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The Pension Funds Act makes specific provision that a loan can only be provided by a fund to a member for housing purposes.


Many members ask why they cannot make personal loans against their Fund benefit – It is their retirement fund money after all…


The CRF is prohibited by law from making loans available for any other purpose than housing.

The money is protected by law and even if your estate is legally possessed, your creditors cannot touch your retirement funds until it is paid to you. All funds are under the strict supervision and prescripts of government through laws, regulations and circulars – almost the same way a municipality is. Your money gets held in a trust for you and is managed by the Board of Trustees on your behalf to ensure good returns until the date it is paid to you.

Even though you can view your fund value on a daily basis, the money is not yours until it is paid out when you leave your employer and opt to take your retirement savings out of the Fund.

Remember, the main reason for belonging to a retirement fund is so that you can save up to have enough funds to live on when you retire one day and not be dependent on social grants.


At the CRF, we value our members becoming first time home owners, therefore we are in partnership with First National Bank (FNB), to offer two distinct types of home loans.

Option 1: FNB Smart Housing Plan

Through a surety agreement with FNB, this non-mortgage loan allows you to either,

  • Purchase a house or plot on which your home will be built
  • Renovate your current home

The property you buy or renovate must in the name of the member of the fund applying for the loan.

The CRF provides a guarantee to FNB for an amount of up to 60% of a member’s resignation benefit. This guarantee allows FNB to provide qualifying members with a housing loan at an attractive rate of interest.

Download the checklist to see what supporting documentation you need to take to your appointment when applying for a smart loan.


Option 2: FNB Housing Loan/Bond for members who earn under R25 000

This additional form of housing loan is aimed at members who wish to get a foot onto the property ladder, but do not yet have enough money in the Fund to qualify for the pension backed loan. This is a value added benefit and members may qualify if:

  • They earn an income between R3 500 and R25 000
  • The purchase price of the property is less than R650 000

The monthly premium will be deducted from your salary by the employer.  Please note that approval of loans is subject to the National Credit Act.


Contact the CRF Member Centre or visit the Benefit options section under Members on for more information on the loan options available in the CRF.


Indemnity: The CRF for Local Government does not accept liability for any loss, damage or expense that may be incurred as a direct result or consequence of reliance upon the information in this document and the actual Rules of the Fund. The actual Rules of the Fund will prevail.

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