There has been a sharp slump in the number of home loans granted to South Africans in the under-R15 000 per month income bracket, the National Credit Regulator (NCR) said on Wednesday.
The total number of home loans granted in South Africa has almost halved in 2008 due to the global recession and ensuing financial crisis.
"There's been a huge contraction in credit granted - and the preliminary numbers for the March quarter indicate that the contraction is actually continuing," said NCR CEO Gabriel Davel. Fin 24
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