    B.1 Subsidies to Housing Finance Institutions
    VariableEnd of 2017End of 2016End of 2015SourcesVar ID
    Are there subsidized funding sources for mortgage lenders?NoNoNo
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    		B.1.1
    Special government lines of credit NoNoNo
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    		B.1.1.1
    Government supported liquidity facilityNoNoNo
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    		B.1.1.2
    Labor or other tax funds for mortgage lendingNoNoNo
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    		B.1.1.3
    Tax breaks on mortgage bonds or RMBSNoNoNo
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    		B.1.1.4
    Loss and/or cash flow guarantees for RMBSNoNoNo
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    		B.1.1.5
    OtherNoNoNo
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    		B.1.1.6
    Is the lending side of the housing finance system subsidized?NoNoNo
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    		B.1.2
    Shared credit risk through public/private mortgage insurance NoNoNo
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    		B.1.2.1
    Guarantees for mortgage loansNoNoNo
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    		B.1.2.2
    OtherNoNoNo
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    		B.1.2.3
    B.2 Subsidies to Households
    VariableEnd of 2017End of 2016End of 2015SourcesVar ID
    Are there subsidies to households on housing finance?YesYesYes
    Country Editor
    		B.2.1
    Interest rate subsidies by special government fundsNoNoNo
    Country Editor
    		B.2.1.1
    Buy-down of monthly/interest paymentsNoNoNo
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    		B.2.1.2
    Down-payment subsidies YesYesYes
    Country Editor
    		B.2.1.3
    Subsidies to savings for mortgage loansYesYesYesB.2.1.4
    Mortgage interest deductibility from income taxYesYesYes
    Country Editor
    		B.2.1.5
    OtherYes Yes
    Country Editor
    		B.2.1.6
    Reach of subsidies in 2.1.1 to 2.1.4 ?B.2.2
    What is the highest income decile targeted?  Not available
     
    		B.2.2.1
    What is the lowest income decile targeted? 0 decile Not available
    Research
    		B.2.2.2
    What proportion of loans is affected by the subsidies in 2.1.1 to 2.1.4?  Not available
     
    		B.2.2.3
    What proportion of loans on main residences is affected by the mortgage interest deductability in 2.1.5?  Not available
     
    		B.2.3
    C. Taxation
    VariableEnd of 2017End of 2016End of 2015SourcesVar ID
    What taxes apply to Residential Real Estate?C.1
    Tax on property (home-owners) YesYesYes
    Country Editor
    		C.1.1
    Property transaction taxes (purchase/selling)Yes Yes
    Gunstons Property and Tax Guide 2018
    		C.1.2
    Mortgage transaction taxesYes Yes
    Gunstons Property and Tax Guide 2018
    		C.1.3
    Tax on mortgage interest pmtsNoNoNo
    Country Editor
    		C.1.4
    Tax on capital gains on property YesYesYes
    Country Editor
    		C.1.5
    OtherYesYesYes
    Country Editor
    		C.1.6
    Are there tax benefits on rental properties?YesYesYes
    Country Editor
    		C.2
    Describe tax benefits (if any) from C.1.2  According to Paying Less Tax Made Simple 2011 by Ralf Metz, available from bookshops, Sars only allows you to deduct the following deductions against your rental income: "The interest on your mortgage bond or loan raised against the property; Rates and taxes; Insurance; Repairs and maintenance costs provided the property is in a lettable condition to start with and you entered into a lease agreement which requires you to make the repairs; Expenses incurred on the treatment of any timber against attack by beetles (this does not include sound-proofing against attack by The Beatles); Advertising; The cost of commission and rent collections; Electricity and water; and Depreciation of furniture if the property is let fully furnished."
    Country Editor
    		C.2.1
    back to top | Country Data:
    Notes: eg Kuyasa, SA Homeless Federation (uTshani Fund),
    Notes: eg Kuyasa, SA Homeless Federation (uTshani Fund),
    Notes: National Credit Regulator, which oversees the working of the National Credit Act, defines rules relating to fees and charges, interest rates and insurance.
    Notes: National Credit Regulator, which oversees the working of the National Credit Act, defines rules relating to fees and charges, interest rates and insurance.
    Notes: Not legislated, differs from bank to bank, and depends on the type of property purchased.
    Notes: Quoted average. Spread typically 2-3%.
    Notes: Stamp Duty; Deeds Office Registration Fees
    Notes: Stamp Duty; Deeds Office Registration Fees
    Notes: Typical term is 20 year variable rate, which is linked to prime. As of March 2010, prevailing rate for home mortgages was approximately 10%.
    Notes: Estimate. SA Homeloans offers FRM; small %.
    Notes:
    Notes: Servcon Housing Solutions was established as a 50/50 partnership between government and the banks to take over a limited portfolio of non-performing loans (comprising 33 310 properties) in the low-income market. Servcon started in 1994 and closed in 2009.
    Notes: Banks price their loans against the prime lending rate, which serves as the market reference rate. The monetary policy interest rate, known as the repurchase or "repo" rate, is the interest rate charged by the Reserve Bank on short-term facilities provided to the banks. The spread of the prime rate over the repo rate has remained stable at 350 basis points since September 2001, with only temporary deviations due to timing differences.
    Notes: The Mortgage Indemnity Fund was established to provide banks with indemnity against non-commercial risk when they lent to the target market (households earning less than R3500 (approx. US$460) per month) in pre-approved areas. The MIF had a limited mandate and ceased operations as per the original agreement, in 1998 (without ever receiving a claim – that is, the political risk it was designed to ameliorate never materialized).
    Notes: <.25% of total.
    Notes: <1%. Virtually no loans are tied to the national housing subsidies - beneficiaries received a 40m2, serviced house on a 250m2 plot of land for free. 2007 research found that less than 800 FLISP subsidises had been disbursed across South Africa. Very few FLISP subsidies have been disbursed since then. The main reason for is is that the amount of the FLISP subsidy is insufficient to make housing affordable to the FLISP target market. It is estimated that 700 000 households qualify for FLISP, i.e.,it has reached less that 1% of the qualfying population.
    Notes: <3%. Nil except for SA Home Loans which is a small player with under 3% market share.
    Notes: 100% based on affordability requirements by National Credit Act
    Notes: 100% based on affordability requirements by National Credit Act.
    Notes: 100% based on affordability requirements by National Credit Act.
    Notes: 100% based on affordability requirements by National Credit Act.
    Notes: 100% based on affordability requirements by National Credit Act.
    Notes: 100% based on affordability requirements by National Credit Act.
    Notes: 100% based on affordability requirements by National Credit Act.
    Notes: 100% based on affordability requirements by National Credit Act.
    Notes: 100% based on affordability requirements by National Credit Act.
    Notes: 100% based on affordability requirements by National Credit Act.
    Notes: 100% based on affordability requirements by National Credit Act.
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 75.8% in 2009 Q4
    Notes: 96.3% of total mortgages dominated by 4 major banks. 3 largest: ABSA, Standard Bank, & Ned Bank.
    Notes: A breakdown of what is included in this "Others" variable is not provided.
    Notes: A government Mortgage Indeminty Fund (MIF) was created to protect low income lending in politically risky areas accounting for about 100 000 loans - this initiative was only designed for a limited time and has since closed. The Home Loan Guarantee Company (HLGC) is an NGO that provides commercial risk guarantees to lenders that provide homeloans to the lower end of the market. However, with the evolving credit environment, take up has decreased.
    Notes: A government Mortgage Indeminty Fund (MIF) was created to protect low income lending in politically risky areas accounting for about 100 000 loans - this initiative was only designed for a limited time and has since closed. The Home Loan Guarantee Company (HLGC) is an NGO that provides commercial risk guarantees to lenders that provide homeloans to the lower end of the market. However, with the evolving credit environment, take up has decreased.
    Notes: A total of 5.8 million units is registered in the deeds office out of a total of 13.8 million.
    Notes: About 40% of FNB’s new home loans are on a fixed-rate contract.
    Notes: ABSA offers an HMF product. Other commercial lenders (Standard Bank, FNB, Capitec Bank, African Bank) offer standard microloans of which they assume a signficant portion are used for housing purposes. African Bank assumes 30% of its loans are used for housing purposes, although not specified.
