• Market Watch

Letshego, Ongos sign financing agreement

- 2022-08-09 00:00:00

Letshego Holdings has entered into an agreement with the Ongos Valley Group to provide financial assistance to aspiring homeowners, including those who do not qualify for bond financing with mainstream commercial banks.
"When we started this journey nine years ago to provide 28 000 housing units, we knew we needed people and organisations to join us as we could not do it alone,” Ongos Valley Group chairman Reagan Graig said.
“The country has been in dire need of affordable housing for many years, and access to finance has mainly been the problem, which is equally very important in addressing the dire situation... This partnership with Letshego aligns with our vision of being at the forefront of the African renaissance by providing solutions that elevate human dignity through the power of home ownership," he added.
Open to all
Letshego Namibia CEO Ester Kali said the bank has expanded its business model and now provides a range of loans to qualifying applicants.
The partnership targets low- to middle-income earners and is now available to all prospective clients, and not only civil servants as Letshego recently gained fully-fledged financial service provider status.
"This partnership with Ongos Valley will provide all Namibians with an opportunity to build a home and have a better future. The cooperation will further help enhance our business and provide new services, as Letshego seeks to address the challenges experienced by individuals in accessing funds,” she said at the signing ceremony last Friday.
"This partnership is not as simple as offering a home loan at lowered interest rates. It is about understanding the demographics and unique needs of our local community, and then creating a solution that includes a multifaceted structure that offers a choice approach that suits the customers.
“This is an all-in-one solution with land and customisable houses, or providing capital to purchase materials from trustworthy suppliers for renovations of existing homes or structures located anywhere else," she added.
About Ongos
Much has been reported about the exciting Ongos Valley development, which aims to see thousands of houses built over the next 20 years to ease the housing shortage in Windhoek and will extend to other towns around the country.
Ongos Valley is a mixed-use township that is located 14 kilometres from the city centre, and will boast shopping malls, 22 schools as well as government and key institutions, including a fully-fledged private hospital.
“Over 350 houses will be handed over to new homeowners later this year as the first batch of 4 500 units envisaged to be built in the next five years, while in 20 years, the project aims to have a total of 28 000 housing units,” Graig explained.
Their aim to provide affordable housing to the masses also birthed their innovative 'Rent-to-Own' facility which is a way to allow individuals to become entry-level homeowners through an instalment of sale model.
“You enter into a five-year agreement of instalments and at the end of the term, you buy your home at the same price as at the beginning of the term,” managing director Inocencio Verde said.
“This has never happened in an independent Namibia where a tenant is able to rent and own the place at the same time. This is not only a Windhoek initiative; it will also be rolled out to other towns as well.”
For more information, visit the Ongos Valley sales hub at the corner of Andes and Kreutzberg streets behind Novel Ford in Windhoek, where sales staff can assist with any enquiries you may have. Thanks to the satellite offices various financial service providers have set up at the sales hub, you can get convenient pre-approval and financing on site.
Visit ongosvalley.com.na for more information.
Types of homes available:
Free-standing homes
Free-standing homes are located next to one another on free-standing exclusive use land areas. Six types of free-standing homes are currently provided, ranging from 61.4m2 to 100m2 in size, and starting from N$654 000.
Most homes are designed around a core unit that can accommodate phased extensions over time to accommodate household incomes. Houses are of modular design to accommodate phased development in a prescribed manner.
Apartments
The selection of apartments include 13 unit type options ranging from bachelor to three-bedroom units, with the option of a patio or balcony.
Their unit type A1 as a bachelor option of 21m2 starts at N$310 000, and the biggest apartment is Type A12, a three-bedroom apartment of 66m2.
While an apartment block often feels cramped, Ongos Valley have made provision for numerous open spaces and parks to enable you and your family to enjoy nature.
Single residential
Their single residential homes are the largest size homes available, also with the largest yards, so it’s focused on larger families and also comes in at a steeper price than free-standing homes.
The options start with unit type 300 which is a three-bedroom, two-bathroom home of 119m2, starting at N$1 029 000, which can be extended up to five bedrooms, a dining room and an additional bathroom.
All homes will receive pre-paid water and electricity meters, as well as one gig fibre Wi-Fi internet connection, which can be topped up once depleted.