The Department of Housing has published draft Regulations in terms of Section 12 of the Home Loan and Mortgage Disclosure Act No. 63 of 2000, for public comment. Which comments are to be submitted to the department before 29 December 2006.
The essence of the draft Regulations is that they require financial institutions to report to the Minister certain information regarding Home Loan applications processed by them. The information which, according to the draft regulations, must be collected, captured and furnished must include:
- Details about the property;
- The type of home loan;
- The accepted security available in respect of home loan;
- Use for which home loan is required;
- Amount of the home loan applied for;
- Nature of the application (individual, joint application or legal entity);
- Proposed re-payment to income ratio;
- Proposed loan to value ratio;
- Status of applicant (married, divorced, etc), gender, race;
- Income category;
- Status of Application (approved, declined, pending);
- Reasons, if declined.
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Home Loan and Mortgage Disclosure Act