    Notes: ABSA offers an HMF product. Other commercial lenders (Standard Bank, FNB, Capitec Bank, African Bank) offer standard microloans of which they assume a signficant portion are used for housing purposes. African Bank assumes 30% of its loans are used for housing purposes, although not specified.
    Notes: Accelerated depreciation to incentivise rental construction and bring residential investment in line with commercial real estate investment: depreciate at 5% p.a. if project contains at least 5 units. If the value of the stand-alone unit is less than R200 000, or value of apartment less than R250 000,then depreciate at 10% pa. In 16 inner city areas across SA, the Urban Development Zone allowance applies: new low cost units offered an initial allowance of 20% with 10% p.a. thereafter; refurbished low cost units, an initial allowance at 25%, 13% for 5 years and then 10% for final year. For housing provision in the mining sector: 100% depreciation. Landlords are not exempt from tax on rental income.
    Notes: According to the FNB Property Barameter, the average size of units completed in 2012 was 117.8 sq.mt. Average size of units' plans passed was 131.8 sq.mt.
    Notes: According to the FNB Property Barameter, the average size of units completed in 2012 was 117.8 sq.mt. Average size of units' plans passed was 131.8 sq.mt.
    Notes: As of 2012/07/20 prime is now 8.5%.
    Notes: Assets of banking institutions that are mortgage advances R802.2 bn.
    Notes: Banks price their loans against the prime lending rate, which serves as the market reference rate.  The monetary policy interest rate, known as the repurchase or "repo" rate, is the interest rate charged by the Reserve Bank on short-term facilities provided to the banks.  The spread of the prime rate over the repo rate has remained stable at 350 basis points since September 2001, with only temporary deviations due to timing differences.
    Notes: Big banks offer fixed rates for a maximum of 5 years after which the rate resets.
    Notes: Calculated using new mortgages for residential dwellings and flats
    Notes: Calculated using new mortgages for residential dwellings and flats
    Notes: Cannot destinguish between private and public rental. This % represents total % renting and is drawn from GHS 2013.
    Notes: Cannot destinguish between private and public rental. This % represents total % renting and is drawn from GHS 2013.
    Notes: Cannot distinguish between private and public rental. This % represents total % renting and is drawn from GHS 2017.
    Notes: Cannot distinguish between private and public rental. This % represents total % renting and is drawn from GHS 2017.
    Notes: Cannot distinguish between private and public rental. This % represents total % renting and is drawn from GHS 2017. 
    Notes: Cannot distinguish between private and public rental. This % represents total % renting and is drawn from GHS 2017. 
    Notes: Consists of occupied rent free and other
    Notes: Credit is consumer credit only
    Notes: Credit is consumer credit only
    Notes: Credit is consumer credit only
    Notes: Credits granted in 2012
    Notes: Data does not distinguish between National, Urban and Rural.
    Notes: Data from GHS 2013 does not disinguish between urban and rural areas. This data is presented in the GHS as "partially owned." Whether finance is provided through a mortgage or another source is not differentiated.
    Notes: Data from GHS 2013 does not disinguish between urban and rural areas. This data is presented in the GHS as "partially owned." Whether finance is provided through a mortgage or another source is not differentiated.
    Notes: Data from GHS 2013 does not disinguish between urban and rural areas. This data is presented in the GHS as "partially owned." Whether finance is provided through a mortgage or another source is not differentiated.
    Notes: Data from GHS 2013 does not disinguish between urban and rural areas. This data is presented in the GHS as "partially owned." Whether finance is provided through a mortgage or another source is not differentiated.
    Notes: Data from GHS 2013 does not disinguish between urban and rural areas. This data is presented in the GHS as "partially owned." Whether finance is provided through a mortgage or another source is not differentiated.
    Notes: Data from GHS 2013 does not disinguish between urban and rural areas. This data is presented in the GHS as "partially owned." Whether finance is provided through a mortgage or another source is not differentiated.
    Notes: Data from GHS 2013 does not disinguish between urban and rural areas. This data is presented in the GHS as "partially owned." Whether finance is provided through a mortgage or another source is not differentiated.
    Notes: Data from GHS 2017 does not distinguish between urban and rural areas. This data is presented in the GHS as "partially owned." Whether finance is provided through a mortgage or another source is not differentiated.
    Notes: Data from GHS 2017 does not distinguish between urban and rural areas. This data is presented in the GHS as "partially owned." Whether finance is provided through a mortgage or another source is not differentiated. 
    Notes: Data from GHS 2017 does not distinguish between urban and rural areas. This data is presented in the GHS as "partially owned." Whether finance is provided through a mortgage or another source is not differentiated. 
    Notes: Data from GHS 2017 does not distinguish between urban and rural areas. This data is presented in the GHS as "partially owned." Whether finance is provided through a mortgage or another source is not differentiated. 
    Notes: Data on the percentage of households that received a government housing subsidy. It is assumed that each household receiving a subsidy is linked to an RDP house or state subsidised dwelling.
    Notes: Data on the percentage of households that received a government housing subsidy. It is assumed that each household receiving a subsidy is linked to an RDP house or state subsidised dwelling. 
    Notes: Data on the percentage of households that received a government housing subsidy. It is assumed that each household receiving a subsidy is linked to an RDP house or state subsidised dwelling. 
    Notes: Data on the percentage of households that received a government housing subsidy. It is assumed that each household receiving a subsidy is linked to an RDP house or state subsidised dwelling. 
    Notes: Data on the percentage of households that received a government housing subsidy. It is assumed that each household receiving a subsidy is linked to an RDP house or state subsidised dwelling. 
    Notes: Deeds Office Registration Fees
    Notes: Deeds Office Registration Fees
    Notes: Deeds Office Registration Fees  
    Notes: Does not include discouraged job seekers
    Notes: Does not include discouraged job seekers
    Notes: Does not include discouraged job seekers
    Notes: Eg Kuyasa Fund uses group savings culture to lend.
    Notes: Eg Kuyasa Fund uses group savings culture to lend.
    Notes: estimate
    Notes: Estimate by Property Loans - SA Bond Originators. Some mortgage lenders also offer short term fixed rates where the rate is agreed and remains at that level for up to five years. SA Home Loans offer a 20-year "VariFix" home loan that cannot go up but can still come down
    Notes: Estimate of 5 year rate, on an 80% LTV.
    Notes: Estimate.
    Notes: Estimate.
    Notes: Estimate.
    Notes: Estimate.
    Notes: Estimate.
    Notes: Estimate. A "trailer" commission with a % of the commission paid for the life of the loan to incentivise higher quality loan originations is under consideration.
    Notes: Estimate. Big banks offer fixed rates for a maximum of 5 years after which the rate resets.
    Notes: Estimate. Some mortgage lenders offer short term fixed rates where the rate is agreed and remains at that level for up to five years.
    Notes: Figure is approximate.
    Notes: Figure is approximate.
    Notes: First National Bank (FNB) has stopped offering a 30-year home loan and SA Home Loans has elected not to introduce one. You can still get a 30-year home loan from Absa and Standard Bank, and the maximum home loan term on offer at Nedbank is 25 years
    Notes: Free basic services for income group of R800 to R1200 (US$105-157) per month; guidelines for municipalities are --electricity (50 kWh per day per household, ), water (6000 litres), sewage and refuse removal. In addition there are Property Tax excemptions for low income households. Implementation differs by local government. Property tax rebates for low income household Muncipalities also have rate rebates based on indigency as well as being on state pensions.
    Notes: Free basic services for income group of R800 to R1200 (US$105-157) per month; guidelines for municipalities are --electricity (50 kWh per day per household, ), water (6000 litres), sewage and refuse removal. In addition there are Property Tax excemptions for low income households. Implementation differs by local government. Property tax rebates for low income household Muncipalities also have rate rebates based on indigency as well as being on state pensions.
    Notes: Free basic services for income group of R800 to R1200 (US$105-157) per month; guidelines for municipalities are --electricity (50 kWh per day per household, ), water (6000 litres), sewage and refuse removal. In addition there are Property Tax excemptions for low income households. Implementation differs by local government. Property tax rebates for low income household Muncipalities also have rate rebates based on indigency as well as being on state pensions.
