Namibia: Banks Can Charge Levies for Early Home Loan Settlement

THE Bankers Association of Namibia announced yesterday that in terms of the Usury Act, banks, being the borrowers, are entitled to, within the parameters set by the Act, levy certain charges relating to early settlement or cancellation of mortgage bonds.

"BAN advises the public to approach their respective financial service providers and enquire about the conditions attached to the cancellation of the mortgages or early settlement of a loan," said BAN chairman, Mpumzi Pupuma in a statement.

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