As a result of his membership and consistent contributions, Mokale’s wife and three-year-old daughter will very soon have a place they can comfortably call home.
In order to join the stokvel, a non-refundable fee of R500 is required. This fee goes towards all the necessary paperwork and administration. Thereafter, members have a choice between four different payment plans, which start at a minimum of R2,550 per month.
For Zweni, starting the stokvel was very important as it would help ordinary people discover what was financially possible for them through the power of unity.
“It seems most people have the mentality that you can only buy a home through the bank. If you’ve been turned down by the bank then you aren’t able to own a home unless you wait for an RDP,” she said.
HOPE Property Stokvel purchases land and divides it among the number of people, enabling each member to own a piece of land on which they can build their home. Once the land has been bought, stokvel members then come together again to contribute towards the building of their homes. Currently, the stokvel owns three plots of land in the Midrand area, two of which are one hectare and one 2.5 hectares.
“After we’ve got our title deed, there’s an application that is called township establishment. Once we’ve got our township establishment approval, people can then start building,” clarified Zweni.
She also added that in order to cut costs, an architect had been appointed to come up with a few house designs from which members can choose. However, the designs are not intended to limit members.
“If someone would like something different and they have the budget for it, they are welcome to do it as long as they follow the standard, which has been set by the stokvel. Things such as the colour, the windows and the roof need to be the same.”
In the near future, HOPE Property Stokvel aims to venture into retail properties and low-priced rental units.
“The main thing is to get a block of flats where people will be getting rental income. Now that we’ve got our own homes, how do we create a platform where people will be getting money? That’s where rental income comes in,” said Zweni.