    Notes: Government construction of ownership units (1.4 million since 1994), individual subsidies for purchase of new units in approved developments, provision of basic utilities (water, sewage and, electricity) for lowest income group, property tax exemptions for certain income groups
    Notes: Government DfIs such as the Rural Housing Loan Fund (lending to rural, non-bank retail housing lenders), National Housing Finance Corporation (lending to urban non-bank, retail housing lenders) and NURCHA (lending to developers) do not subsidize funds. Neither RHLF nor NHFC have received additional funding from government since their inception.
    Notes: Has yet to be implemented
    Notes: Has yet to be implemented
    Notes: HLGC - "Where the default is as a result of the borrower’s HIV/Aids incapacitation, HLGC will pay the instalments if the borrower participates in an appropriate treatment programme, and the lender does not evict the borrower."
    Notes: HLGC - 1989
    Notes: HLGC - 1989
    Notes: HLGC - 1989
    Notes: HLGC - 1989
    Notes: HLGC - 1989
    Notes: Home Loan and Mortgage Disclosure Act 2000
    Notes: Home Loan and Mortgage Disclosure Act 2000
    Notes: Home Loan and Mortgage Disclosure Act 2000
    Notes: Home Loan and Mortgage Disclosure Act 2000
    Notes: Home Loan and Mortgage Disclosure Act 2000
    Notes: Home Loan and Mortgage Disclosure Act 2000, National Credit Act 2005, National Credit Regulations 2006 and Consumer Protection Act.
    Notes: Home Loan and Mortgage Disclosure Act 2000, National Credit Act 2005, National Credit Regulations 2006 and Consumer Protection Act.
    Notes: Home Loan and Mortgage Disclosure Act 2000, National Credit Act 2005, National Credit Regulations 2006 and Consumer Protection Act.
    Notes: Home Loan and Mortgage Disclosure Act 2000, National Credit Act 2005, National Credit Regulations 2006 and Consumer Protection Act.  
    Notes: Home Loan and Mortgage Disclosure Act 2000, National Credit Act 2005, National Credit Regulations 2006 and Consumer Protection Act.   
    Notes: Home Loan and Mortgage Disclosure Act 2000, National Credit Act 2005, National Credit Regulations 2006 and Consumer Protection Act.   
    Notes: if if the interest cost was incurred in the production of income
    Notes: if if the interest cost was incurred in the production of income
    Notes: if if the interest cost was incurred in the production of income
    Notes: if if the interest cost was incurred in the production of income 
    Notes: if if the interest cost was incurred in the production of income  
    Notes: if if the interest cost was incurred in the production of income  
    Notes: IFS note: "Lowest rate at which the SARB discounts treasury bills to commercial banks.† Beginning in March 1998, rate determined by the SARB on repurchase agreements in national currency between the SARB and banks."
    Notes: IFS note: "Tender rate on 91-day treasury bills in national currency. Monthly data are averages of each Friday of the month."
    Notes: IMF annual average principal rate for 2008 (R 8.26 = 1 USD).
    Notes: IMF annual average principal rate for 2009 (R 8.28 = 1 USD).
    Notes: In 2009 this figure rose to 9.3%.
    Notes: In South Africa, interest payments on a mortgage are only tax deductible if the interest cost was incurred in the production of income. If you borrow to finance a property to rent it out, that interest cost can be deducted against rental income. If you live in the property you are financing, you are not generating any income and therefore you don’t get to deduct the interest cost from other, unrelated sources of income.
    Notes: Includes owned, but not yet paid off to bank/financial institution or private lender and owned and fully paid off. Data from GHS 2013 does not disinguish between urban and rural areas.
    Notes: Includes owned, but not yet paid off to bank/financial institution or private lender and owned and fully paid off. Does not distinguish between urban and rural areas.
    Notes: Includes owned, but not yet paid off to bank/financial institution or private lender and owned and fully paid off. Does not distinguish between urban and rural areas. 
    Notes: Includes owned, but not yet paid off to bank/financial institution or private lender and owned and fully paid off. Does not distinguish between urban and rural areas. 
    Notes: Includes owned, but not yet paid off to bank/financial institution or private lender and owned and fully paid off. Does not distinguish between urban and rural areas. 
    Notes: Includes owned, but not yet paid off to bank/financial institution or private lender and owned and fully paid off. Does not distinguish between urban and rural areas. 
    Notes: Includes owned, but not yet paid off to bank/financial institution or private lender and owned and fully paid off. Does not distinguish between urban and rural areas. 
    Notes: Includes owned, but not yet paid off to bank/financial institution or private lender and owned and fully paid off. Does not distinguish between urban and rural areas. 
    Notes: Lenders have significantly reduced LTV ratios from as high as 108% to about 90% due to deterioration in economic conditions and a 15% decline in property values which are recovering very slowly. Recently (Sept-Oct 2009) some banks have resumed 100% LTVs, particularly for affordable sector as the general economic sentiment improved.
    Notes: Many informal revolving savings and credit associations e.g. Stokvels/Saccos and burial societies
    Notes: Many informal revolving savings and credit associations e.g. Stokvels/Saccos and burial societies.
    Notes: Maximum prescribed interest rates of [(Repo Rate x 2.2) + 5%] per year. Repo Rate is cost of funds to banks.
    Notes: Maximum prescribed interest rates of [(Repo Rate x 2.2) + 5%] per year. Repo Rate is cost of funds to banks.
    Notes: Maximum prescribed interest rates of [(Repo Rate x 2.2) + 5%] per year. Repo Rate is cost of funds to banks.
    Notes: Maximum prescribed interest rates of [(Repo Rate x 2.2) + 5%] per year. Repo Rate is cost of funds to banks.
    Notes: Maximum prescribed interest rates of [(Repo Rate x 2.2) + 5%] per year. Repo Rate is cost of funds to banks.
    Notes: Median urban house price / median urban income as in Q IA 2.11
    Notes: Median Urban income using IES 05/06 and the IMF annual average principal rate for 2006 (R 6.77 = 1 USD).
    Notes: Minimum wage of a full time domestic worker in the following urban areas: City of Cape Town, Greater East Rand Metro, City of Johannesburg, Tshwane and Nelson Mandela. Local Council: Emfuleni, Merafong, Mogale City, Metsimaholo, Randfontein, Stellenbosch, Westonaria
    Notes: Minimum wage of a full time domestic worker in the following urban areas: City of Cape Town, Greater East Rand Metro, City of Johannesburg, Tshwane and Nelson Mandela. Local Council: Emfuleni, Merafong, Mogale City, Metsimaholo, Randfontein, Stellenbosch, Westonaria  
    Notes: More than 2,200 institutions. Includes Blue Financial Services and Mafori Finance.
    Notes: More than 2,200 institutions. Includes Blue Financial Services and Mafori Finance.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker . Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker. Such costs are covered through origination and maintenance fees
    Notes: Mortgage originators do not charge fees to the loan seeker. Such costs are covered through origination and maintenance fees
    Notes: Mortgage originators do not charge fees to the loan seeker. Such costs are covered through origination and maintenance fees which come in the form of registration fees (~1.3%), transfer fees (can be up to 10% depending on the purchase price and the structure of the legal entity purchasing), conveyance fees and, admin fees.
    Notes: Mortgage originators do not charge fees to the loan seeker. Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker. Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker. Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker. Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker. Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker. Such costs are covered through origination and maintenance fees.
    Notes: Mortgage originators do not charge fees to the loan seeker. Such costs are covered through origination and maintenance fees.
    Notes: Municipal Property Rates Act, 6 of 2004, Section 17(1)(h) of the MPRA mandates a R15 000 residential property exclusion.Some municipalities (Johannesburg and eThekwini) raise this limit to as much as R150 000. In Johannesburg, this means that 32% of residential property owners or 24% of total rate-payers are excluded from rates liabilities.
    Notes: Municipal Property Rates Act, 6 of 2004, Section 17(1)(h) of the MPRA mandates a R15 000 residential property exclusion.Some municipalities (Johannesburg and eThekwini) raise this limit to as much as R150 000. In Johannesburg, this means that 32% of residential property owners or 24% of total rate-payers are excluded from rates liabilities.
    Notes: National Credit Act 2005
    Notes: National Credit Act 2005
    Notes: National Credit Act 2005
    Notes: National Credit Act 2005
    Notes: National Credit Act 2005
    Notes: National Credit Act 2005 and National Credit Regulations 2006.
    Notes: National Credit Act 2005 and National Credit Regulations 2006.
    Notes: National Credit Act 2005 and National Credit Regulations 2006.
