South African Home Loan News:
Transnet announced recently that they have sold they mortgage book to FNB Home Loans.
The deal which has yet to be approved by the Competition Commission and the Competition Tribunal was effective from 26 March 2007.
The Transnet mortgage book included about 20 000 Transnet employees with an average Bond of about R130 000 each. These home loans will now be serviced about FNB home loans.
FNB bought the Transnet mortgage book for R1.4 billion rand after being selected ahead of eight other bidders because it had met all the disposable criteria set by Transnet. These included price, profile and background and black economic empowerment.