Last Updated on December 27, 2023 by Elidge Staff
Table of Contents
Bank Windhoek Fees For Advances and Overdraft Facilities: A Comprehensive Guide
This article provides a detailed breakdown of the Bank Windhoek fees associated with these facilities, with a focus on residential home loans, vehicle and asset finance, and overdrafts. Bank Windhoek offers a range of advances and overdraft facilities tailored to meet the financial needs of individuals.
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Residential Home Loans Bank Windhoek Fees (Bank Windhoek Fees)
Home Loan Origination Bank Windhoek Fees
Included in the Loan Admin fee, the home loan origination fee covers the cost of processing and initiating the loan.
Property Valuation
The property valuation fee is charged when assessing the value of a property in Windhoek. It amounts to 0.30% of the property value, with a minimum fee of N$944.46 and a maximum fee of N$4,017.01. Additional charges may apply for property valuations conducted outside of Windhoek, based on the AA tariff per kilometer traveled.
Property Re-evaluation
Similar to property valuation, the property re-evaluation fee is applicable in Windhoek. It is calculated as 0.18% of the property value, with a minimum fee of N$944.46 and a maximum fee of N$4,017.01. Additional charges may be incurred for re-evaluations conducted outside of Windhoek, based on the AA tariff per kilometer traveled.
Property Guarantees (Mortgage Bond Transfer)
When transferring a mortgage bond, Bank Windhoek charges a fee amounting to 0.41% of the transfer amount.
Progress Inspection
For progress inspections conducted in Windhoek, a fee equivalent to 0.18% of the property value applies. Additionally, a minimum fee of N$944.46 is charged, along with any relevant AA tariff for inspections conducted outside of Windhoek.
Bond Registration Fees (Bank Windhoek Fees)
The precise amount for bond registration fees is determined by conveyancers, taking into account various factors specific to the transaction.
Bond Cancellation Fee (Bank Windhoek Fees)
In the event of canceling a bond, Bank Windhoek imposes a fee equivalent to 0.30% of the original bond amount. The minimum cancellation fee is N$1,814.54.
Administration Fees (Bank Windhoek Fees)
Administration fees for residential home loans are calculated as 0.59% of the loan amount.
Further Advances
When requesting further advances on an existing residential home loan, Bank Windhoek charges a fee equal to 0.33% of the advanced amount. However, there is a minimum fee of N$590.29 and a maximum fee of N$6,039.62.
Bank Windhoek Fees for Vehicle and Asset Finance
Opening of Account
The opening of an account for vehicle and asset finance is completely free of charge.
Loan Origination Fees (Bank Windhoek Fees)
Similar to residential home loans, the loan origination fees for vehicle and asset finance are included in the Loan Admin fee.
Documentation Fees (Bank Windhoek Fees)
To cover the cost of documentation, Bank Windhoek charges a fee equivalent to 1.62% of the amount advanced. The minimum documentation fee is N$1,979.06, while the maximum fee reaches N$8,248.28.
Hire Purchase Instalment Fees (Bank Windhoek Fees)
For hire purchase agreements, a fixed fee of N$351.83 is applied as an installment fee.
Bank Windhoek Fees for Overdrafts
Penalty Interest
Penalty interest is charged when the amount exceeds the arranged overdraft limit. The maximum penalty interest is determined based on the terms of the Usury Act. However, prior arrangements may allow for flexibility in the charged interest rate.
Overdraft Notices/Reminders
Bank Windhoek imposes a fee of N$344.53 for sending out overdraft notices or reminders.
Annual Review of Facility
To ensure the continued suitability of overdraft facilities, an annual review fee is charged. The fee amounts to 1.38% of the facility, with a minimum fee of N$818.68.
Bank Windhoek offers a transparent and structured fee system for their advances and overdraft facilities. By familiarizing yourself with these fees, you can make informed decisions and better manage your financial obligations.
Note: The fees mentioned in this article are accurate at the time of writing and are subject to change. It is advisable to contact Bank Windhoek directly for the most up-to-date information.
Remember to always consult with a financial advisor before making significant financial decisions.
References:
- Bank Windhoek, Loan and Commission Fees Schedule (link to Bank Windhoek fees page)
Note: The content of this article is for informational purposes only, and it should not be considered as financial advice. The fees and terms mentioned in this article are specific to Bank Windhoek and may vary among other financial institutions.
Frequently Asked Questions (Bank Windhoek Fees):
Q: What are the fees associated with advances and overdraft facilities at Bank Windhoek?
