Becoming a home owner is the dream of many. As a member of the CRF, you are on the path to realize this dream. We offer 3 affordable home loan options.

Option 1: CRF In-house Housing Loan

With the Fund’s In-House Housing Loan facility, you can apply for up to 60% of your current Fund value towards:

  • purchase a house or;
  • renovate a property registered in your name

When do you qualify for an in-house home loan?

  • You must be a member of the CRF
  • The facility is available to you if you are under the age of 75 years provided that your money is still in the Fund.
  • The minimum amount you can apply for is R5 000
  • The loan repayment period is a minimum of 12 months and a maximum not exceeding 30 years, or your retirement date. Please note that the term is subject to your age and the loan period selected on your application.
  • The available housing loan value (the amount that the Fund will stand surety for) will be 60% of your member share as at the application date, less any other housing debts you currently have with the Fund or FNB. The minimum housing loan amount is R5000.
  • Approval of the loan remains subject to the terms and conditions as set out in the National Credit Act, including an affordability check, credit check, and conditions stipulated in Section 19(5) of the Pension Funds Act
  • The In-House Housing Loan repayment interest rate will be the repurchase (Repo) rate plus 2%. This calculates to the same interest rate of prime minus 1.5% charged by First National Bank for members that have made use of the FNB surety-backed housing loan facility.
  • Your Municipality must have an agreement with the Fund before housing loans can be granted for members of that employer
  • Loan repayments are deducted in monthly instalments, directly from your salary (not in debit or stop order).

For more information and guidelines when applying for the In-house Housing Loan, please read the CRF In-house Housing Loan FAQ

Click here to download the application form.

 

Please ensure that you pay the R300 application fee into the following account using your ID number as reference:

Name of Account Holder: Consolidated Retirement Fund

Bank Account Number: 50260209190

Account Type: Corporate Cheque Account

Branch Code: 204109

Branch Name: RMB/FNB Corporate Banking

 

Completed loan application forms together with the proof of payment must be sent to crfhousingloans@crfund.co.za.

For more information on this benefit, please contact our call centre on 0861 CRFUND (0861 273 863)

 

Option 2: FNB Smart Housing Plan (in partnership with First National Bank (FNB))

Through a surety agreement with FNB this option allows you to either:

  • purchase a house or a plot on which your home will be built
  • renovate your current home

The Fund provides a guarantee to FNB for an amount of up to 60% of your resignation benefit; this guarantee allows FNB to provide qualifying members with housing loans at attractive rates of interest.

When do you qualify for a pension-backed home loan?

  • You must be a member of the CRF
  • You must be between 18 and 65 years of age
  • The minimum amount you can apply for is R5 000
  • The maximum repayment period is 20 years, or up to your normal retirement date if that is sooner
  • You must have a South African bar-coded Identification document
  • A maximum of 60% of your Member share value within the Fund may be used as surety for a Smart Housing Plan loan
  • Loan repayments are deducted in monthly installments directly from your salary (not in the form of a debit or stop order)
  • Your Local Authority must have an agreement with FNB before housing loans can be arranged for members of that Local Authority
  • Approval of the loan is subject to the National Credit Act in terms of a credit check
  • Affordability is assessed and determined by FNB

Here’s a Checklist of required documentation you will need to provide with the application.

Employees of City of Cape Town should contact the Fund directly for assistance with the application process. Contact our call centre on 0861 CRFUND (0861 273 863).

For other municipalities, please contact your HR department to check if there is an agreement in place. If so, request assistance with the application process.

Option 3: FNB Housing Loan for incomes of R3 500 – R25 000 (in partnership with First National Bank (FNB))

This additional form of housing loan is aimed at members who wish to get a foot onto the property ladder, but may not have enough surety. It incorporates some attractive Value Added Benefits to qualifying members.

What are the rules?

  • Available to CRF members earning between R3 500 and R25 000 per month. You must be permanently employed and have been a member of the Fund for more than 6 months
  • The purchase price of the house you wish to purchase, must be less than R650 000
  • You may not be under administration
  • The monthly premium will be deducted from your salary by the employer. The amount depends on the size and term of the loan
  • Approval of the loan is subject to the National Credit Act

To apply for this Loan:

Download the application
Download the FLISP checklist

Please submit these forms directly to FNB by emailing hf.housingschemes@fnb.co.za.

For more information on this benefit, please contact our call centre on 0861 CRFUND (0861 273 863)

 

 

click here for all CRF forms

Check forms for the applicable forms to download and complete.

How to join the CRFund