Zuma's bank VBS says it applies loan criteria no matter who the client is
THE bank that provided President Jacob Zuma with a home loan to repay the money spent upgrading his Nkandla residence says it sticks to loan processes no matter who the client is. "In granting a loan, the usual processes and conditions apply no matter who the client may be," VBS Mutual Bank CEO Andile Ramavhunga said in an e-mailed statement on Wednesday, without referring to Zuma. "The mortgage bond amount applied for cannot exceed the market value of the property. Furthermore, the applicant must have a proven source of income to service the required installment repayments, which cannot exceed 30% of the gross income of the applicant." The Johannesburg-based lender would not release details of clients, Ramavhunga said. Questions have been raised about how the 74-year-old Zuma could qualify for the loan. READ THIS: What a financial adviser finds when he does the sums on Zuma’s VBS loan While Dyambeu Investments was a significant shareholder, it had no direct involvement in the day-t...
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