What does Tenanted/Residential mean
When you decide to purchase a property from which you may earn an income, JNBS provides the opportunity to access a loan at interest rate of 10.5%. JNBS will offer 75% of purchase price or valuation, whichever is less.
There is no limit to the number of loans*
What are the categories?
Semi-Residential – Properties where LESS THAN 50% is used for commercial purposes. Applicants reside and operate their business from the same premises. Interest rate(s) on residential loans will apply.
Farmstead – Agricultural properties UP TO 25 ACRES with owner-occupied residence thereon. Interest rate(s) on residential loans will apply
Agricultural properties larger than 25 acres treated as commercial property. Interest rate(s) on commercial loans will therefore apply.
What are the requirements?
- Sales Agreement (duly completed)
- Photocopy of Certificate of Title
- Valuation Report which must done by a member of our panel. The report should show a picture of the property. A list of our Valuers is available on our website.
- Income Verification
- Two most recent pay slips
- If self-employed, Statement of Income Confirmation is required from a Chartered Accountant, Cash Flow Projection, Bank Statement, Business License or Registration Certificates
- Proof of age (Passport, Driver’s Licence, or Elector Registration Identification Card)
- Surveyor’s Report done by a Commissioned Land Surveyor
- Up-To-Date Property Tax Certificate
- Closing Cost of approximately 5%-6% of the loan amount to be lodged to a JN savings account.