By: Natasha Archary
In an effort to address the growing demand for affordable housing in South Africa, Cashbuild, Capitec, and the National Housing Finance Corporation (NHFC) have joined forces to launch an affordable housing project.
This collaboration aims to make homeownership more accessible to low and middle-income families, who often face significant barriers in the property market.
Cashbuild, a leading retailer of building materials, plays a pivotal role by ensuring the availability of quality and cost-effective construction supplies.
Mimi Masala, Divisional Director at Cashbuild joins Gugulethu Mfuphi on Kaya Biz to share more about the collaborative project called, Zakhelikhaya.
The housing project aims to address South Africa’s affordable housing backlog by providing accessible housing solutions.
“Discussions actually started before Covid-19, and when I initially made the recommendation to the Board, I was trying to find a funding solution for our small builders who come in to make purchases.
That’s when I came across the NHFC and got to learn about many of their products on offer, one of which is a housing subsidy for people earning between R3 500 and R22 000.
I began to explore the options because at the time we had a number of banks in Cashbuild stores who were offering loans to customers for building supplies.
That was unsuitable, and this is how the venture was born. So, being a property investor myself, I understand the nuances, you know from planning to buying land, finding a qualified developer and so on.
This is how the idea came about to help our customer with building plans, collaborating with the NHFC and then if there’s a shortfall, work with Capitec to secure a package for the customer that’s affordable.”
According to Mimi, the partnership allows the project to minimize building costs, making the homes more affordable.
Capitec, known for its straightforward and customer-centric banking solutions, offers financial support through competitively priced loans. By providing tailored financing options, Capitec enables potential homeowners to secure the necessary funds for purchasing or building their homes.
The NHFC brings a wealth of expertise in housing finance and development, facilitating the structuring of deals and ensuring the project’s alignment with national housing policies. The corporation’s involvement is crucial in providing the necessary oversight and ensuring that the project adheres to affordability and quality standards.
Listen to the conversation on Kaya Biz:
Also read: 5 tips to stop procrastinating