    Notes: National Credit Act 2005 and National Credit Regulations 2006.
    Notes: National Credit Act 2005 and National Credit Regulations 2006. 
    Notes: National Credit Act 2005 and National Credit Regulations 2006. 
    Notes: National Credit Regulator, which oversees the working of the National Credit Act, defines rules relating to fees and charges, interest rates and insurance.
    Notes: National Credit Regulator, which oversees the working of the National Credit Act, defines rules relating to fees and charges, interest rates and insurance.
    Notes: National Credit Regulator, which oversees the working of the National Credit Act, defines rules relating to fees and charges, interest rates and insurance.
    Notes: National Credit Regulator, which oversees the working of the National Credit Act, defines rules relating to fees and charges, interest rates and insurance.
    Notes: National Credit Regulator, which oversees the working of the National Credit Act, defines rules relating to fees and charges, interest rates and insurance.
    Notes: National Credit Regulator, which oversees the working of the National Credit Act, defines rules relating to fees and charges, interest rates and insurance.
    Notes: National Credit Regulator, which oversees the working of the National Credit Act, defines rules relating to fees and charges, interest rates and insurance.
    Notes: National Credit Regulator, which oversees the working of the National Credit Act, defines rules relating to fees and charges, interest rates and insurance.  
    Notes: National Credit Regulator, which oversees the working of the National Credit Act, defines rules relating to fees and charges, interest rates and insurance.  
    Notes: National Housing Finance Corporation used to offer this facility but no longer does.
    Notes: National Housing Finance Corporation used to offer this facility but no longer does.
    Notes: National Percentage
    Notes: National Percentage
    Notes: NCA, Home Loan and Mortgage Disclosure Act, 2000.
    Notes: NCA, Home Loan and Mortgage Disclosure Act, 2000.
    Notes: NCA, Home Loan and Mortgage Disclosure Act, 2000.
    Notes: NCA, Home Loan and Mortgage Disclosure Act, 2000.
    Notes: NCA, Home Loan and Mortgage Disclosure Act, 2000.  
    Notes: NCA, Home Loan and Mortgage Disclosure Act, 2000.   
    Notes: NCA, Home Loan and Mortgage Disclosure Act, 2000.   
    Notes: NCA, securitization.
    Notes: NCA, securitization.
    Notes: NIL
    Notes: NIL
    Notes: NIL
    Notes: No (has not been implemented yet). See Business Day article.
    Notes: No (the MDI has not been implemented since its announcement in 2011)
    Notes: No fundamental problems apart from some delays with the land adminstration systems including deeds registration.
    Notes: No fundamental problems apart from some delays with the land adminstration systems including deeds registration.
    Notes: Norm is 240 months but loans for up to 360 months are provided. Loans are required to be repaid by retirement age or 65.
    Notes: Norm is 240 months but loans for up to 360 months are provided. Loans are required to be repaid by retirement age or 65.
    Notes: Not legislated, differs from bank to bank, and depends on the type of property purchased.
    Notes: Not legislated, differs from bank to bank, and depends on the type of property purchased.
    Notes: Not legislated, differs from bank to bank, and depends on the type of property purchased.
    Notes: Not legislated, differs from bank to bank, and depends on the type of property purchased.
    Notes: Not legislated, differs from bank to bank, and depends on the type of property purchased.
    Notes: Not legislated, differs from bank to bank, and depends on the type of property purchased.
    Notes: Not legislated, differs from bank to bank, and depends on the type of property purchased.
    Notes: Not legislated, differs from bank to bank, and depends on the type of property purchased.
    Notes: Not legislated, differs from bank to bank, and depends on the type of property purchased.
    Notes: Not legislated, differs from bank to bank, and depends on the type of property purchased. 
    Notes: Number of mutual and cooperative banks
    Notes: Number of registered banks and local branches of foreign banks
    Notes: Of gross debtors book for registered credit providers in Q3 2009.
    Notes: Old Mutual, etc.
    Notes: Ordinarily and in terms of statutory sectoral income determination, household wage (not income) growth is pegged in terms of CPIX, often plus 1% or 2%.
    Notes: Ordinarily and in terms of statutory sectoral income determination, household wage (not income) growth is pegged in terms of CPIX, often plus 1% or 2%.
    Notes: Pension backed.
    Notes: Pension backed.
    Notes: Percentage provided is percentage of consumer credit, not total credit
    Notes: Percentage provided is percentage of consumer credit, not total credit
    Notes: Percentage provided is percentage of consumer credit, not total credit
    Notes: Portfolio at risk - more than 30 days = total outstanding value of loans in arrears more than 30 days / total principal value outstanding of total portfolio.
    Notes: Prime rate used as index. About 96% of loans are variable loans. Interest only is NIL. About 25% of mortgages have access bond facilities for prepayment access.
    Notes: Providers of Housing Microfinance in South Africa: Bayport Financial Services; Blue Financial Services; Elite Group; Iemas Financial Services Co-operative; Izwe Loans; Kuyasa Fund; Lendcor; Mazwe Financial Services; Norufin Housing; Pulse Property Holdings; Real People Holdings; Thuthukani Housing Finance + Commercial Banks.
    Notes: Providers of Housing Microfinance in South Africa: Bayport Financial Services; Blue Financial Services; Elite Group; Iemas Financial Services Co-operative; Izwe Loans; Kuyasa Fund; Lendcor; Mazwe Financial Services; Norufin Housing; Pulse Property Holdings; Real People Holdings; Thuthukani Housing Finance + Commercial Banks.
    Notes: Providers of Housing Microfinance in South Africa: Bayport Financial Services; Blue Financial Services; Elite Group; Iemas Financial Services Co-operative; Izwe Loans; Kuyasa Fund; Lendcor; Mazwe Financial Services; Norufin Housing; Pulse Property Holdings; Real People Holdings; Thuthukani Housing Finance + Commercial Banks.  
    Notes: Providers of Housing Microfinance in South Africa: Bayport Financial Services; Blue Financial Services; Elite Group; Iemas Financial Services Co-operative; Izwe Loans; Kuyasa Fund; Lendcor; Mazwe Financial Services; Norufin Housing; Pulse Property Holdings; Real People Holdings; Thuthukani Housing Finance + Commercial Banks. 
    Notes: Q1 - Q3 2014/ All Credits granted in 2013
    Notes: Quoted average. Spread typically 2-3%.
    Notes: R 24,000. The median hh income band in South Africa was R 801-3200 (3.9 million hh) according to the Census 2001; i.e. a R24,000 median annual hh income. The R 800 per month had 3.2 million hh. IMF annual average principal exchange rate for 2001 (R 8.61 = 1 USD
    Notes: R209bn registered of which R132bn = new bus, further loans= R52.3 bn and R25bn=switches. IMF annual average principal rate for 2008 (R 8.26 = 1 USD).
    Notes: RDP subsidy has an upper income threshold of ZAR3 500. There is no lower income threshold.
    Notes: Regulated by the South African Registrar of Banks under the Banks Act, No. 94 of 1990 under which the current securitisation regulations (Government Notice 681, Government Gazette 26415 of 4 June 2004) were promulgated.
    Notes: Regulated by the South African Registrar of Banks under the Banks Act, No. 94 of 1990 under which the current securitisation regulations (Government Notice 681, Government Gazette 26415 of 4 June 2004) were promulgated.
    Notes: Regulated by the South African Registrar of Banks under the Banks Act, No. 94 of 1990 under which the current securitisation regulations (Government Notice 681, Government Gazette 26415 of 4 June 2004) were promulgated.
    Notes: Regulated by the South African Registrar of Banks under the Banks Act, No. 94 of 1990 under which the current securitisation regulations (Government Notice 681, Government Gazette 26415 of 4 June 2004) were promulgated.
    Notes: Regulated by the South African Registrar of Banks under the Banks Act, No. 94 of 1990 under which the current securitisation regulations (Government Notice 681, Government Gazette 26415 of 4 June 2004) were promulgated.
    Notes: Regulated by the South African Registrar of Banks under the Banks Act, No. 94 of 1990 under which the current securitisation regulations (Government Notice 681, Government Gazette 26415 of 4 June 2004) were promulgated. 
    Notes: Regulated by the South African Registrar of Banks under the Banks Act, No. 94 of 1990 under which the current securitisation regulations (Government Notice 681, Government Gazette 26415 of 4 June 2004) were promulgated. 
