No trace of Zuma’s Nkandla home loan
He says he’s got a loan to pay for the Nkandla upgrades, so does his bank… but nobody seems to be able to find any proof that it actually exists.
So he got the house, agreed to pay back the money and apparently got a home loan for R7.8 million – even at his age, which is impossible for normal folks—but there’s one snag… nobody can find any tangible proof of a home loan in Zuma’s name.
Netwerk24 on Sunday reported that no bond has been registered at the deeds office in Zuma’s name, as VBS claims; which is odd as, by law, all home loans must be registered at the deeds office.
According to VBS’ own requirements for a home loan, they can approve it if the property in question has a title or allocation deed, allowing the bank to approve loans for property located in the pre-1994 homelands. Nkandla happens to be located in a previous homeland.
According to Andrew Bembridge from ENS, you can only get a home loan if there is a bond registered against a title or allocation deed at the deeds office; but the Ingonyama Trust circumvents this process by offering direct access to finance.
Remember when Zuma said he had a loan Nkandla – before the Public Protector exposed the extent of what had been happening – and FNB pretty much blew that lie out of the water, saying he doesn’t have a title deed for Nkandla which makes a home loan impossible.
Turns out it wasn’t Zuma, but his buddy Vivian Reddy who took out a loan for Zuma, and not the president himself.
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