You need this if you want to buy a property but you do not have sufficient funds at your disposal.
The traditional home loan can be combined with a range of flexible repayment options
You can choose between a Fixed and a Variable Interest Rate Option.
You will only start paying for the loan from the date of registration of transfer of the property into your name. If the bond is registered within the first 15 days of any month, the first payment will be due and payable at the end of that month. If the bond is registered after the 15th day of any month, the first payment will then be due at the end of the following month.
Life cover is strongly recommended. In the event that you are unable to continue payments of the home loan, due to unforeseen circumstances such as disability and death the bond will then be covered by the life insurance policy.
Do I need fire cover?
Fire cover is compulsory and underwritten by Outsurance, the Insurance Division of FNB Namibia. You also have the option to arrange your own Insurance and cede policy to the Bank. The annual fire cover premium of Outsurance can be debited against the home loan account.