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MORTGAGES
While every
effort is made to ensure the accuracy of the following information, the
companies listed on this page may change their terms without notice.
Please confirm any statements herein with the quoted supplier.
While
each purchaser is free to make mortgage arrangements with the financial
institution of their choice, Selective Homes (Montego Bay) Ltd. has
negotiated special mortgage facilities with the
Jamaica National Building
Society (JNBS),
the details of which are as follows:-
1. J$ Mortgages
2. Foreign Currency Mortgages
3. Line of Credit
4. Gift Certificate
1a.
�First-Time Home Buyers�
� JNBS� Home Start
mortgage for first-time home buyers will be available to both JNBS
savers and non-savers, and will have the following features and
requirements:-
-
13.75%
interest rate.
-
Mortgage term ranging
from 5 to 35 years, depending on age and salary.
-
JNBS will finance up to
95% of the selling price of the unit, subject to the Society�s
normal lending limits.
-
No
Commitment/Application fee for first-time home purchasers
-
Unit being purchased
must be owner-occupied.
1b.
�Special Offer to Second-Time Purchasers�
- 15.5% interest
rate
-
Members of JNBS who have maintained a savings account with a minimum
monthly balance of 10% of the loan amount over the last twelve (12)
months preceding the date of application will get a qualified savers
rate of
15%.
-
Mortgage term ranging
from 5 to 35 years, depending on age and salary.
-
No Processing fee for
Qualified Savers
-
A flat processing fee of $25,000.00 plus G.C.T. for unqualified
savers
-
JNBS will finance up to
90% of the selling price of the unit.
2.
Foreign Currency Loans
-
JNBS will provide FX loans in US, Canadian and Pounds to qualified
applicants subject to the lending requirements of the Society.
-
Interest rate � US: 9.5%, CDN: 8.30%, �9%
-
Qualified JN savers will received a 0.5% reduction on the above
rates.
-
Loan amount � 70% of the lesser of value or purchase price.
-
Applicants must provide proof of foreign currency earnings.
3. Line
of Credit
4. Gift
Certificate
-
A
gift certificate of J$3,000.00 towards the first year�s peril
insurance premium with NEM Insurance Company or towards purchasing a
security system, furniture or appliance. This offer will expire on
February 28, 2006.
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