SACP wants housing bond repayment periods shortened

The SACP has proposed a campaign to force financial institutions to do away with 20-year mortgage bonds.

The party is set to call for shorter mortgage bonds‚ similar to car repayment periods which last no longer than six years.

SACP second deputy general secretary Solly Mapaila‚ in his state of the organisation report‚ questioned the rationale behind loans that have vastly different repayment periods for houses and cars that he claimed are often the same price.

"This question of the 20-year mortgage for houses must be revisited.

“We are submitting to this 14th congress that the SACP relaunch a huge campaign directed to financial institutions against evictions; including a campaign to challenge the current long-term mortgage bond that is paid by our people and demand for a shorter mortgage bond as it is with cars which are almost at the same price range‚" the organisational report states.