    Notes: Regulated by the South African Registrar of Banks under the Banks Act, No. 94 of 1990 under which the current securitisation regulations (Government Notice 681, Government Gazette 26415 of 4 June 2004) were promulgated. 
    Notes: Regulated by the South African Registrar of Banks under the Banks Act, No. 94 of 1990 under which the current securitisation regulations (Government Notice 681, Government Gazette 26415 of 4 June 2004) were promulgated.  
    Notes: Regulated by the South African Registrar of Banks under the Banks Act, No. 94 of 1990 under which the current securitisation regulations (Government Notice 681, Government Gazette 26415 of 4 June 2004) were promulgated.  
    Notes: Regulated by the South African Registrar of Banks under the Banks Act, No. 94 of 1990 under which the current securitisation regulations (Government Notice 681, Government Gazette 26415 of 4 June 2004) were promulgated.  
    Notes: Regulation 42(1) of the National Credit Regulations, 2006 prescribes the maximum interest rate for mortgages as [(RR x 2.2) +5%] per year.
    Notes: Regulation 42(1) of the National Credit Regulations, 2006 prescribes the maximum interest rate for mortgages as [(RR x 2.2) +5%] per year.
    Notes: Regulation 42(1) of the National Credit Regulations, 2006 prescribes the maximum interest rate for mortgages as [(RR x 2.2) +5%] per year.
    Notes: Regulation 42(1) of the National Credit Regulations, 2006 prescribes the maximum interest rate for mortgages as [(RR x 2.2) +5%] per year. 
    Notes: Regulation 42(1) of the National Credit Regulations, 2006 prescribes the maximum interest rate for mortgages as [(RR x 2.2) +5%] per year. 
    Notes: Regulation 42(1) of the National Credit Regulations, 2006 prescribes the maximum interest rate for mortgages as [(RR x 2.2) +5%] per year. 
    Notes: Rural/urban classification not available in GHS 2009.
    Notes: SA Homeloans; Housing Microlenders.
    Notes: See 2.2
    Notes: See FSB newsletter. ftp://ftp.fsb.co.za/public/Communication/Newsdesk/Newsdesk20120208.pdf "State-owned National Housing Finance Corporation (NHE'C) plans to launch an insurance fund providing risk cover to commercial banks against clients defaulting on mortgages. The NHFC said yesterday that it was confident its Mortgage Default Insurance would get a licence from the Financial Services Board (FSB) by the end of next month." The insurance fund, which will be profit-driven, is being set up by the NHFC in association with the Department of Human Settlements.and is expected to be launched in October 2012.
    Notes: Shacks plus traditional dwellings plus houses with no sanitation (defined as flush toilet either on or offsite).South Africa has an estimated housing backlog of 2.1 million units, as reported by the President in his recent speech.
    Notes: Shacks plus traditional dwellings plus houses without proper sanitation (proper sanitation is regarded as having a flush toilet in dwelling or yard)
    Notes: Shacks plus traditional dwellings plus houses without proper sanitation (proper sanitation is regarded as having a flush toilet in dwelling or yard)
    Notes: Shacks plus traditional dwellings plus houses without proper sanitation (proper sanitation is regarded as having a flush toilet in dwelling or yard).
    Notes: Shacks plus traditional dwellings plus houses without proper sanitation (proper sanitation is regarded as having a flush toilet in dwelling or yard). 
    Notes: Shacks plus traditional dwellings plus houses without proper sanitation (proper sanitation is regarded as having a flush toilet in dwelling or yard).  
    Notes: Shacks plus traditional dwellings plus houses without proper sanitation (proper sanitation is regarded as having a flush toilet in dwelling or yard).  
    Notes: Shacks plus traditional dwellings plus houses without proper sanitation (proper sanitation is regarded as having a flush toilet in dwelling or yard).  
    Notes: Shacks plus traditional dwellings plus houses without proper sanitation (proper sanitation is regarded as having a flush toilet in dwelling or yard).  
    Notes: Shacks plus traditional dwellings plus plus caravans/tents and houses without proper sanitation (proper sanitation is regarded as having a flush toilet in dwelling or yard).
    Notes: Some banks provide no deposit bonds of up to 110% . Meaning you can get a bond which covers the full value of the home and all costs included.
    Notes: South Africa has a 'hybrid' or 'mixed' legal system, made of the interweaving of a number of distinct legal traditions: a civil law system inherited from the Dutch, a common law system inherited from the British, and a customary law system inherited from indigenous Africans (often termed African Customary Law, of which there are many variations depending on the tribal origin). These traditions have had a complex interrelationship, with the English influence most apparent in procedural aspects of the legal system and methods of adjudication, and the Roman-Dutch influence most visible in its substantive private law. As a general rule, South Africa follows English law in both criminal and civil procedure, company law and the law of evidence; while Roman-Dutch common law is followed in the South African contract law, law of delict (tort), law of persons, law of things, family law, etc. With the commencement in 1994 of the interim Constitution, and in 1997 its replacement, the final Constitution, another strand has been added to this weave.
    Notes: South Africa has a 'hybrid' or 'mixed' legal system, made of the interweaving of a number of distinct legal traditions: a civil law system inherited from the Dutch, a common law system inherited from the British, and a customary law system inherited from indigenous Africans (often termed African Customary Law, of which there are many variations depending on the tribal origin). These traditions have had a complex interrelationship, with the English influence most apparent in procedural aspects of the legal system and methods of adjudication, and the Roman-Dutch influence most visible in its substantive private law. As a general rule, South Africa follows English law in both criminal and civil procedure, company law and the law of evidence; while Roman-Dutch common law is followed in the South African contract law, law of delict (tort), law of persons, law of things, family law, etc. With the commencement in 1994 of the interim Constitution, and in 1997 its replacement, the final Constitution, another strand has been added to this weave.
    Notes: South Africa has a 'hybrid' or 'mixed' legal system, made of the interweaving of a number of distinct legal traditions: a civil law system inherited from the Dutch, a common law system inherited from the British, and a customary law system inherited from indigenous Africans (often termed African Customary Law, of which there are many variations depending on the tribal origin). These traditions have had a complex interrelationship, with the English influence most apparent in procedural aspects of the legal system and methods of adjudication, and the Roman-Dutch influence most visible in its substantive private law. As a general rule, South Africa follows English law in both criminal and civil procedure, company law and the law of evidence; while Roman-Dutch common law is followed in the South African contract law, law of delict (tort), law of persons, law of things, family law, etc. With the commencement in 1994 of the interim Constitution, and in 1997 its replacement, the final Constitution, another strand has been added to this weave.
    Notes: South Africa has a 'hybrid' or 'mixed' legal system, made of the interweaving of a number of distinct legal traditions: a civil law system inherited from the Dutch, a common law system inherited from the British, and a customary law system inherited from indigenous Africans (often termed African Customary Law, of which there are many variations depending on the tribal origin). These traditions have had a complex interrelationship, with the English influence most apparent in procedural aspects of the legal system and methods of adjudication, and the Roman-Dutch influence most visible in its substantive private law. As a general rule, South Africa follows English law in both criminal and civil procedure, company law and the law of evidence; while Roman-Dutch common law is followed in the South African contract law, law of delict (tort), law of persons, law of things, family law, etc. With the commencement in 1994 of the interim Constitution, and in 1997 its replacement, the final Constitution, another strand has been added to this weave.
    Notes: South Africa has a 'hybrid' or 'mixed' legal system, made of the interweaving of a number of distinct legal traditions: a civil law system inherited from the Dutch, a common law system inherited from the British, and a customary law system inherited from indigenous Africans (often termed African Customary Law, of which there are many variations depending on the tribal origin). These traditions have had a complex interrelationship, with the English influence most apparent in procedural aspects of the legal system and methods of adjudication, and the Roman-Dutch influence most visible in its substantive private law. As a general rule, South Africa follows English law in both criminal and civil procedure, company law and the law of evidence; while Roman-Dutch common law is followed in the South African contract law, law of delict (tort), law of persons, law of things, family law, etc. With the commencement in 1994 of the interim Constitution, and in 1997 its replacement, the final Constitution, another strand has been added to this weave.  
