Covid-19 Outbreak SA Online Resource | More info
Insurance, Car Insurance, Funeral Cover, Life Insurance, Budget Insurance, Insurance Quotes, CompareGuru, South Africa.
Car and Household
Business
Life and Funeral
Car Insurance
Cover your vehicle
More Information
Get Quote
Pre-Owned Warranty
Cover the mechanical and electrical components of your vehicle
More Information
Get Quote
Extended Warranty
Cover the mechanical and electrical components of your vehicle
More Information
Get Quote
Scratch and Dent
Cover small dents, chips and scratches to your vehicle
More Information
Get Quote
Tyre and Rim
Cover damages to your wheels
More Information
Get Quote
Home Insurance
Cover your home and everything in it
More Information
Get Quote
Commercial Vehicle Insurance
Protect vehicles and drivers used in the day-to-day operation of your business against risks like financial loss, damage or personal injury.
More Information
Get Quote
Commercial Insurance
Provide cover against common risks and disruptions to business operations, such as theft, damage to property, employee / client injury and much more.
More Information
Get Quote
Directors and Officers Liability
Safeguard your business and key players from financial loss with the right policy.
More Information
Get Quote
Errors and Omissions Liability
Covers your business and employees against claims of negligence, poor workmanship, and more.
More Information
Get Quote
Life Insurance
Provide for your loved ones
More Information
Get Quote
Disability Insurance
Protect your paycheck
More Information
Get Quote
Serious Illness Insurance
Cover yourself for illnesses like cancer, Alzheimers, Parkinsons, strokes or heart attacks.
More Information
Get Quote
Funeral Cover
Protect your family financially and cover funeral expenses
More Information
Get Quote
Domestic Worker Insurance
Cover the person that looks after you and your family everyday
More Information
Get Quote

News Room

Demand for Affordable Housing Increase

Compare Guru
2014-02-06
FNB says there has been an increased demand for affordable housing (income of R3500 to R25 000 per month) in South Africa.
The CEO of FNB Housing Finance, Marius Marais in Johannesburg has recently made a statement that the affordable housing sector is in high demand with an average of a mere 20 000 units developed annually compared to an estimated one million homes needed. These assertions to not include future demands of affordable homes for a growing GDP. According to Marias, affordable housing constitutes households that earn between R3 500 and R25 000 per month. Out of the entire home loan market, affordable housing constitutes 32%, which results in quality homes ranging up to R600 000. Using data collected from the most recent Census, FNB is able to assess the affordable home loan market that includes an estimates 4.5 million households. However, there is still an outstanding demand for a million new homes. FNB recognises the demand for new innovative financial products to account for this market as traditional higher income mortgage loan financial products do not cater for them. Marias stresses the importance of constructing new housing units at applicable market prices. He said that 96% of the market for FNB’s House Finance department are first-time homeowners. These first-time homeowners are often influenced by issues such as affordability, interest rate increase, pressure from inflation, and unemployment. However, FNB has made inroads into this affordable housing shortage seeing as the default rate for this market is more stable than that of the traditional higher income segment. Over the next two years, the company plans to finance 6 000 new housing units valued at R2bn. FNB has approved forty developments, from which a total of 12 000 units will arise. For more information about FNB’s mortgage rates and other financial services, refer to our Money section. ©Diane Moalem for Compare Guru
CompareGuru Social TwitterCompareGuru Social FacebookCompareGuru Social LinkedIn

Sign up to our Newsletter now, and don’t miss a beat.

Email Address
Name
Sign Up