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The Namibian Home PageThu 30 Jul 2015, 21:14Last update: 30 Jul 2015
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Rugby World Cup 2015
The Namibian
Thu 30 Jul 2015
 *FROM what I know making land available is not supposed to happen after knocking at the President's office. Shame on you who are entrusted with this national responsibility.
 *I WORK for the government. Year in and year out, it's just the same: people going to trade fairs and expo exhibitions.
 *HOME affairs, how come it only takes a week and N$160 to get a passport, but up to a year to renew a work permit?
 *CONGRATS Job. You started something very good. All of a sudden there seems to be land available. Keep it up, Big Brother.
POLL
Has government dealt with the housing crisis appropriately?

1. No, not at all

2. They are trying their best

3. All talk, no action

4. Yes, through NHE & mass housing


Results so far:
 Older Polls

VACANCIES
  • No vacant positions

FRONT PAGE | 2011-10-07
Banks Commit 'Daylight Robbery'
ALLOW me to give information on how the private lending institutions are ripping off our hard earned money. A typical real loan of N$9000 (nine thousand dollars) taken at a commercial bank reveals the following:
Cash amount received: N$9000.00
Stamp duties     11.00
Namfisa    90.00
Credit life insurance    1628.64
Bank admin fees    180.00
Administration fees 540.00
Finance charges 15.05%    2849.20
Total     14 298.84
The above total loan of N$9000.00 amounted to N$14298.84 and was repaid from February 2011 till January 2014, in 36 months (i.e. 3 years) for N$397.19 each month. As if the charges are not enough, the bank adds 2% of the instalment plus VAT of N$9.14 (this amount is paid to the administrator of the government payroll deduction system).
The new total deduction will be N$406.33 per month for 3 years.
In terms of the contract, you the borrower, will be punished for paying off the loan early. Is this really legal?
How can I be punished when I am willing to pay sooner? I thought that it makes common sense since I will not be owing until 2014. But no, to the banks it does not make economic sense.
This is daylight robbery, hence the change to the old Usury Act still been used in Namibia is needed.

F X Shikongo
By e-mail

         



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