{"id":49299,"date":"2023-07-14T17:37:45","date_gmt":"2023-07-14T17:37:45","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-relaxes-home-loan-curbs-to-stimulate-economy"},"modified":"2023-07-14T17:45:01","modified_gmt":"2023-07-14T17:45:01","slug":"namibia-relaxes-home-loan-curbs-to-stimulate-economy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-relaxes-home-loan-curbs-to-stimulate-economy","title":{"rendered":"Namibia relaxes home loan curbs to stimulate economy"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Namibia. <\/strong><\/span>Namibia\u2019s central bank announced Wednesday that it is further easing home loan curbs to revitalize the country\u2019s long-depressed housing and construction sectors.<\/p>\n<p>The Bank of Namibia said the construction sector had experienced lengthy periods of depressed growth, compounded by dampened credit extension to the property market.<\/p>\n<p>The bank predicts that GDP growth will fall to 3 percent this year, down from 4.6 percent in 2022, impacted by the poor performance of the construction industry.<\/p>\n<p>\u201cThese developments compelled the committee to reconsider the existing loan-to-value regulation, which was implemented as a macro-prudential tool to contain speculative behaviour in the housing market,\u201d the bank said.<\/p>\n<p>The central bank announced in 2017 that home buyers in Namibia would be required to put down larger deposits for second and subsequent properties to curb speculative buying.<\/p>\n<p>The loan-to-value ratio for a second residential property was set at 80 percent of the purchase price or market value, whereas commercial banks backed 70 percent to 50 percent of third and subsequent loans.<\/p>\n<p>The central bank also prohibited homeowners from utilizing the equity in their first house to purchase a second.<\/p>\n<p>The limits were later relaxed in 2019 when the bank announced that home buyers would only need to put down 20 percent on third and subsequent properties.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/namibia\">Namibia<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Namibia. Namibia\u2019s central bank announced Wednesday that it is further easing home loan curbs to revitalize the country\u2019s long-depressed housing and construction sectors. The Bank of Namibia said the construction sector had experienced lengthy periods of depressed growth, compounded by dampened credit extension to the property market. The bank predicts that GDP growth [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":49298,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-49299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Namibia relaxes home loan curbs to stimulate economy - Namibia<\/title>\n<meta name=\"description\" content=\"Namibia\u2019s central bank announced Wednesday that it is further easing home loan curbs to revitalize the country\u2019s long-de ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-relaxes-home-loan-curbs-to-stimulate-economy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Namibia relaxes home loan curbs to stimulate economy\" \/>\n<meta property=\"og:description\" content=\"Namibia\u2019s central bank announced Wednesday that it is further easing home loan curbs to revitalize the country\u2019s long-de ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-relaxes-home-loan-curbs-to-stimulate-economy\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-14T17:37:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-14T17:45:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/07\/sm_1689344002.607841.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"514\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-relaxes-home-loan-curbs-to-stimulate-economy#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-relaxes-home-loan-curbs-to-stimulate-economy\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Namibia relaxes home loan curbs to stimulate economy\",\"datePublished\":\"2023-07-14T17:37:45+00:00\",\"dateModified\":\"2023-07-14T17:45:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-relaxes-home-loan-curbs-to-stimulate-economy\"},\"wordCount\":223,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-relaxes-home-loan-curbs-to-stimulate-economy#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/07\/sm_1689344002.607841.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-relaxes-home-loan-curbs-to-stimulate-economy#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-relaxes-home-loan-curbs-to-stimulate-economy\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-relaxes-home-loan-curbs-to-stimulate-economy\",\"name\":\"Namibia relaxes home loan curbs to stimulate economy - 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