Housing & Utility Improvement Loan
Mali’s Housing & Utility Improvement Loan is designed to help households upgrade essential services that improve safety, comfort and dignity. This product supports critical home improvements such as electricity connections, water access, plumbing repairs, sanitation upgrades and other essential utilities. The loan is offered as a developmental credit solution, ensuring that upgrades contribute directly to long-term quality of life rather than short-term consumption.
This loan is strictly for productive home improvements that enhance living conditions. It is not a cash facility. All funds are paid directly to approved suppliers, service providers or contractors to ensure the work is completed safely, correctly and in line with the intended purpose.
Housing & Utility Improvement Loan Overview
A developmental credit facility that helps households improve essential utilities and living conditions, combined with disciplined MyChama Stockvel savings.
- Eligibility:- Homeowners, tenants, or families needing critical utility upgrades.
- Loan Structure: - Upto 100% financing.
- Repayment Period: - Based on affordability.
- Interest Rates:- In line with NCR developmental credit guidelines.
- Initiation and Service Fees:- Charged According to NCR Regulations.
- Repayment Method:-Secure Debicheck Mandate.
- Payout: Paid directly to preferred or approved suppliers/contractor only.
- Purpose: Strictly for essential home and utility improvements.
Housing & Utility Improvement Requirements
Applicants must show household stability, ability to meet repayments and a track record of consistent savings through MyChama.
- Valid South African ID.
- Proof of residence or confirmation of property access.
- Active bank account where salary is deposited.
- Latest 6 months’ bank statements for business income verification.
- Proof of income or verified household earnings.
- Successful affordability and business viability assessment.
- Confirmed DebiCheck mandate for repayment.
- Must be a MyChama Stockvel member for a minimum of 3 months.
- Must have saved 40% of the improvement cost through MyChama Stockvel.
- Valid supplier quotation, contractor invoice, or offer to purchase.
- No cash disbursement — funds are paid directly to suppliers or service providers.
How It Works
You begin by applying online and submitting your income documents, bank statements and proof of residence. Mali reviews your affordability and confirms your MyChama Stockvel savings record. Once approved, you upload a valid quotation or offer from the supplier handling the repairs or upgrades. Mali finances up to 100%. Payment is made directly to the service provider, ensuring the funds are used solely for essential home and utility improvements.
This approach protects you from unnecessary debt and ensures that the upgrades create real, lasting value for your household.
FAQs
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What can this loan be used for?
It can be used for essential upgrades such as electricity connections, water installation, plumbing repairs, sanitation improvements or safety-related home fixes.
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Why must I save 40% through MyChama Stockvel?
The savings requirement ensures financial discipline and reduces debt pressure. By contributing part of the cost, you share in the development of your home in a sustainable way.
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Do you pay the loan amount to me?
No. All funds are paid directly to registered suppliers or contractors to ensure proper use and verified work.
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Can tenants apply for this loan?
Yes, tenants may apply as long as they provide proof of residence and permission to carry out the improvements if required.
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How long must I be a MyChama Stockvel member?
You must be a MyChama Stockvel member for at least 3 months and have completed the required 40% savings portion.
