/South African bank says customers must honour home loan payments even if land is seized
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South African bank says customers must honour home loan payments even if land is seized

South African bank says customers must honour home loan payments even if land is seized:
https://www.news.com.au/finance/economy/world-economy/south-african-bank-says-customers-must-honour-home-loan-payments-even-if-land-is-seized/news-story/dff832edcbf1672c060f6568658c3210.

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In an email circulating on social media, an official from Nedbank — one of the country’s big five banks — informed the customer that “bond payments remain due” regardless of any expropriation, “with or without compensation”. “Dear customer, thank you for the query you have raised with regard to the impact of land expropriation to your bonded property,” the email from Nedbank’s client services resolution manager said. “Nedbank is not privy to what provisions may be made for land purchasers whose land is encumbered, and what the proposed Review Committee would come up with to address this. However, we believe a balance needs to be achieved between the parliamentary agenda, and in particular the law of contract. “It is important to note the Home Loan agreement is subject to a contractual agreement, and bond payments remain due and payable until such time that the bond is paid in full irrespective of any form of land appropriation — with or without compensation. “We would encourage you to continue with the bond payments until such time a determination is made the time of which is also unknown to us. We trust that our response meets with your expectation.” The email sparked outrage. “I’d love to see you get your money out of a person whose property had been taken without compensation,” Henri Du Plessis wrote on the bank’s Facebook page. “What the hell is this, Nedbank?” wrote Jurie Absmeier. “This is your response? You won’t get any payment from me.”  William Guillum-Scott asked how the government would obtain the title deed to the property if it’s held by the bank while the property is being paid off. “If the bank hands over the title deed to the government, they are in breach of contract with you,” he said. “Surely then you have rights to sue them? Their agreement with you is now null and void. No court in the world can find you guilty of breach of contract if you no longer are in legal possession of the property mentioned in the contract. “If Nedbank isn’t as scared as any present property owner yet, they should be.” In a lengthy copy-and-pasted statement in response to customers posting the email, Nedbank said the “land debate itself has already had a negative impact on overall investor sentiment and, therefore, economic activity and job creation”. “But, so far, it has not yet directly affected Nedbank or the way we assess credit for our clients,” it said. “We fully support the democratic process and land reform debate and the need for historical redress, but it is vital that this sensitive and important issue is handled properly to ensure no lasting impact on economic growth and food security.” Nedbank said it did not support the government’s proposed change to Section 25 of the country’s constitution “as this already provides for expropriation without compensation in cases where a court holds this to be just and equitable or it is in the national interest”. “The actual wording of any proposed changes will be absolutely vital and would need to
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