JNBS/NHT Joint Financing Mortgage Programme
JNBS have entered a Joint Venture Mortgage Programme with the National Housing Trust for residential mortgages. Under this arrangement JNBS will lend an amount combined with NHT not exceeding ninety percent (90%) of the purchase price or valuation of the property, whichever is lower. The Joint Financing Mortgage Programme will enable eligible contributors to obtain mortgages from the NHT, at JNBS locations.
The entire process that is, pre-qualification, approval, disbursement, servicing and closure, will be administered by the Society. The relevant procedure provides the steps necessary to process the contributors’ application.
Maximum Loan Term Policy
Terms – Repayment period of 40 years, provided loan is repaid by age 70
Combined Income Policy
Two persons can apply for individual loans to build or purchase the same house. Where the maximum loan amount offered by the Trust is required to assist with the purchase or construction of the house and one applicant, based on income, is eligible for less than the maximum.
The income of the applicant with the higher earnings can be combined with that of the applicant with the lower earnings to determine the total loan amount.
Each must ensure that the full loan amount is being satisfactorily serviced. The applicants are jointly and separately liable for the repayment of the full loan amount.
This loan is applicable to non-homeowners’ loans only.
A declaration form must be executed by both applicants, and witnessed and stamped by a Justice of the Peace.
The documents required to process this loan are:-
- Copy of registered Certificate of Title
- Proof of age (copy of Passport or Driver’s License)
- Proof of income (letter from employer and the original and most recent pay slips for two (2) months’ salary)
- TRN (for Jamaican residents)
- Valuation Report (to be done by a Valuer on JN’s panel) hyperlink to panel
- Surveyor’s Report (to be done by a commissioned surveyor) hyperlink to panel
- Up-to-date Property Tax Certificate
- Joint Finance Mortgage Programme (JFMP) Application hyperlink
- Deposit receipt
- 5% of loan amount for closing cost
- NHT employment letter
- NHT self-employed certificate (If applicable)