FOR CLAIMS, PLEASE CONTACT YOUR HR
FOR GENERAL ENQUIRIES, CONTACT US ON:
- +27 (0)10 100 3000
- clientservices@mineworkers.co.za
- TO CHECK YOUR CLAIM STATUS OR BENEFIT STATEMENT
Housing Loans
Housing Loans through iMas Finance or FNB
How it works
We provide Pension-Backed Loans through iMas and FNB. The loans are subject to approval by the credit provider and must be used for housing purposes.
What is a Pension-Backed Loan?
A Pension-Backed Loan is a Home Loan dependent on an agreement between both the employer and the Provident Fund.
A Pension Backed Loan is a loan where your Provident Fund is used as security to:
- Buy Vacant Land
- Build a new house
- Renovate your house
- Use as a deposit or bond registration fee
Housing Loans through iMas Finance
- The loans must be settled by normal retirement age, as per the Fund rules.
- Credit life insurance covers you for temporary and permanent disability, death, and retrenchment cover. Ensuring that your family is secure in the event of unforeseen circumstances.
Documents Required:
- Offer to Purchase (OTP)
- Income tax statement/IRP5 document
- I.D or smart card copy
- Proof of residential address (e.g. Municipal or rates bill)
- The members latest 3 (three) months payslips or bank statement
Housing Loans through FNB
The FNB Pension Backed Loans are secured against the member’s fund value. You may qualify for the loan if you are a member of the fund, as there is an agreement in place between FNB, the fund, the fund administrator, and the employer.
- The home must be the primary residence of the applicant or their dependent(s)
- The property must be within the borders of South Africa
- You will also be required to declare your ‘Registration Tax number’ for SA or any other country where you hold citizenship or residency
Pension Backed Loan rules
- You must be over the age of 18 years
- The minimum amount you can apply for is R5 000
- The maximum loan amount is ‘as per the fund rules
- The minimum loan term is 12 months
- The maximum loan term is 240 months (20 years)
- All loans are governed by the National Credit Act and the FNB
- Credit Policy and therefore normal credit scoring and affordability rules apply
Risk Benefit Cover
Members receive cover in the following instances; the cover is for the full loan amount and excludes arrears (if applicable):
- Death – Settles outstanding balance at the time of death
- Permanent disability – Settles outstanding balance at the time of permanent disability
- Temporary disability – 12 months’ instalments paid
- Unemployed or unable to earn an income – 12 months’ instalments paid
Documents Required:
- Certified South African green bar-coded Identity Document or Smart ID Card (front and back)
- Certified copy of Marriage Certificate
- Latest pay slips (12 consecutive for weekly paid, 6 consecutive fortnightly paid, 3 consecutive for monthly paid)
- Valid building quotation or Offer to Purchase (not older than 1 month)
- The latest proof of residence (not older than three months)
- Latest 3 months stamped bank statement (if not banking with FNB)
- A settlement letter if an existing pension backed housing loan with another institution is being switched or if you want to settle your bond
- Latest fund benefit statement
Application process:
- Member must check with HR if the company has signed the agreement. If not, HR must contact the fund
- If the company has signed, members must request an application form from HR/FNB by calling 087 736 6000 or SMS “Home” to 30752 (free SMS)
- Request a benefit statement from the Fund
- Complete the application form and attach all required supporting documents
- Documents number must be emailed to smarthousingplandocs@fnb.co.za
- Contact 087 736 6000 for application statuses or disputes