Video for Members: Home Loans Available through Diversified Umbrella Fund

# How to Apply for Home Loans with Tennant Group

Are you a member of the Diversified Umbrella Fund looking to secure a home loan? In this informative video, Steve Tennant, Managing Director of the Tennant Group and sponsored trustee on the Diversified Umbrella Funds, shares crucial information about in-fund home loans available to fund members through Tenant Administration Services.

The cost-effective in-fund home loans offered by the Tennant Group eliminates the need for outsourcing to credit providers, allowing members to utilize their own share of the fund without being affected by investment drawdowns. This approach safeguards members’ fund values and minimizes costs, ensuring that the loan arrangement is in the best interest of the members.

**Eligibility and Criteria for Home Loans**
Before applying for a home loan from the Diversified Umbrella Funds, it is important to understand the eligibility criteria. Active fund members who own or have the rights to build on a property, with the intention of residing in the property or having their dependents live there, are eligible to apply. The loan can be utilized for various purposes including purchasing, building, or maintaining residential properties.

**Application Process and Requirements**
The application process involves determining the available share of fund benefit, undergoing a credit check, and providing necessary documentation such as income and expenditure statements and bank statements. Upon approval, a pre-agreement document is prepared and submitted to the trustees for final approval. Once approved, the loan amount is disbursed directly into the member’s bank account.

**Repayment and Interest**
Tennant Group ensures seamless repayment by deducting monthly home loan installments from the member’s salary, along with regular fund contributions. The interest rate is determined as per Notice 2 of 2017, ensuring fairness and equity for all members. Additionally, the annual benefit statement includes a home loan statement, providing visibility into outstanding amounts and payments made.

**Important Considerations**
It is crucial to note that while members are borrowing a portion of their retirement fund, the home loan transaction is legally binding. Understanding the terms and conditions outlined in the home loan agreement is essential to make informed decisions.

For any inquiries or assistance regarding home loan applications, fund members can reach out to their employer, broker, consultant, or directly contact the Tennant Group.

Ensuring that your financial goals align with a secure and cost-effective home loan arrangement is key, and Tennant Group is committed to providing clarity and transparency throughout the process.

For more details on in-fund home loans and eligibility criteria, you can visit [Tennant Group’s official website](https://www.tennantgroup.co.za/) to explore the various financial solutions available.