Banking Institutions Act, 1998
Regulations relating to Restrictions on loan-to-value ratios, 2016
Government Notice 229 of 2016
- Published in Government Gazette 6130 on 20 September 2016
- Commenced on 20 September 2016
- [This is the version of this document at 15 November 2017.]
- [Note: The version of this legislation as at 15 November 2017 was revised and consolidated by the Legal Assistance Centre and the Government of the Republic of Namibia. All subsequent amendments have been researched and applied by Laws.Africa for NamibLII.]
1. Definitions
In these regulations, a word or an expression to which a meaning has been assigned in the Act has that meaning, and unless the context otherwise indicates—“customer” means any natural person applying for a mortgage loan from a banking institution;“equity” means the residual market value of the property after the deduction of the outstanding amount of any loans used to finance the property;“financial institution” means an entity that renders a financial service as a regular feature of its business;“loan value” means the amount of money borrowed from a banking institution against an asset used as collateral to secure the loan;“loan-to-value ratio” means the ratio of the amount of money borrowed from a banking institution to purchase a property in relation to the purchase price of the property or the valuation of the property, whichever is the lowest;“mortgage loan” means a loan to finance the purchase of residential property, usually with specified payment periods and interest rates;“non-primary residence” means a residence which is not the primary residence of an individual and is used for, but not limited to, holidays, leasing, renting and has a separate title deed than the primary residence;“primary residence” means a residence where an—(a)individual lives or is deemed to live; or(b)individual and his or her family live or are deemed to live,for most part of the year; and“the Act” means the Banking Institutions Act, 1998 (Act No. 2 of 1998).2. Purpose and scope of regulations
3. Responsibility to ensure compliance
4. Prudential requirements
5. Declaration by customer
6. Transitional provision
7. Offences and penalties
History of this document
15 November 2017 this version
Consolidation
20 September 2016
Commenced