South Africa's Zuma used home loan to repay Nkandla costs - presidency

JOHANNESBURG (Reuters) - South Africa's President Jacob Zuma used the proceeds from a home loan from VBS Mutual Bank to pay back 7.8 million rand ($538,000) for non-security upgrades to his private Nkandla home, the presidency said on Monday. In a statement, the presidency said VBS Mutual Bank is one of the few financial institutions which offer home loans in respect of land owned by traditional authorities. The unlisted bank says on its website that it is a wholly black-owned specialist corporate finance and retail bank. ($1 = 14.4684 rand) (Writing by James Macharia; Editing by Joe Brock)