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Accusations of racism aired at property bills hearing

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Cape Town - Allegations of racism by financial institutions when it comes to granting township people mortgages to buy houses were aired at a hearing in Cape Town into two property bills.

The two bills discussed were the Property Practitioners’ Bill, which will repeal the Estate Agency Affairs Act of 1976 when it is enacted, and the Home Loan and Mortgage Disclosure Amendment Bill, which sets out the disclosure requirements for home loans and mortgages.

Khayelitsha estate agent Zola Mekula, who owns Zola M Properties, said with regards to the Home Loan and Mortgage Disclosure Amendment Bill, he believed that financial institutions were racist and refused to approve mortgages to black people in the townships, even when the clients met all the required criteria to qualify for a mortgage. Financial institutions apparently labelled black people as “high risk”.

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