How to qualify for a R7.8 million loan

The President will have to pay R78 000 per month for 20 years to pay back this loan. He earns R140 000 per month, after tax.

Theo Vorster, Galileo Capital

The state-owned Public Investment Corporation owns 25% of VBS Mutual Bank.

Bruce Whitfield, The Money Show

Last year, the Public Investment Corporation loaned R300 million to VBS Mutual Bank.

Bruce Whitfield, The Money Show

The Presidency says it has complied with the Constitutional Court order compelling him to pay R7.8 million to Sars in respect of his Nkandla homestead.

According to a statement, Jacob Zuma raised the money through a home loan obtained from VBS Mutual Bank on its standard terms, “one of the few financial institutions which offer home loans in respect of land owned by traditional authorities”.

The Money Show’s Bruce Whitfield interviewed Theo Vorster, CEO at Galileo Capital.

Scroll down for more quotes from the audio below.

It’s going to be difficult to make a case that Jacob Zuma can afford this loan.

Theo Vorster, Galileo Capital

There’s a question about the surety. There’s also a question about affordability.

Theo Vorster, Galileo Capital

Jacob Zuma has some kind of a bond at First National Bank.

Theo Vorster, Galileo Capital

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Article brought to us by Old Mutual.


This article first appeared on 702 : How to qualify for a R7.8 million loan


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