Rhodes University Logo

NBC Housing Loans

NBC Housing Loans are only available to members of the Service Staff Provident Fund. Qualification is dependent on a number of criteria including, but not limited to, period of employment, minimum take-home pay and periods of repayment. The interest rate is linked to prime. Loans are secured by the Provident Fund. All NBC loans are approved and administered by NBC, Rhodes merely acts as an agent, compiling documentation an forwarding the loan application to NBC.

  • Forms can be collected from Neil Smuts, who will assist with their completion.
  • NBC require original qoutes from reputable suppliers.
  • Rhodes no longer has any responsibity for vetting or approving NBC home loans. 
  • Forms are sent to NBC for approval and staff are advised of their acceptance/rejection.

Criteria:

  • Availability: Permanent staff grades 1 to 5 only, employed for longer than one year
  • Net take home pay:Minimum R1,00 per month after deduction of instalment
  • Instalment:Must not exceed 40 % of net salary, or 25 % of gross salary
  • Reason for loan:Must be specified in application
  • Loan amount:Minimum R2 000 maximum loan: subject to affordability
  • Max loan:60% of resignation benefit of Provident Fund
  • Period:Maximum 10 years or applicant reaching 60 years of age
  • Interest rate:Prime plus 1.5 %, fluctuating instalment
  • General:No garnishee’s permitted
  • Note:Purchase/alterations/repairs to home only, and
  • Note: Price of house acquisition to include legal fees and costs

Last Modified :Fri, 15 Jul 2011 14:58:15 SAST