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Bank Windhoek introduces mortgage loan with extended repayment terms for first-time home buyers

Bank Windhoek introduces mortgage loan with extended repayment terms for first-time home buyers

Bank Windhoek this week introduced a mortgage loan that encompasses extended repayment terms for first-time home buyers who intend to purchase a residential property with a value of between N$500,000 and N$2 million.

The buyers can now apply for a mortgage loan with an extended term of up to 360 months. Bank Windhoek’s chief financial officer and incumbent chief executive for retail banking services, James Chapman said the extended mortgage term, coupled with the low interest rates, makes it more affordable and presents individuals with a unique opportunity to own a home.

“In light of the impact of COVID-19 on the back of an already struggling economy, we have seen a number of interesting market dynamics at play. Even though these dynamics do pose its challenges, it also presents some opportunities,” Chapman said.

Chapman further added that as a customer-centric bank, Bank Windhoek is continuously assessing the impact of COVID-19 on its customers and the wider community and is continuously looking for innovative ways to assist beyond the support provided and relief measures implemented as part of the Bank’s initial response to COVID-19. With the launch of this product, Bank Windhoek is also making financing more accessible to all.

“At Bank Windhoek, we strive to provide sustainable value to all our stakeholders and partner with our customers for growth as we accompany them on their journey to a financially secure future. Owning your own home is a key milestone for many on that journey, and Bank Windhoek wants to make it possible. We will continue to find ways to help our customers and drive progress in the communities in which we operate during this unprecedented time we find ourselves in,” Chapman added.


About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

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