Defaulters of affordable housing loans will have a shorter window to regularise their mortgages before their homes are auctioned should the Senate ratify a fresh amendment to the Land Act 2012.
The Business Laws (Amendment) Bill, 2024 proposes to slash the lifeline given to defaulters of cheaper home loans to clear their bad credit history from the normal 90 days to 45 days, an incentive to banks and other institutions who might want to provide mortgages to first-time homeowners.