    Notes: South Africa has a 'hybrid' or 'mixed' legal system, made of the interweaving of a number of distinct legal traditions: a civil law system inherited from the Dutch, a common law system inherited from the British, and a customary law system inherited from indigenous Africans (often termed African Customary Law, of which there are many variations depending on the tribal origin). These traditions have had a complex interrelationship, with the English influence most apparent in procedural aspects of the legal system and methods of adjudication, and the Roman-Dutch influence most visible in its substantive private law. As a general rule, South Africa follows English law in both criminal and civil procedure, company law and the law of evidence; while Roman-Dutch common law is followed in the South African contract law, law of delict (tort), law of persons, law of things, family law, etc. With the commencement in 1994 of the interim Constitution, and in 1997 its replacement, the final Constitution, another strand has been added to this weave.  
    Notes: South Africa has a 'hybrid' or 'mixed' legal system, made of the interweaving of a number of distinct legal traditions: a civil law system inherited from the Dutch, a common law system inherited from the British, and a customary law system inherited from indigenous Africans (often termed African Customary Law, of which there are many variations depending on the tribal origin). These traditions have had a complex interrelationship, with the English influence most apparent in procedural aspects of the legal system and methods of adjudication, and the Roman-Dutch influence most visible in its substantive private law. As a general rule, South Africa follows English law in both criminal and civil procedure, company law and the law of evidence; while Roman-Dutch common law is followed in the South African contract law, law of delict (tort), law of persons, law of things, family law, etc. With the commencement in 1994 of the interim Constitution, and in 1997 its replacement, the final Constitution, another strand has been added to this weave.  
    Notes: South Africans refer to these as “property taxes” and they are the charges for services such as refuse collection and street maintenance. This charge is calculated on the municipal value of the house (usually lower than the actual purchase price) and the percentage to be paid varies according to municipality. A separate charge is levied for sewerage disposal, which is calculated on the amount of waste water leaving the house. Municipal Property Rates Act, 6 of 2004, Section 17(1)(h) of the MPRA mandates a R15 000 residential property exclusion. Some municipalities (Johannesburg and eThekwini) raise this limit to as much as R150 000. In Johannesburg, this means that 32% of residential property owners or 24% of total rate-payers are excluded from rates liabilities.
    Notes: South Africans refer to these as “property taxes” and they are the charges for services such as refuse collection and street maintenance. This charge is calculated on the municipal value of the house (usually lower than the actual purchase price) and the percentage to be paid varies according to municipality. A separate charge is levied for sewerage disposal, which is calculated on the amount of waste water leaving the house. Municipal Property Rates Act, 6 of 2004, Section 17(1)(h) of the MPRA mandates a R15 000 residential property exclusion. Some municipalities (Johannesburg and eThekwini) raise this limit to as much as R150 000. In Johannesburg, this means that 32% of residential property owners or 24% of total rate-payers are excluded from rates liabilities.
    Notes: South Africans refer to these as “property taxes” and they are the charges for services such as refuse collection and street maintenance. This charge is calculated on the municipal value of the house (usually lower than the actual purchase price) and the percentage to be paid varies according to municipality. A separate charge is levied for sewerage disposal, which is calculated on the amount of waste water leaving the house. Municipal Property Rates Act, 6 of 2004, Section 17(1)(h) of the MPRA mandates a R15 000 residential property exclusion. Some municipalities (Johannesburg and eThekwini) raise this limit to as much as R150 000. In Johannesburg, this means that 32% of residential property owners or 24% of total rate-payers are excluded from rates liabilities.
    Notes: South Africans refer to these as “property taxes” and they are the charges for services such as refuse collection and street maintenance. This charge is calculated on the municipal value of the house (usually lower than the actual purchase price) and the percentage to be paid varies according to municipality. A separate charge is levied for sewerage disposal, which is calculated on the amount of waste water leaving the house. Municipal Property Rates Act, 6 of 2004, Section 17(1)(h) of the MPRA mandates a R15 000 residential property exclusion. Some municipalities (Johannesburg and eThekwini) raise this limit to as much as R150 000. In Johannesburg, this means that 32% of residential property owners or 24% of total rate-payers are excluded from rates liabilities.  
    Notes: South Africans refer to these as “property taxes” and they are the charges for services such as refuse collection and street maintenance. This charge is calculated on the municipal value of the house (usually lower than the actual purchase price) and the percentage to be paid varies according to municipality. A separate charge is levied for sewerage disposal, which is calculated on the amount of waste water leaving the house. Municipal Property Rates Act, 6 of 2004, Section 17(1)(h) of the MPRA mandates a R15 000 residential property exclusion. Some municipalities (Johannesburg and eThekwini) raise this limit to as much as R150 000. In Johannesburg, this means that 32% of residential property owners or 24% of total rate-payers are excluded from rates liabilities.   
    Notes: South Africans refer to these as “property taxes” and they are the charges for services such as refuse collection and street maintenance. This charge is calculated on the municipal value of the house (usually lower than the actual purchase price) and the percentage to be paid varies according to municipality. A separate charge is levied for sewerage disposal, which is calculated on the amount of waste water leaving the house. Municipal Property Rates Act, 6 of 2004, Section 17(1)(h) of the MPRA mandates a R15 000 residential property exclusion. Some municipalities (Johannesburg and eThekwini) raise this limit to as much as R150 000. In Johannesburg, this means that 32% of residential property owners or 24% of total rate-payers are excluded from rates liabilities.   
    Notes: Specialized loan originators use lenders scorecards to underwrite loans, but final decisions made by lenders.
    Notes: Specialized loan originators use lenders scorecards to underwrite loans, but final decisions made by lenders.
    Notes: Specialized loan originators use lenders scorecards to underwrite loans, but final decisions made by lenders.
    Notes: Specialized loan originators use lenders scorecards to underwrite loans, but final decisions made by lenders.
    Notes: Specialized loan originators use lenders scorecards to underwrite loans, but final decisions made by lenders.
    Notes: Specialized loan originators use lenders scorecards to underwrite loans, but final decisions made by lenders.
    Notes: Specialized loan originators use lenders scorecards to underwrite loans, but final decisions made by lenders.
    Notes: Specialized loan originators use lenders scorecards to underwrite loans, but final decisions made by lenders.
    Notes: Specialized loan originators use lenders scorecards to underwrite loans, but final decisions made by lenders. 
    Notes: Specialized loan originators use lenders scorecards to underwrite loans, but final decisions made by lenders. 
    Notes: Specialized loan originators use lenders scorecards to underwrite loans, but final decisions made by lenders. 
    Notes: Stamp Duty; Deeds Office Registration Fees
    Notes: Standard Banks Jumpstart product. LTVs are defined by market segment.
    Notes: STATS SA provides an average revised figure of 25.3% over 2003-2007 (latest figure).
    Notes: Taxes on Land Income
    Notes: Taxes on Land Income
    Notes: Taxes on Land Income
    Notes: Taxes on Land Income
    Notes: Taxes on Land Income
    Notes: Taxes on Land Income
    Notes: Taxes on Land Income.
    Notes: Taxes on Land Income.
    Notes: Taxes on Land Income.
    Notes: Taxes on Land Income.
    Notes: Taxes on Land Income.
    Notes: The Communal Land Rights Act attempts to clarify customary right issues. These seldom apply to urban land.
    Notes: The Communal Land Rights Act attempts to clarify customary right issues. These seldom apply to urban land.
    Notes: The data provided refers to private sector developed stock only. It does not include subsidised units
    Notes: The data provided refers to private sector developed stock only. It does not include subsidised units
    Notes: The data provided refers to private sector developed stock only. It does not include subsidised units
    Notes: The Home loan Guarantee Company (HLGC)’s main mortgage insurance product is now linked to HIV related delinquencies. This guarantee covers up to 50% of the purchase price and is limited to borrowers who earn less than R 15,498/month adjusted annually by the Financial Services Charter. If borrower default is a direct result of HIV or Aids related illness, and the borrower agrees to voluntary counseling, testing and treatment, the monthly installments are paid by the HLGC, in full or in part, until the person is able to make payments.
