Investec has committed itself to making a contribution to real economic empowerment in South Africa by distributing title deeds to homeowners in Gauteng townships
The banking and asset management group is distributing 3,600 title deeds for houses in 15 townships around Gauteng. Investec has, at its own cost, cancelled the mortgage bonds registered over the properties. The title deeds of these properties are being returned to the registered owners and the substantial underlying debt is also being waived by Investec.
“One of Investec’s most cherished values is that we strive to live in society, not off it. This is something of a mantra inside the bank that we live by,” says Investec Bank Ltd CEO Richard Wainwright.
“An opportunity has arisen out of a legacy transaction to facilitate full home ownership for thousands of families. They now have a home of their own and an asset they can use in other life-changing transactions, like starting a business or educating their children.”
The distribution of most of the 3,600 title deeds has been taking place during November and December 2019, with the intention of completing the handovers within the first quarter of 2020.
“We’re thrilled to be handing over these title deeds,” says Wainwright. “We believe the ownership of land and the ability for a person to call it their home is an integral part of social and economic development in South Africa, something we are grateful to be able to play our own part in.”