Today, the Western Cape Government received 71 title deeds from First National Bank (FNB), as part of the housing subsidy initiative for financially distressed customers. This initiative is a collaboration between the Western Cape Department of Infrastructure, FNB, DTB Incorporated; and is run under the careful supervision of Project Manager Deon Van Deventer.
The project aims to assist financially distressed homeowners by utilising approved housing subsidies to settle outstanding loan amounts, enabling the cancellation of bonds and the issuance of title deeds. This intervention provides financial relief to beneficiaries, ensuring they gain unencumbered original title deeds.
The beneficiaries are from key areas within the City of Cape Town, including Bellville, Blue Downs, Goodwood, Grassy Park, Khayelitsha, Kleinvlei and Mitchells Plain, as well as areas outside the metro, including Worcester, Pacaltsdorp, Riversdale, Stellenbosch and Wellington. The 71 beneficiaries will receive their title deeds in person in due course.
Western Cape Minister of Infrastructure said, “This joint venture between the Department and FNB supports 224 potential beneficiaries. This is a major breakthrough in accelerating the delivery of housing opportunities to beneficiaries, especially regarding our efforts to not only deliver housing units to beneficiaries, but to also make them the official owners of unencumbered properties.”
Among the title deeds to be handed over, the oldest bond cancelled was for a property purchased in 1985, while the oldest client assisted through this initiative is 83 years old.
To date, the Department has approved 113 applications, of which 41 applications are being processed by the Department.
Ministers Simmers added, “I wish to thank FNB and all other stakeholders involved for partnering with us and for seeing the need to accelerate housing delivery in the Western Cape. This initiative underscores the Western Cape Government’s commitment to providing housing security and financial relief to vulnerable homeowners.”
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