for subscribers

SA banks sued for R60bn in home repossession case

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!

Cape Town - More than 225 applicants, mostly from Gauteng townships, have launched a suit in the Constitutional Court, claiming damages from the big banks for home repossession abuse.

The applicants are claiming R60bn from the banks for unlawful repossession of homes since the Constitution came into effect in 1994. This figure is based on the average estimated loss of home equity value multiplied by the roughly 100 000 homes repossessed in SA since 1994. Home equity is the difference between the market value of a property and the amount still owing on a mortgage loan.

The Lungelo Lethu Human Rights Foundation is the driving force behind the suit, and has spent several years putting the case together in collaboration with advocate Douglas Shaw.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
15.13
(-0.14)
ZAR/GBP
20.70
(-0.11)
ZAR/EUR
18.42
(-0.11)
ZAR/AUD
11.67
(-0.11)
ZAR/JPY
0.15
(-0.86)
Gold
1855.20
(+0.05)
Silver
25.47
(+0.10)
Platinum
1100.00
(+0.44)
Brent Crude
54.81
(-1.30)
Palladium
2352.23
(+0.52)
All Share
63987.92
(-0.29)
Top 40
58886.26
(-0.14)
Financial 15
11685.83
(-2.13)
Industrial 25
86576.24
(+1.21)
Resource 10
62699.98
(-1.34)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
21% - 722 votes
No, I did not.
52% - 1791 votes
My landlord refused
28% - 960 votes
Vote