First-Time Home Buyer in Namibia
This regulation will give prospective first-time home owners a better chance of owning a home as they will be exempted from paying a deposit.
Bank Windhoek :
First National Bank : https://www.fnb.co.za/calculators/homeloan/Affordability.html
Nedbank : https://www.nedbank.co.za/content/nedbank/desktop/gt/en/personal/tools-and-guidance/calculators/loan-repayment-calculator.html
Standard Bank : http://www.standardbank.com/standardbank/Personal/Borrowing/Home-Loans/Calculators
Find a mortgage that best suits your needs
There are different types of mortgages in Namibia such as:
- Conventional Mortgage: This is a single-term loan offered over a minimum of 1 year to a maximum of 30 years, with interest rate linked to prime interest rate using the property as security.
- Under Owner Carry Mortgage: This is where a seller carries back the mortgage with a first or secondary loan on the assets when a buyer fails to meet the criteria for a loan, closing costs and when the seller has a preference for monthly cash flows.
- Assumable Mortgage: This is created by the statement of a seller’s existing mortgage by a buyer in the absence of a “due on sale” section in the mortgage. Nevertheless, the seller maintains to be liable under the mortgage except released by the lender and he may charge a payment on the buyer who take for granted the mortgage.
- Reverse Mortgage: This permits older home holders (62+) to exchange the equity in their homes to a payment option. Instead monthly payments to a lender, the lender makes payments to the home owner.
- Deferred Interest Mortgage: This is when interest payments are deferred for a period of time and amortised with the rest of the loan.
Do your homework on each type of loan and make sure that the one you chose tick all your boxes. Remember, you will be responsible for this mortgage on a long term, and therefore has to fit your needs comfortably.