    Notes: The introduction of a new housing subsidy (FLISP) was announced by President Zuma in his State of the Nation Address in February 2012. Essentially the subsidy is planned to work like this: A household earning between R3501-R15000 per month needs to find a newly built house for sale at a price of R300 000 or less, and then apply to a bank for a mortgage to buy that house. If the household qualifies for the mortgage, they will be allowed to complete a subsidy application form, which the bank will then submit to the National Housing Finance Corporation (NHFC). The NHFC is the National Implementing Agent for the subsidy, and is entering into agreements with the nine provinces and various banks to make these processes work. Once the NHFC has approved the subsidy application (the amount households qualify for is in this table), the money will be paid to the seller either directly by the NHFC or via the bank, and the borrower will then get a mortgage loan from the bank for the remaining amount of the purchase price, which they’ll then repay over time.
    Notes: The Mortgage Indemnity Fund was established to provide banks with indemnity against non-commercial risk when they lent to the target market (households earning less than R3500 (approx. US$460) per month) in pre-approved areas. The MIF had a limited mandate and ceased operations as per the original agreement, in 1998 (without ever receiving a claim – that is, the political risk it was designed to ameliorate never materialized).
    Notes: The National Credit Act has an impact on the provision of all mortgage products and requires a comprehensive affordability assessment, improved disclosure and prohibits reckless credit granting.
    Notes: The National Credit Act has an impact on the provision of all mortgage products and requires a comprehensive affordability assessment, improved disclosure and prohibits reckless credit granting.
    Notes: The National Credit Act has an impact on the provision of all mortgage products and requires a comprehensive affordability assessment, improved disclosure and prohibits reckless credit granting.
    Notes: The National Credit Act has an impact on the provision of all mortgage products and requires a comprehensive affordability assessment, improved disclosure and prohibits reckless credit granting. 
    Notes: The National Credit Act has an impact on the provision of all mortgage products and requires a comprehensive affordability assessment, improved disclosure and prohibits reckless credit granting.  
    Notes: The National Credit Act has an impact on the provision of all mortgage products and requires a comprehensive affordability assessment, improved disclosure and prohibits reckless credit granting.  
    Notes: The National Housing Finance Corporation has recently (2009) grown its mandate to offer a retail lending product.
    Notes: The National Housing Subsidy introduced in 1994 provides upfront subsidies to households with an income of less than R3500 per month (approx. US$ 460). The official subsidy amount in 2010/11 was R 55 706 (approx. US$ 7329) + 15% for geotechnical variations, but excluding the cost of land and services which are provided for free by the municipality (total subsidy is estimated at R125,00 on average). The Finance Linked Individual Subsidy Programme (FLISP), a mortagage linked subidy started in 2005. It provides capital subsidies on a downward sliding scale ranging from R 35 969 to R5 136 (US$ 4732- $675) to households earning between R3 501 to R7 000 per month which is used to reduce the principle debt and reduce the monthly repayment. As an option of last resort, internal municipal engineering services may be financed from subsidy funding. The amount available per stand is R22 162.00 (USD 2,915).
    Notes: The National Housing Subsidy introduced in 1994 provides upfront subsidies to households with an income of less than R3500 per month (approx. US$ 460). The subsidy is offered through a range of mechanisms (individual, credit-linked, project, institutional, peoples’ housing process). The official subsidy amount in 2010/11 was R 55 706 (approx. US$ 7329) + 15% for geotechnical variations, but excluding the cost of land and services which are also provided for free, by the municipality. The Finance Linked Individual Subsidy Programme (FLISP), a mortagage linked subidy came into operation in 2005. It provides capital subsidies on a downward slidign scale ranging from R 35 969 to R5 136 (US$ 4732- $675) respectively to households earning between R3 501 to R7 000 per month which is used to reduce the principle debt. This is intended to render the monthly repayment of the mortgage loan affordable. As an option of last resort, internal municipal engineering services may be financed from subsidy funding. The amount available per stand is R22 162.00 (USD 2,915).
    Notes: The NCR Register of Registrants lists 11 registered entities.
    Notes: The policy was changed in 2013. In terms of the policy, the FLISP subsidy may now be used in one of three ways: 1. To buy a new house costing less than R300 000, that is part of the NHFC’s Accredited Project Developments in the various provinces. 2. To buy a new or an existing house on the resale market, costing less than R300 000 3. To buy a vacant, serviced, residential stand and a build a house on it, such that the total price of the property is no more than R300 000. This now solves both problems: there are many more houses in the resale market than what the NHFC’s Accredited Project Developments could ever hope to build; and there is a much greater variety in price – houses costing as little as R100 000 can be found in some areas
    Notes: The policy was changed in 2013. In terms of the policy, the FLISP subsidy may now be used in one of three ways: 1. To buy a new house costing less than R300 000, that is part of the NHFC’s Accredited Project Developments in the various provinces. 2. To buy a new or an existing house on the resale market, costing less than R300 000 3. To buy a vacant, serviced, residential stand and a build a house on it, such that the total price of the property is no more than R300 000. This now solves both problems: there are many more houses in the resale market than what the NHFC’s Accredited Project Developments could ever hope to build; and there is a much greater variety in price – houses costing as little as R100 000 can be found in some areas 
    Notes: The policy was changed in 2013. In terms of the policy, the FLISP subsidy may now be used in one of three ways: 1. To buy a new house costing less than R300 000, that is part of the NHFC’s Accredited Project Developments in the various provinces. 2. To buy a new or an existing house on the resale market, costing less than R300 000 3. To buy a vacant, serviced, residential stand and a build a house on it, such that the total price of the property is no more than R300 000. This now solves both problems: there are many more houses in the resale market than what the NHFC’s Accredited Project Developments could ever hope to build; and there is a much greater variety in price – houses costing as little as R100 000 can be found in some areas  
    Notes: The policy was changed in 2013. In terms of the policy, the FLISP subsidy may now be used in one of three ways: 1. To buy a new house costing less than R300 000, that is part of the NHFC’s Accredited Project Developments in the various provinces. 2. To buy a new or an existing house on the resale market, costing less than R300 000 3. To buy a vacant, serviced, residential stand and a build a house on it, such that the total price of the property is no more than R300 000. This now solves both problems: there are many more houses in the resale market than what the NHFC’s Accredited Project Developments could ever hope to build; and there is a much greater variety in price – houses costing as little as R100 000 can be found in some areas  
    Notes: The policy was changed in 2013. In terms of the policy, the FLISP subsidy may now be used in one of three ways: 1. To buy a new house costing less than R300 000, that is part of the NHFC’s Accredited Project Developments in the various provinces. 2. To buy a new or an existing house on the resale market, costing less than R300 000 3. To buy a vacant, serviced, residential stand and a build a house on it, such that the total price of the property is no more than R300 000. This now solves both problems: there are many more houses in the resale market than what the NHFC’s Accredited Project Developments could ever hope to build; and there is a much greater variety in price – houses costing as little as R100 000 can be found in some areas  
    Notes: The policy was changed in 2013. In terms of the policy, the FLISP subsidy may now be used in one of three ways: 1. To buy a new house costing less than R300 000, that is part of the NHFC’s Accredited Project Developments in the various provinces. 2. To buy a new or an existing house on the resale market, costing less than R300 000 3. To buy a vacant, serviced, residential stand and a build a house on it, such that the total price of the property is no more than R300 000. This now solves both problems: there are many more houses in the resale market than what the NHFC’s Accredited Project Developments could ever hope to build; and there is a much greater variety in price – houses costing as little as R100 000 can be found in some areas
    Notes: The Reconstruction and Development Programme (RDP) subsidy was introduced, entitling all households earning less than ZAR3 500 per month to apply for a fully subsidised house
    Notes: The right to property is enshrined under section 25 of the Constitution of the Republic of South Africa Act, 1996. It states (somewhat evasively) that nobody may be deprived of property except in terms of law of general application, and no law may permit arbitrary deprivation of property. The registration of rights in land and other immovable property is regulated by the Deeds Registries Act, 1937. Although South Africa still recognises an old system of 99-year leasehold, the main real right in land is that of ownership, similar to the UK system of freehold title, and most land in South Africa is privately held by outright ownership. The separate ownership of buildings or parts of buildings in a development is recognised by the Sectional Titles Act, 1986.The Communal Land Rights Act attempts to clarify customary right issues. These seldom apply to urban land.
