Ive been in the real estate business for 7 years now. Generally my white clients always get prime minus or worst case scenario they get prime interest rate. My black client ALWAYS get prime plus 1.5 or 2.5 and even 3.5. Even black professionals who earn real gud salaries and even when they put deposits get these ridiculous rates. I hv observed this and it does not change. Second issue I hv wit banks is hw their evaluators ESPECIALLY FNB evaluators always find lower value on homes in the townships. We have malls schools and medical centers in our townships yet properties according to bank evaluators appreciate in value at a sick snail pace. The property business is the main source of money making for banks, its ahead of vehicle finance, credit cards, loans and overdrafts. Yet black ppl r benefiting less than 20% of the overall slice. Whites and Indians r chowing the bigger slice, with whites way ahead. Businesses r not going to take decisions that r going to benefit black ppl of SA. We need leadership frm our government to press business into respecting the biggest contributors of the profits businesses make, that is black ppl. We bring them more money yet they treat us like this. Banks r the guiltiest in continuing to suppress us. But they do it so intellectually that we hv become comfortable with it or we dnt see it. We r living in times of deception and financial oppression. Were deceived by banks into believing that were equal whereas were not. Only a black man is gonna free a black man.
Posted on: Mon, 13 Oct 2014 06:48:40 +0000