Unlock Homeownership today
Everything you need to know about owning your home sooner with 20Twenty
Everything you need to know about owning your home faster with 20Twenty
Key features to invite you home
Take control of your financial future with an inflation-linked home loan designed to help you own sooner.
The maximum repayment period is 15 years / 180 months, saving you time and interest cost.
Monthly interactive statements help you keep track and make informed financial decisions.
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20Twenty product brochure
FAQs
Everything you need to know about 20Twenty home loans.
Who is 20Twenty?
20Twenty Financial Solutions (Pty) Ltd is a private company, incorporated under the laws of the Republic of Namibia.
What is the 20Twenty home loan product?
The 20Twenty product is a home loan with a repayment term of 15 years (180 months). This home loan is priced at an inflation-based rate. The home loan repayments increase once per annum, based on individual salary adjustments, and is not influenced by repo rate fluctuations. The product currently has built-in life & disability cover, to the value of 50% of the outstanding loan amount.
Why have a home loan with 20Twenty Financial Solutions?
The 20Twenty home loan product allows consumers to repay their home loan over a shorter period than with the traditional home loan option, resulting in significant savings in interest for our customers. Repayments only increase once per annum, assisting customers to plan their future financial expenses, increasing the predictability of their expenses. With 20Twenty, customers can utilize the savings of the shortened term towards retirement or other investments. With the lower 20Twenty base rate and 20-25% repayment to income affordability ratio, customers could improve their monthly cash flows.
Why is the maximum repayment term based on 15 years (180 months)?
20Twenty is committed to assisting Namibians with paying off their biggest asset, their home, at the lowest possible total cost of ownership with our
unique home loan finance product.
Explain ‘inflation based’ interest rate. Is this a fixed rate?
Our interest rate is based on the average 12 month inflation, which is a much more stable and less volatile rate over time than the repo rate. The 20Twenty base rate is not fixed; however, your repayment will be fixed for the 12 months between your salary adjustments.
What is meant by "step-up"?
Your home loan repayment amount will increase annually, in the same month you receive your salary increase. The repayment increase will be in line with the salary increase percentage received, meaning that the salary change will drive the home loan repayment amount change.
What is the impact of personal income tax on housing allowance and the impact of the reduced term from 20 to 15 years?
A client’s housing allowance will always be taxed on 2/3 of the repayment amount and 1/3 is not taxable. This will be the case for as long as the client is paying a home loan installment.
What is the qualifying criteria to apply for a 20Twenty home loan?
Customers should be of legal age (21). Clients must be employed (permanent and/or fixed term contract (not less than 5 years) by a company that is onboarded by 20Twenty and provide the latest salary slip. Only primary properties are financed with a 20Twenty home loan. Our loans are subject to affordability tested via a credit process. Our minimum loan is N$ 50,000. A client’s total contractual credit repayments should not exceed 35% of his/her gross income. We evaluate a client’s financial behavior via a formal credit bureau report.
How do I apply for a 20Twenty home loan?
Contact our 20Twenty team to assist with your application at . Applications are subject to required documents needed for an affordability assessment, as well as a signed Employer Deduction Agreement between your employer and 20Twenty Financial Solutions.
If I do not qualify for my employer’s housing subsidy, can I still apply through 20Twenty?
Yes, you can.
What if my spouse does not work for my employer and we are married in community of property, will this benefit apply to them?
Yes, both spouses’ income and expenditure will be considered when affordability is assessed.
For those that have existing loans; do you consider the duration one had it and what impact will it have?
When 20Twenty does a take-over of an existing home loan, the maximum remaining term will be 15 years, even if the remaining existing loan term is longer than 15 years. The client will have a significant monthly and total cost of ownership saving. Should the remaining term on the existing loan be less than 15 years, the 20Twenty loan will usually not extend the current loan term.
Should I communicate to my existing financier if I want to move my home loan?
If you have an existing home loan with another financial institution, you should, early in the process, notify them that you are considering cancelling the loan. The financial institution will, depending on the details of your loan agreement, add possible penalty interest of maximum 3 months to the cancellation figures and a date when the penalty interest period will expire. Once you notified the financial institution, they could give you guidance with regards to the possible penalty interest and timelines involved to prevent paying the penalty interest.
