housing loan
means a money lending transaction--
| a) | where the moneylender is registered as a bank in terms of the Banks Act, 1965 (Act No. 23 of 1965), or as a mutual building society in terms of the Mutual Building Societies Act, 1965 (Act No. 24 of 1965), or as a building society in terms of the Building Societies Act, 1986 (Act No. 82 of 1986), or any other person or body approved by the Minister by notice in the Gazette; |
| b) | concluded in terms of a written agreement between the borrower and the moneylender; |
| c) | where the loan is secured wholly by a first mortgage bond, or a mortgage bond ranking pari passu with a first mortgage bond, over immovable property; and |
| d) | where such property is used or is intended to be used primarily for residential purposes, or where such property is owned by an ecclesiastical, charitable or educational institution of a public nature which is prohibited by its constitution or any law from distributing any of its income to its members. |