HELP & Hurricane Preparedness
It is that time of year when we prepare for the possibility of natural disasters, and help is available to assist our mortgagors in their preparation. The JNBS HELP loan product has been enhanced for the upcoming hurricane season, to include the acquisition and installation of water tanks, generators and hurricane shutters, in addition to the usual structural and roof repairs, replacement and re-sealing of windows.
The following terms will be applicable:
- Interest Rate of 9.80%
- 85% aggregate financing (up from 75% to allow for those newer loan to access same). Note the 85% financing would include any existing mortgage which may have to be refinanced
- For new borrowers with existing residential mortgages with other institutions, we will refinance these loans at 9.80%, provided they were obtained to purchase, construct or improve the property, and provided that the accounts have been well maintained
- For existing borrowers with a residential mortgage (taken to purchase, construct or improve the property), we will reduce the interest rate on the existing loan to 9.80% at the time the loan is being disbursed
- Review of peril insurance coverage to a minimum of 85% of value (1st year’s premium included in loan)
- Debt Service Ratio (DSR) will be assessed only on Principal & Interest(P&I) (Total Debt Service Ratio (TDSR) would be P&I plus all other monthly payments).
- Disbursement within 14 days of instructions to attorneys (subject to availability of Title for new loans)
- Guaranteed 3 months’ moratorium of payments in the event that Jamaica is affected by a storm, hurricane or any other weather-related disaster this season.
- Flat processing fee of $23,000 plus GCT
Legal fees to be calculated on the revised attorneys’ fees schedule
Did you know that home enhancements are guaranteed to increase the value of your property? If you want to upgrade your home while still keeping your savings, get HELP through the JN Home Enhancement Loan Plan with Jamaica National Building Society (JNBS).
Here’s the help you need to expand or renovate your home.
Yes, we actually provide a special H.E.L.P. facility that is geared to assist persons who want to renovate or refurbish their homes
Share and Enjoy
- Up to $200,000 free content insurance from JNGI
- Free ATM use at all JNBS Multilink ATM and POS terminals
- 20% Discount on membership fees from JAA
- 5% Discount on Motor Insurance from JNGI
- Discounts from local and international hotels, spas, stores and other merchants
- Photocopy of Certificate of Title
- Valuation Report on property as is as well as on completion of enhancement, done by JN approved Valuer
- Income Verification Letter(s) from employer(s) and last two pay slips.
- If Self-employed, Statement of Income is required (for Guarantor)
- Proof of Age (Passport, Driver's Licence, Birth Certificate or National ID)
- Commissioned Land Surveyor's Identification Report
- Up-to-date Property Tax Certificate
- Closing costs for the mortgage is to be lodged to savings account - approximately 5-6% of loan amount
- Application Cost (where applicable)
- Written confirmation of existing loan(s)
- N.H.T. Contribution Verification Letter from employer (optional)
- Tax Registration Numbers (TRN)
- N.I.S. Card (optional)