What documents do you require for an application?
- ID or Passport
- Marriage Certificate (if applicable)
- Antenuptial Contract (if applicable)
- Proof of Residence
- 6-month Bank Statement
- Latest pay slip
- Proof of other income (if applicable)
- Proof of latest Qualification
How long do you take to give a home loan pre-approval?
A pre-approval or approval-in-principle is a full affordability testing, and therefore will take between 2 and 5 working days, after all documents were received from a client.
Is the pre-approval for free or is there a fee to be paid?
The pre-approval and approval-in-principle are free at this stage.
Do you provide pre-approvals or only approval on a secured property, seeing you mentioned you need an valuation done on property?
A pre-approval or approval-in-principle is done when a client wants to purchase a property and wants to know the qualifying amount he/she can afford. Once the property has been identified, the property valuation is requested once the deed of sale is received from the client. A pre-approval is valid for 3 months.
How long does it take to get a qualifying home loan amount?
20Twenty does not work with qualifying amounts, as we do a full credit assessment for a pre-approval and approval-in-principle. This process takes 2 to 5 workdays post receipt of all requested documents and the application form.
What happens with my 20Twenty loan when I retire or resign from my employer before the loan is repaid?
20Twenty will ensure your loan is structured to be repaid by retirement. Should you resign from your current employer, we could approach your new employer for a salary deduction agreement, should they not be onboarded already.
What are the financial implications for the client to cancel a traditional loan and transfer the loan to 20Twenty?
When a client cancels an existing loan at a financial institution, that institution will charge a cancellation fee and the attorney cancelling the bond, will also charge a fee. These fees depend on the size of the existing loan and is usually between N$ 4,000 and N$ 6,000. Loan registration fees for the new loan is payable by the client, however, this could be included in the new 20Twenty loan, provided the value of the loan does not exceed 90% of the property valuation amount. Any web-based calculator for the Namibian market could be used to calculate the applicable loan registration costs.
Can I acquire a property outside Namibia via 20Twenty?
20Twenty only finances properties within Namibia at this stage. This property should be your primary property.
If a house is not at bank standard, can I still apply through 20Twenty to buy the house?
We are guided by the valuation. Our valuator will indicate any shortcomings the property might have and the estimated costs to correct these. As the property is seen as security for the loan, it should be up to minimum standards.
If I move towns due to work and my current home loan is no longer my primary residence, will you still finance my loan should I want to move to 20Twenty?
If you move your home loan to 20Twenty and post this event, you move to another town, your home loan with us will continue as per normal.
What is the process if I want to apply for a further loan to do renovations?
Clients wanting to renovate their property will be guided through a credit application process to ensure affordability. The property needs to be valuated to ensure the changes to the property will increase the value. All documents needed for credit application is applicable for a further loan application.
What is included in the life cover?
Life & disability is covered to the value of 50% of the outstanding loan amount. Individual limits could apply upon application.
Do I need to cancel my policy which is currently ceded to the bank?
It remains the client’s choice to cancel existing policies if it was used solely for covering of debt at a financial institution. You are not advised to cancel this policy if it is beneficial for you to continue with it, covering estate, etc. expenses in the event of death.
Is the cost for insurance extra or how is this calculated in my home loan repayment?
There is no extra cost for the 50% life & disability cover which is included in the product.
What if I don't want the extra life cover?
This life cover is included in all 20Twenty home loan products.
What forms do I need to complete for this life cover?
Currently, the insurer does not require any forms to be completed or underwriting to be done, however, this could change in the future. Should there be a change in this regard, 20Twenty will communicate with clients.
Is the 50% cover included in the product sufficient cover for the loan?
20Twenty needs life & disability cover to the value of 100% of the value of the loan. Therefore, we need additional life & disability cover to be ceded to us, covering at least the remainder 50% of the outstanding loan amount.
Will the existing life insurance ceded to the bank automatically be taken over by this process?
The client is responsible for the change of cession on existing life & disability cover. Change of cession forms will be provided by the 20Twenty team prior to registration of the new loan.
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