A: Bank Windhoek charges various fees for advances and overdraft facilities. These fees include home loan origination fees, property valuation fees, property re-evaluation fees, property guarantees fees, progress inspection fees, bond registration fees, bond cancellation fees, administration fees, further advance fees, loan origination fees for vehicle and asset finance, documentation fees for vehicle and asset finance, hire purchase installment fees, penalty interest, overdraft notices/reminders fees, and annual review fees.
Q: How much is the home loan origination fee at Bank Windhoek?
A: The home loan origination fee at Bank Windhoek is included in the Loan Admin fee. It covers the cost of processing and initiating the loan.
Q: What is the property valuation fee at Bank Windhoek?
A: The property valuation fee at Bank Windhoek is 0.30% of the property value, with a minimum fee of N$944.46 and a maximum fee of N$4,017.01. Additional charges may apply for property valuations conducted outside of Windhoek, based on the AA tariff per kilometer traveled.
Q: How much is the property re-evaluation fee at Bank Windhoek?
A: The property re-evaluation fee at Bank Windhoek is 0.18% of the property value, with a minimum fee of N$944.46 and a maximum fee of N$4,017.01. Additional charges may be incurred for re-evaluations conducted outside of Windhoek, based on the AA tariff per kilometer traveled.
Q: What is the fee for property guarantees (mortgage bond transfer) at Bank Windhoek?
A: The fee for property guarantees (mortgage bond transfer) at Bank Windhoek is 0.41% of the transfer amount.
Q: How much is the progress inspection fee at Bank Windhoek?
A: The progress inspection fee at Bank Windhoek is 0.18% of the property value for inspections conducted in Windhoek. There is also a minimum fee of N$944.46. Additionally, any relevant AA tariff applies to inspections conducted outside of Windhoek.
Q: How are bond registration fees determined at Bank Windhoek?
A: The precise amount for bond registration fees at Bank Windhoek is determined by conveyancers, taking into account various factors specific to the transaction.
Q: What is the bond cancellation fee at Bank Windhoek?
A: The bond cancellation fee at Bank Windhoek is 0.30% of the original bond amount, with a minimum fee of N$1,814.54.
Q: How much are the administration fees for residential home loans at Bank Windhoek?
A: The administration fees for residential home loans at Bank Windhoek are calculated as 0.59% of the loan amount.
Q: What fees are associated with further advances on residential home loans at Bank Windhoek?
A: When requesting further advances on an existing residential home loan at Bank Windhoek, a fee equal to 0.33% of the advanced amount applies. However, there is a minimum fee of N$590.29 and a maximum fee of N$6,039.62.
Q: Is there a fee for opening an account for vehicle and asset finance at Bank Windhoek?
A: No, there is no fee for opening an account for vehicle and asset finance at Bank Windhoek. The opening of the account is completely free of charge.
Q: How are the loan origination fees for vehicle and asset finance calculated at Bank Windhoek?
A: Similar to residential home loans, the loan origination fees for vehicle and asset finance at Bank Windhoek are included in the Loan Admin fee.
Q: What is the fee for documentation in vehicle and asset finance at Bank Windhoek?
A: The fee for documentation in vehicle and asset finance at Bank Windhoek is equivalent to 1.62% of the amount advanced. It has a minimum fee of N$1,979.06 and a maximum fee of N$8,248.28.
Q: How much is the hire purchase installment fee at Bank Windhoek?
A: The hire purchase installment fee at Bank Windhoek is a fixed fee of N$351.83.
Q: What is the penalty interest for overdrafts at Bank Windhoek?
A: The penalty interest for overdrafts at Bank Windhoek is charged when the amount exceeds the arranged overdraft limit. The maximum penalty interest is determined based on the terms of the Usury Act, but prior arrangements may allow for flexibility in the charged interest rate.
Q: How much is the fee for overdraft notices or reminders at Bank Windhoek?
A: Bank Windhoek imposes a fee of N$344.53 for sending out overdraft notices or reminders.
Q: Is there an annual review fee for overdraft facilities at Bank Windhoek?
A: Yes, there is an annual review fee for overdraft facilities at Bank Windhoek. The fee amounts to 1.38% of the facility, with a minimum fee of N$818.68.
Please note that the fees mentioned here are specific to Bank Windhoek and may vary among other financial institutions. For the most up-to-date and accurate information, it is advisable to contact Bank Windhoek directly.
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