NOTES TO THE FINANCIAL STATEMENTS CONTINUED – For the period ended … Housing loan facilities Housing loans A B C D E At Granted Repaid Interest Other At end of beginning capitalised period of period R R R R R R Loans granted in terms of the rules of the fund and section 19(5) of the Pension Funds Act (provide details) TOTAL <insert paragraph explaining the terms of the loan and the security given> (Example: The fund has granted housing loans, limited to xx% of the relevant withdrawal benefit, in terms of the rules of the fund and Section 19(5) of the member’s Pension Funds Act. Each loan is secured by the benefit of the respective member and / or a mortgage bond over the property registered in favour of the fund. The loans bear interest at the prime overdraft rate less xx% and are repayable in equal monthly instalments.) Housing loan guarantees The fund has granted guarantees to for loans granted to XX members of the fund. The guarantees amounted to ……….. (Institution) R…….. . The amount of the guarantee may not exceed of the benefit that a member would receive in terms of the rules of the fund and Section 19(5) of the Pension ….% Funds Act if he or she had to terminate membership to the fund voluntarily. The total housing loan guarantee facility available to the fund is R xxx and is renewable on <insert date>. Note: All loans to members must be granted in accordance with section 19(5) or 19(6) of the Pension Funds Act, and in terms of the rules of the fund. The interest rate charged on the outstanding loans at the end of the period must be disclosed. The withdrawal benefits and/or mortgage bonds must secure all loans to members’ members. (See comment in the Report of the Board of Fund).
NOTES TO THE FINANCIAL STATEMENTS – CONTINUED For the period ended … Housing loan facilities Housing loans A B C D E At beginning of period R Granted R Repaid R Interest capitalised R Other R At end of period R Loans granted in terms of the rules of the fund and section 19(5) of the Pension Funds Act (provide details) TOTAL <insert paragraph explaining the terms of the loan and the security given> (Example: The fund has granted housing loans, limited to xx% of the relevant member’s withdrawal benefit, in terms of the rules of the fund and Section 19(5) of the Pension Funds Act. Each loan is secured by the benefit of the respective member and / or a mortgage bond over the property registered in favour of the fund. The loans bear interest at the prime overdraft rate less xx% and are repayable in equal monthly instalments.) Housing loan guarantees The fund has granted guarantees to ……….. (Institution) for loans granted to XX members of the fund. The guarantees amounted to R…….. . The amount of the guarantee may not exceed ….% of the benefit that a member would receive in terms of the rules of the fund and Section 19(5) of the Pension Funds Act if he or she had to terminate membership to the fund voluntarily. The total housing loan guarantee facility available to the fund is R xxx and is renewable on <insert date>. Note: All loans to members must be granted in accordance with section 19(5) or 19(6) of the Pension Funds Act, and in terms of the rules of the fund. The interest rate charged on the outstanding loans at the end of the period must be disclosed. The members’ withdrawal benefits and/or mortgage bonds must secure all loans to members. (See comment in the Report of the Board of Fund).