    Notes: The right to property is enshrined under section 25 of the Constitution of the Republic of South Africa Act, 1996. It states (somewhat evasively) that nobody may be deprived of property except in terms of law of general application, and no law may permit arbitrary deprivation of property. The registration of rights in land and other immovable property is regulated by the Deeds Registries Act, 1937. Although South Africa still recognises an old system of 99-year leasehold, the main real right in land is that of ownership, similar to the UK system of freehold title, and most land in South Africa is privately held by outright ownership. The separate ownership of buildings or parts of buildings in a development is recognised by the Sectional Titles Act, 1986.The Communal Land Rights Act attempts to clarify customary right issues. These seldom apply to urban land.
    Notes: The right to property is enshrined under section 25 of the Constitution of the Republic of South Africa Act, 1996. It states (somewhat evasively) that nobody may be deprived of property except in terms of law of general application, and no law may permit arbitrary deprivation of property. The registration of rights in land and other immovable property is regulated by the Deeds Registries Act, 1937. Although South Africa still recognises an old system of 99-year leasehold, the main real right in land is that of ownership, similar to the UK system of freehold title, and most land in South Africa is privately held by outright ownership. The separate ownership of buildings or parts of buildings in a development is recognised by the Sectional Titles Act, 1986.The Communal Land Rights Act attempts to clarify customary right issues. These seldom apply to urban land.
    Notes: The right to property is enshrined under section 25 of the Constitution of the Republic of South Africa Act, 1996. It states (somewhat evasively) that nobody may be deprived of property except in terms of law of general application, and no law may permit arbitrary deprivation of property. The registration of rights in land and other immovable property is regulated by the Deeds Registries Act, 1937. Although South Africa still recognises an old system of 99-year leasehold, the main real right in land is that of ownership, similar to the UK system of freehold title, and most land in South Africa is privately held by outright ownership. The separate ownership of buildings or parts of buildings in a development is recognised by the Sectional Titles Act, 1986.The Communal Land Rights Act attempts to clarify customary right issues. These seldom apply to urban land.
    Notes: The right to property is enshrined under section 25 of the Constitution of the Republic of South Africa Act, 1996. It states (somewhat evasively) that nobody may be deprived of property except in terms of law of general application, and no law may permit arbitrary deprivation of property. The registration of rights in land and other immovable property is regulated by the Deeds Registries Act, 1937. Although South Africa still recognises an old system of 99-year leasehold, the main real right in land is that of ownership, similar to the UK system of freehold title, and most land in South Africa is privately held by outright ownership. The separate ownership of buildings or parts of buildings in a development is recognised by the Sectional Titles Act, 1986.The Communal Land Rights Act attempts to clarify customary right issues. These seldom apply to urban land.
    Notes: The right to property is enshrined under section 25 of the Constitution of the Republic of South Africa Act, 1996. It states (somewhat evasively) that nobody may be deprived of property except in terms of law of general application, and no law may permit arbitrary deprivation of property. The registration of rights in land and other immovable property is regulated by the Deeds Registries Act, 1937. Although South Africa still recognises an old system of 99-year leasehold, the main real right in land is that of ownership, similar to the UK system of freehold title, and most land in South Africa is privately held by outright ownership. The separate ownership of buildings or parts of buildings in a development is recognised by the Sectional Titles Act, 1986.The Communal Land Rights Act attempts to clarify customary right issues. These seldom apply to urban land.
    Notes: There are 4 consumer credit companies.
    Notes: There are statutory rules for mortgage and other debt as defined by the National Credit Act.
    Notes: There are statutory rules for mortgage and other debt as defined by the National Credit Act.
    Notes: There are statutory rules for mortgage and other debt as defined by the National Credit Act.
    Notes: There are statutory rules for mortgage and other debt as defined by the National Credit Act.
    Notes: There are statutory rules for mortgage and other debt as defined by the National Credit Act.
    Notes: This figure is for SA Home Loans (March 2012)
    Notes: Total household mortgage market share March 2012 (R790.0 billion)
    Notes: Total urban households 2010: 8.03m households. Total urban informal households: 1.39m households. Approximately 6.64m residential title deeds.
    Notes: Transfer duty is payable on any property with a value exceeding R500 000. Public benefit organisations are exempt from this duty if property is intended to be used for public benefit purposes. [Taken from SARS website]
    Notes: Transfer duty is payable on any property with a value exceeding R500 000. Public benefit organisations are exempt from this duty if property is intended to be used for public benefit purposes. [Taken from SARS website]
    Notes: Transfer duty is payable on any property with a value exceeding R500 000. Public benefit organisations are exempt from this duty if property is intended to be used for public benefit purposes. [Taken from SARS website]
    Notes: Transfer duty is payable on any property with a value exceeding R900 000. Public benefit organisations are exempt from this duty if property is intended to be used for public benefit purposes. [Taken from SARS website]  
    Notes: Transfer duty on mortgages of less that R 500 000 (approx. US$65 789) is zero; since 2006.
    Notes: Transfer duty on mortgages of less that R 500 000 (approx. US$65 789) is zero; since 2006.
    Notes: Transfer duty relief threshold progressively adjusted to R500 000 (up from R70 000 in 2002).Tax exemption for public benefit organisations that provide housing or housing finance to persons with a monthly income lower than R7 500. Donations to such PPBOs is also tax excempt. Subsidised housing: zero-rated for VAT, up to the value of the grant.
    Notes: Transfer duty relief threshold progressively adjusted to R500 000 (up from R70 000 in 2002).Tax exemption for public benefit organisations that provide housing or housing finance to persons with a monthly income lower than R7 500. Donations to such PPBOs is also tax excempt. Subsidised housing: zero-rated for VAT, up to the value of the grant.
    Notes: Typically 20 - 30%.
    Notes: Typically 70 - 80%.
    Notes: Ubank offers home loans of up to R350 000 over a maximum period of 10 years. This loan can be used to purchase or extend a house and is secured by pension or provident funds
    Notes: Until Q3 2014
    Notes: Used formally/informally employed variable. Informal sector includes agricultural sector informal employees
    Notes: Used formally/informally employed variable. Informal sector includes agricultural sector informal employees
    Notes: Used formally/informally employed variable. Informal sector includes agricultural sector informal employees
    Notes: Used formally/informally employed variable. Informal sector includes agricultural sector informal employees
    Notes: Used formally/informally employed variable. Informal sector includes agricultural sector informal employees 
    Notes: Used formally/informally employed variable. Informal sector includes agricultural sector informal employees 
    Notes: Used percentage of total urban population (60.3%).
    Notes: Used percentage of total urban population (60.7%).
    Notes: Used percentage of total urban population multiplied by number of total dwelling units
    Notes: Used percentage of total urban population multiplied by number of total dwelling units 
    Notes: Used percentage of total urban population multiplied by number of total dwelling units 
    Notes: Used percentage of total urban population multiplied by number of total dwelling units  
    Notes: Used settlement type (urban formal, urban informal) to derive urban for 2010.
    Notes: Yes - for second dwelling only.
    Notes: Yes - for second dwelling only.
    Notes: Yes - for second dwelling only.
    Notes: Yes - for second dwelling only.
    Notes: Yes - for second dwelling only.
    Notes: Yes - NCA
    Notes: Yes - NCA
    Notes: Yes - NCA
    Notes: Yes - NCA
    Notes: Yes - NCA
    Notes: Yes. However there is considerable legal oversight over the process.
    Notes: Yes. However there is considerable legal oversight over the process.
    Notes: Yes. However there is considerable legal oversight over the process.
    Notes: Yes. However there is considerable legal oversight over the process.
    Notes: Yes. However there is considerable legal oversight over the process.
    Notes: Yes; exception is that subsidized housing cannot be sold within 8 years of receipt.
    Notes: Yes; exception is that subsidized housing cannot be sold within 8 years of receipt.
    Notes: Yes; exception is that subsidized housing cannot be sold within 8 years of receipt.
    Notes: Yes; exception is that subsidized housing cannot be sold within 8 years of receipt.
    Notes: Yes; exception is that subsidized housing cannot be sold within 8 years of receipt.
    Notes: Yes; exception is that subsidized housing cannot be sold within 8 years of receipt.
    Notes: Yes; exception is that subsidized housing cannot be sold within 8 years of receipt.
    Notes: Yes; exception is that subsidized housing cannot be sold within 8 years of receipt.
    Notes: Yes; exception is that subsidized housing cannot be sold within 8 years of receipt.  
    Notes: Yes; exception is that subsidized housing cannot be sold within 8 years of receipt.   
    Notes: Yes; exception is that subsidized housing cannot be sold within 8 years of receipt.