The Home Loan and Mortgage Disclosure Amendment Bill will create regulatory burdens for banks and undermine the intention of the draft law, critics say. The bill seeks to stem discrimination in home loans. One of its pillars is that banks will be required to provide information on the volume of home-loan applications they receive, the applications they approve or decline as well as reasons why loans are declined. Department of Human Settlements spokesman Ndivhuwo Mabaya said the information would assist in developing policies to enhance affordability and access. Without this information, the department would be unable to help banks develop the relevant products for the emerging segment of the market, he said. Banking Association of SA’s regulatory head Pierre Sunter said the association supported the drive to give more South Africans access to the home-loan market within the parameters of responsible lending. But there was no justification for housing financiers to have to "duplicat...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.