Property ownership remains a powerful aspiration for South Africans, while a home is likely to be the largest investment many will make. This is according to Mary Motsuku, Head of Sales and Service Enablement at Absa’s home loans division.
In a period during which many consumers have come under pressure, with month-on-month strain on household income growth, Absa has embarked on a campaign to help home loan customers that have been with the bank since 1950.
“For many of our home loan customers, we understand that their properties are their only wealth. We want to highlight the true value and meaning of having a title deed for our customers and communities. A title deed gives you collateral, dignity, and a meaningful legacy for many generations,” says Motsuku.
In partnership with attorneys, Absa will be handing over 1 500 title deeds in a phased approach to loyal customers who have been with the institution for over 70 years.
“We have title deeds of fully paid-off properties that have been in safe custody for over 70 years and belong to our customers. This could be for various reasons: either the owners have passed away, they cannot afford to pay the cancellation fees to conveyancing attorneys, or they are not aware of the next steps they need to follow once their homes are paid in full,” explains Motsuku.
“As a bank, we are stepping into our societal role of giving back when it means and matters the most. This is just one of the ways in which we are demonstrating our commitment to our customers and communities, says Motsuku.
Absa will continue reaching out to more home loan customers that have a bonded property with the bank dating back to between 1950-1990 to make sure they obtain their title deed. The bank will contribute to paying the cost of the bond cancellation fee while the customer will contribute a nominal amount towards the attorney fees.
“We understand that obtaining a title deed is important. It provides homeowners with a real opportunity to leave behind a legacy and a form of wealth for families and communities,” concludes Motsuku.
Absa has been keeping bonds in safe custody since 1950 and is encouraging home loan customers who have fully paid off their home loans before 1990 to call 0860 111 007 to initiate the request for cancellation of their bond. Alternatively, customers without access to digital platforms or who choose to be assisted in person can go to their nearest Absa branch and ask an agent for assistance to start the cancellation process.
Home loan customers can also email titledeeds@absa.africato start their bond cancellation process and be one step closer to obtaining their home or property title deed.
