Each applicant can borrow up to J$500,000
Your repayment amount must not be greater than 30% of your net income after all other deductions
- Applicant must be 18 years and older
- Applicant must have a savings account with JNBS
- A valid identification (passport, drivers license, elector registration identification card)
- Taxpayer Registration Number (TRN)
- Currently employed for at least one year
- Proof of address (as per KYC Policy)
- Name and address of two references (if not already on file)
- Two most recent Pay Slips
- Invoice related to Education Expense(s)
- Completed and Verified Salary Deduction Form
- Signed Application Form
Self-employed persons will not be able to successfully apply for the loan as repayment must be made via salary deduction.
Any person over the age of 18 years or any student who can secure their parents or guardian’s assistance.
You may apply at any JNBS Branch island wide. No application will be accepted at any MoneyShop.
The JN EduCare Loan is a short-term unsecured loan which assists members in covering all educational linked expenses.
- 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 6% of the loan amount to be lodged to a JN savings account.
- Credit Report is required for persons residing overseas.
- Self-employed persons to provide additional documents as instructed by Loans Officer
Semi-Residential – where less than 50% of the property is deployed for commercial purposes. Applicants reside (owner-occupied) and operate their business at the same premises.
Farmstead – these rates apply to agricultural properties up to 25 acres with owner-occupied residence. Greater than 25 acres will be treated as commercial property (prevailing rate on commercial loan will therefore apply)
When you decide to purchase a property from which you may earn an income, JNBS provides the opportunity to access a loan with interest rates ranging from 12.99% .
Whether you are a saver or non-saver, JNBS will offer 75% of purchase price or valuation, whichever is less.
The loan term is for 15 years and over this period a fixed amount is disbursed on a monthly basis based on your monthly expenses
The loan term is for 5 years and over this period a fixed amount is disbursed on a monthly basis based on your monthly expenses.
Processing of the loan usually takes approximately 6 weeks.
You will need to provide the following:
- Breakdown of monthly expenses
- Certificate of Title
- Valuation Report on Property done by a Valuer on JN panel
- Income verification letter(s) from employer(s) and original and most recent pay slips for two (2) months’ salary·
- Proof of age (passport or birth certificate)
- TRN (for local applicants)
- Commissioned Land Surveyor’s Identification Report
- Up-to-date Property Tax Certificate· Closing Costs for the mortgage is to be lodged to a JN savings account – approximately 6% of loan amount
Yes, you will need the guarantor. The life insurance policy only becomes applicable after death.
Yes, you can, if the coverage is sufficient to cover the mortgage loan.
We require that you apply along with a younger person, preferably the one who is slated to inherit the property, This person will be the guarantor and will be responsible for making the monthly payment.
The interest rate varies from 9.8% -15.5% calculated on the reducing balance.
You can borrow up to 85% of the value of the property.