Banks And Houses

I AM a civil servant and would like to air my views regarding services rendered by banks in this country.

My main concern is the mortgage bonds that we have to take out in order to buy houses. My main reason for writing this is that it seems everybody, rich or poor, has to accept that one pays for a house over 20 years.To me this is daylight robbery that has been allowed to go on for a long time.Let us take an example of buying a car that costs N$120 000.This particular car will be paid off in five years while a house costing N$80 000 will still take 20 years to pay off.I want to know why it takes so long to pay off a house, and such a relatively short time to pay off a car.My questions are directed at the role players who can influence and change the status quo.These are the banks.Then we have the Government and parastatals who are the largest losers in these transactions as they pour millions each year into banks by means of subsidised employees’ housing schemes.I also want to know why Namibians are so blind in such matters.We have trade unions that are so vocal on political matters, but are mum on issues where they are supposed to play a leading role.If the Government was really concerned about providing housing for the nation then they should have done something about it.My appeal is for Government, parastatals, civil associations and trade unions to take up these issues seriously and make mortgage bonds repayable over shorter periods.This will shorten the period of paying off the houses and make it easier for some of us to own them.As it stands now the houses we are paying for belong to the banks but we pay for insurance and rates.Festus David Oshikoto Note: This letter has been edited – EdMy main reason for writing this is that it seems everybody, rich or poor, has to accept that one pays for a house over 20 years.To me this is daylight robbery that has been allowed to go on for a long time.Let us take an example of buying a car that costs N$120 000.This particular car will be paid off in five years while a house costing N$80 000 will still take 20 years to pay off.I want to know why it takes so long to pay off a house, and such a relatively short time to pay off a car.My questions are directed at the role players who can influence and change the status quo.These are the banks.Then we have the Government and parastatals who are the largest losers in these transactions as they pour millions each year into banks by means of subsidised employees’ housing schemes.I also want to know why Namibians are so blind in such matters.We have trade unions that are so vocal on political matters, but are mum on issues where they are supposed to play a leading role.If the Government was really concerned about providing housing for the nation then they should have done something about it.My appeal is for Government, parastatals, civil associations and trade unions to take up these issues seriously and make mortgage bonds repayable over shorter periods.This will shorten the period of paying off the houses and make it easier for some of us to own them.As it stands now the houses we are paying for belong to the banks but we pay for insurance and rates.Festus David Oshikoto Note: This letter has been edited – Ed