Many South Africans struggle with their home loan payments
Many South Africans are currentlly struggling to meet their home loan commitments. This allegedly due to the current economic climate and the frequenty rising interest rates. Last week's interest rate hike is the 10th since November 2021. It's also the highest in 13 years and is putting a huge strain on the housing market. The South African Reserve Bank last Thursday announced a 50 basis points hike to interest rates, taking the current prime lending rate from 11.25% to 11.75%. We spoke to Chief Operating Officer at SA Home Loans, Zakeni ( Zach) Dlamini...
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