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:-
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:-
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13.75% interest rate.
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Mortgage term ranging from 5 to 35 years, depending on age and salary.
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JNBS will finance up to 95% of the selling price of the unit, subject to the Society’s normal lending limits.
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No Commitment/Application fee for first-time home purchasers
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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%.
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Mortgage term ranging from 5 to 35 years, depending on age and salary.
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No Processing fee for Qualified Savers
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A flat processing fee of $25,000.00 plus G.C.T. for unqualified savers
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JNBS will finance up to 90% of the selling price of the unit.
- 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.
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First Global Bank will extend a line of credit valuing J$100,000.00 to qualified purchasers who meet the conditions. This is similar to a credit card.
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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.
Jamaica National
Mortgage Calculator